Members who terminate employment with M-NCPPC have the following options:
Vested members can receive a guaranteed retirement benefit payable on what would have been normal retirement.
Non-vested members are not entitled to a retirement benefit. Members who choose to keep contributions in the ERS, and later return to employment with M-NCPPC are credited with the initial period of credited service.
Members can withdraw accumulated contributions. This decision is irrevocable and terminates all entitlement to any benefits from the ERS. The ERS is required to withhold estimated income tax and an additional excise tax may apply.
Members may be able to transfer credited service to other eligible governmental retirement systems in the State of Maryland. This may require the concurrent transfer of accumulated contributions to the new system. Please inquire with the new retirement system.
Members can roll over contributions to another qualified plan or an individual retirement account, without penalty or immediate income taxability.