What are my options if my employment with the Commission terminates?
A Member, whose employment with the Commission terminates, other than by death, or retirement on an Early Retirement Date or Normal Retirement Date, shall be entitled to one of the following options:
- Refund of Contributions – You may elect to receive a lump sum payment of contributions made to the ERS, with an interest rate of 4.5% per year. This election eliminates entitlement to any other benefits under the plan.
- Rollover Contributions – You may elect to roll over contributions to another qualified plan or individual retirement account, without penalty or immediate income taxability.
- Vested Benefits – Based upon your years of credited service you may be entitled to receive an annual benefit. Please refer to the Plan Document to review the vested benefits eligibility requirements.
- Keep Contributions in ERS – If you choose to keep contributions in the ERS and later return to employment with the Commission, you will be credited with the initial period of credited service.
- Transfer – You 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. Eligibility is based upon the plan provisions of the new retirement system. Please submit all inquiries to the new retirement system.