Leave Your Pension On Deposit
If you end employment with a WRS participating employer, you may leave your pension account on deposit if your balance is at least $1,000.1 No action is required to leave your pension account on deposit. If you return to work for a participating employer in the same plan, you will resume earning service credit.2 If you are in the Public Employee Plan Tier I, and end employment before vesting you will be in Tier II if you return to service in the Public Employee Plan.
If you are vested and leave your pension account on deposit after you end employment, your account balance will earn interest at a rate set by the WRS Board, which is currently 3 percent.3 This allows your balance to grow while you take time for decisions and retirement planning. If you are vested, you can apply for a lifetime monthly retirement benefit once you reach the retirement eligibility age for your plan.
In some WRS pension plans, your balance is doubled for a lump-sum payout to your beneficiary should you die before retirement. However, this doubling for pre-retirement death benefits is not available to non-vested members with a hire date of July 1, 2019 or later who are not actively employed.
Review your pension plan handbook for complete details about your plan, or contact WRS for benefit counseling when making these decisions.