Separation Refund FAQs
Answers on the application process and the differences between separation refunds in the Traditional Pension Plan, Portable Pension Plan, and Retirement Savings Plans. To return the Frequently Asked Questions Home, click here.
Is it possible to repay my Separation Refund at a later date?
For Traditional or Portable plans: If you take a Separation Refund and then return to become an active member of SURS or...
Is a Separation Refund taxable?
It is likely that all or a portion of your separation refund will be taxable. SURS is required by the IRS to withhold federal income tax on cash...
What does “vesting” mean in relation to my Separation Refund?
You are entitled to (vested in) a SURS retirement annuity if you have been credited with the minimum number of service credit years required for...
Can I “roll over” my Separation Refund?
Yes, all or part of the payment that you will receive from your SURS account may be eligible for rollover by you or your Plan Administrator (SURS or...
Can I take a partial Separation Refund or borrow from my SURS account?
No. If you are an active employee, you cannot access your account in either of these ways. If you have terminated your employment, you may take a...
How long does it take to receive a Separation Refund?
If you are in the Traditional or Portable plans: SURS will request a certification of employment, date of termination, and last...
Am I required to take a Separation Refund if I terminate my employment?
No, you may leave your funds with SURS. However, you will be required to take a distribution when you reach Required Minimum Distribution (RMD)...
How much will I receive if I take a Separation Refund?
If you are in the Traditional plan: Your refund is a return of your contributions and includes interest credited, but not in excess of 4.5%. Any...
How do I apply for a Separation Refund?
For your convenience, you may apply by phone by contacting SURS at 800-275-7877 (800-ASK-SURS) or dial direct (217) 378-8800. You will speak to a...