Member-Directed Plan Retiring from the Member-Directed Plan
Deciding to retire is a milestone in your life that requires careful thought and planning.
There are tools and resources available to help you not only plan for your retirement, but also guide you through the process of applying for retirement.
IMPORTANT INFORMATION ABOUT YOUR INVESTMENT ACCOUNT:
Your account balance remains subject to daily gains and losses associated with the specific investment options you have chosen until your balance is liquidated. If you would like to make a change to your investment options(s) between now and the time your account balance is liquidated, please visit opers.org and log into your online account or call OPERS to manage your defined contribution account.
OPERS cannot guarantee the date when your investment account balance will be liquidated. While OPERS and the retirement system’s third-party administrator for the Member-Directed Plan follow standard procedures to process retirement/refund distribution, unforeseen circumstances can occur that cause delays in processing.
Retirement Eligibility for the Member-Directed Plan
The eligibility requirements for the Member-Directed Plan are simple – you must be at least age 55.
You are not required to reach a certain number of years in the plan.
Retirement Application for the Member-Directed Plan
To apply for retirement from the Member-Directed Plan, you need to complete the Member-Directed Plan Retirement Application. You can do this yourself, or with an OPERS counselor who can walk you through each step of the application.
- Member-Directed Plan Retirement Application
- Member-Directed Plan Retirement Application - Form Instructions
When you apply for retirement, you'll be asked to select your retirement payment options. These will determine how you receive your monthly retirement benefit and/or lump sum refund.
When you retire from the Member-Directed plan, you have two options:
More detailed information about your retirement options can be found in the Retiring from Public Employment – Member-Directed Plan leaflet.
Retirement Planning Tools for the Member-Directed Plan
We are your trusted retirement partner, and we want you to be well-informed when it comes time to make the decision to retire. We provide planning tools and educational resources to help you.
An estimate of your future retirement benefit is provided within your quarterly account statements. These estimates are generated using the assumptions described on the statements.
Voya myOrangeMoney Retirement Calculator
This interactive tool can help you plan for retirement. The myOrangeMoney tool allows you to get an idea of what your retirement account will look like in the future and compare your estimated monthly income with what you think you may need in retirement.
For more information on how to use myOrangeMoney, please see the Education Resources page.
Your account value in the Member-Directed Plan or the defined contribution portion of your Combined Plan is not a guaranteed amount. It is dependent on the performance of the investment options you select.