As a member, you may choose to take a refund of your member contributions and interest if you no longer work for a CalPERS-covered employer. Taking a refund terminates your CalPERS membership and you forfeit your right to future benefits. This means you lose the right to receive a service or disability retirement benefit, and your beneficiaries won't be eligible for any survivor benefits from CalPERS. Since this can impact you and your family's future retirement income, think carefully about your decision to refund.
Consider the following before you apply for a refund of contributions:
You can refund your member contributions and interest if:
Before you apply for a refund of contributions, access your myCalPERS account to determine if you may instead be eligible to retire and receive a lifetime monthly benefit. For additional information, review the Service Retirement page.
We recommend that before you submit your application, review the Frequently Asked Questions below.
You can choose to receive your refund as a direct deposit payment (in-hand distribution) or as a rollover to a financial institution.
We process complete refund election form packages in the order of receipt. You can typically expect to receive your refund within 30 to 45 days from the date we receive all your necessary forms. However, timeframes can vary if there are holds or other restrictions on your account that require review and action. Examples of items that will delay payment of your refund include:
To ensure your refund is processed as quickly as possible, refer to these quick tips:
We strongly encourage you to contact the California Franchise Tax Board, the Internal Revenue Service, or a professional tax adviser for additional information.
Yes. In fact, we encourage you to request your in-hand distribution as a direct deposit. This is a secure and fast method of distributing your refund.
We don't currently offer direct deposit for rollover distributions. If you choose a rollover, your refund will be mailed to your mailing address on file so that you can deliver it directly to the financial institution noted on your refund application form.
When you complete your refund application, provide your mailing address you would like your rollover check mailed to. If you move, immediately provide your new address to us. You can change your address online using your myCalPERS account or by contacting CalPERS at 888-225-7377.
It's your responsibility to provide mailing address updates to CalPERS to ensure that you receive your copy of the 1099-R form reporting your refund to taxing authorities.
If your application has not yet been processed, you may be able to cancel your application. Contact CalPERS at 888-225-7377, if your paper application has not been processed. Once your Refund Application Election form is processed, it cannot be cancelled. Your decision is irrevocable.
Note: Our online refund request process using myCalPERS is currently unavailable.
You can help us process your application by:
Do you have funds on deposit in a dormant account? View the Obtaining Refunded Funds on a Dormant Account section below.
We may be required to withhold deductions from your money if you have specific types of debt, such as but not limited to, the following:
If you have any of these obligations, the total amount due or the maximum amount available, will be withheld from your refund and reported accordingly. Tax withholding will generally be calculated on the total refund before satisfying the debt.
Federal and state law requires members to receive a Required Minimum Distribution (RMD) upon reaching age 73 on or after January 1, 2023. Failure to act will result in a refund to a non-interest-bearing account. Taxes will be deducted from the refund and paid to the Internal Revenue Service and Franchise Tax Board. A Form 1099-R will be issued and mailed to the address on record at the end of the tax year. If you’re turning age 73 during this calendar year and would like to request a refund of your accumulated contributions and interest, complete the Mandatory Refund Election Form With Required Minimum Distribution Packet (PDF, 1.5 MB).
Eligible RMD participants who are still actively working for another California retirement system may defer the mandatory distribution by responding to the notification and submitting the Active Employment Certification Form (PDF) certifying their active working status. This certification is required on an annual basis.
If an account is subject to an RMD, a participant can only rollover their non-RMD portion to an eligible plan. The RMD-calculated portion of the refund must be taken as a direct deposit. A participant may elect to have federal or state taxes withheld from the RMD calculated portion.
Members may have funds in a CalPERS non-interest-bearing unclaimed property account as a result of:
To search for any unclaimed property in your name, or the name of a CalPERS member, visit Search for Unclaimed Property. Unclaimed property includes refunds, retirement benefits, and survivor benefits.
If an account has been dormant and has had a refund transferred to the unclaimed property account, a member may obtain the balance in this account by completing the Unclaimed Property Refund Application (PDF). Sign this form in the presence of a notary or authorized representative of CalPERS. To make an appointment with a CalPERS representative, call us at 888 CalPERS (or 888-225-7377).
If you’re a beneficiary of a deceased member who may have a stale dated refund warrant, call us. Our Survivor Benefits team will review your eligibility as a beneficiary.