PERSI Base Plan payments offer members two primary ways to receive their benefits: directly to themselves or through a direct rollover to another eligible retirement account.
Understanding PERSI Base Plan Payout Options
When it comes to withdrawing funds from your PERSI Base Plan, you have flexibility in how those payments are disbursed. You can choose to receive all or a portion of your withdrawal in one of two distinct methods:
- Paid to You Directly: This option means your PERSI Base Plan benefits are paid out directly to you, the individual member. This method provides immediate access to your funds, though it's important to be aware of potential tax implications based on your personal financial situation.
- Direct Rollover: A direct rollover involves the payment of your PERSI Base Plan benefits directly to another eligible retirement account. This typically includes an Individual Retirement Account (IRA) or another qualified employer-sponsored plan. This method is often chosen to defer taxes on the withdrawal until the funds are later distributed from the new account, allowing your savings to potentially continue growing tax-deferred.
You can learn more about Base Plan withdrawals and important tax notices by referring to official PERSI documentation available on their website, such as the Base Plan Account Withdrawal (RS108) information.
