Elizabeth Richardson
December 13th 03, 08:04 PM
"S Noll" > wrote in message
om...
> My wife has been an employee in an Ohio public school for a few years.
> She has been required to contribute a percentage of her salary to the
> State Employee Retirement System (SERS). These are pre-tax
> contributions into a "pension-like" fund. It seems likely that my
> wife will be terminated as an employee next year. At that time, we
> can request a refund of her contributions. Based on the balance of
> her account and her low years of service, I see no reason to leave her
> contributions in the SERS.
>
Is it possible she will find another job in the public sector in Ohio? It's
hard to predict the future and paying back the funds represented by those
years of service could be difficult, even if Ohio allows it. The employee
contributions often appear quite negligible in the early years, but the
years of service accumulate no matter the balance in the account. Benefits
are based on the number of years accumulated. Please consider leaving the
account open. If, after several years, you see that public employment is
highly unlikely, she can certainly withdraw the funds at that time.
Elizabeth Richardson
om...
> My wife has been an employee in an Ohio public school for a few years.
> She has been required to contribute a percentage of her salary to the
> State Employee Retirement System (SERS). These are pre-tax
> contributions into a "pension-like" fund. It seems likely that my
> wife will be terminated as an employee next year. At that time, we
> can request a refund of her contributions. Based on the balance of
> her account and her low years of service, I see no reason to leave her
> contributions in the SERS.
>
Is it possible she will find another job in the public sector in Ohio? It's
hard to predict the future and paying back the funds represented by those
years of service could be difficult, even if Ohio allows it. The employee
contributions often appear quite negligible in the early years, but the
years of service accumulate no matter the balance in the account. Benefits
are based on the number of years accumulated. Please consider leaving the
account open. If, after several years, you see that public employment is
highly unlikely, she can certainly withdraw the funds at that time.
Elizabeth Richardson