Lump-Sum Payment of Account Balance (Withdrawal of Funds)
If you cease PEERS-covered employment, you may terminate your membership, forfeit your creditable service and any benefit rights based on that service, and receive a lump-sum payment of your entire account balance, including all interest credited through the preceding June 30. You may withdraw all of your account funds only if you have ended all PEERS-covered employment and are not under contract for future service with any PEERS-covered Missouri school district or employer. The law does not permit partial withdrawal or loans.
Should you choose to withdraw your funds, careful consideration should be given to potential tax consequences. If you request a withdrawal form, detailed tax information and payment options will be provided. Please call (800) 392-6848 for more information.
PEERS cannot offer you tax advice. However, we strongly suggest that you consult a tax professional and/or a financial planner before making a final decision regarding a withdrawal of your funds.
To receive an Application for Withdrawal, call (800) 392-6848.
