Retirement Benefits
Most retirement benefits are processed within 4 to 6 weeks after PSERS receives all of the following information:
- Properly completed application(s)
- Date of termination
- Your last salary and service as reported from your employer
If you terminate employment in June and receive your final pay in August (balance of contract payments throughout the summer months), you will likely receive your first retirement benefit payment in October.
Examples for most school employees:
You terminate June 25 | Employer pays you through June | Employer provides final information to PSERS in July* | Your final retirement benefits is paid in late August or early September. |
You terminate June 25 | Employer pays you through August | Employer provides final information to PSERS in September* | Your final retirement benefit is paid in late October or early November. |
* Termination, salary, and service information is due from employers by the 20th of each month for the prior month (June information is due by July 20th).
If PSERS does not have your last salary and service reported from your employer by the expected date, you may be paid an estimated benefit. If so, you will be paid a final benefit within the next 13 months. For example:
You terminate June 25 | Employer pays you through June | Final reporting from employer is expected in July but not received timely | Your estimated retirement benefit is paid in August of the current year | Your final benefit will be processed within the next 12 months |
You terminate June 25 | Employer pays you through August | Final reporting from employer is expected in September but not received timely | Your estimated retirement benefit is paid in October of the current year |
Note: Non-routine accounts such as an account involving a divorce, multiple service membership, previous PSERS retirements, or other extenuating circumstances may take longer to process.
| Benefit Type | Processing Time Frame |
|---|---|
| Death Benefits | 60 days upon receipt of properly completed forms For active members, all reporting from an employer must be received and verified before PSERS can begin to process and send forms for payment information. |
| Disability Retirement Benefit (must be reviewed by PSERS medical examiner) | 2 - 3 months (which includes the review by PSERS’ medical examiner) |
| Divorce - Account Value for a Divorce Proceeding | 5 - 6 weeks |
| Estimates | 4 - 5 weeks for regular and disability estimates Frozen Annuity, 415-B limits, Multiple Service , OR Divorce estimates may take longer |
| Monthly Benefit Payments - Lost Paper Checks | 2 - 3 weeks for a replacement paper check Information about direct deposit of your monthly benefit payment |
| Monthly Benefit Payments - Reissue of EFT Due to Changed Account | 30 days |
| Power of Attorney and Guardian Documents | 7 business days from receipt for a properly completed Power of Attorney form |
| Premium Assistance - Initial and Retroactive Payments | 6 - 10 weeks |
| Purchase of Service Credit - School and Non-School (i.e. – non-intervening military, out of state) | 1 year from the date the properly completed application is received |
| Purchase of Service Credit – Non Qualifying Part-Time (NQPT) Important: You must apply for service within your window of opportunity, as there are specific timeframes limiting when these types of purchases can be made. You are not charged interest from the date the application is received until after billing has occurred. | Under normal circumstances, NQPT applications are processed within one year from the date that your eligibility window closes. |
| Refunds | 2 to 3 months after all necessary information has been reported from your employer and properly completed forms have been received |
| Rollover - Lost Paper Check | 30 days from date of check |
