Robert E. Tierney, Executive Officer

If you are eligible, you may obtain a refund of your contributions plus accrued interest** from the system by filing an official refund application. A refund is usually issued within 60 days of notice to the Board. There are several options regarding the manner of pay out:

• Cash disbursement of all accumulated monies but there are substantial federal tax consequences when receiving a direct refund. When choosing this alternative you will be provided with a Special Notice Regarding Tax Refunds
• Roll Over of your pre tax contributions and interest to another qualified defined contribution retirement plan or IRA (pre-tax contributions commenced on 1/12/88 and consequently all of your contributions prior this date cannot be transferred to another retirement vehicle and are payable without federal tax obligations)
• Segmented Disbursement of your account by partial rollover to another retirement vehicle and the remainder paid out subject to federal income tax guidelines

**Interest limitations are in effect for employees whose membership in SBRS began after 1/1/84 and involuntarily end employment with the city; involuntary separation is not subject to the following.

• 5 years of service = 0% interest
• 5+ but 10 years = 50% interest
• 10+ years = 100%