I worked at a Texas state institution for 9 years. I separated from the institution and withdrew retirement contributions. After 1 year at another NON-state institution, I then began working at another Texas state institiution where I was allowed to claim my previous years of service and resume the benefits of a vested employee. I am still with this same institution (6 years) and now have 15 years of state service. Upon retirment age, will my total time count, or will they deduct the 9 year of withdrawn contributions?
2007-05-31 04:45:08 · 2 answers · asked by Texas-Cutie 2 in Business & Finance ➔ Taxes ➔ United States
If you withdrew your contribution the previous 9 years will not count toward your total years of service. I most state retirement plans you can buy back previously withdrawn time. In most cases that is a very good deal unless you die shortly after retirement.
2007-05-31 04:55:10 · answer #1 · answered by ? 6 · 0⤊ 0⤋
You'll have to ask your benefits advisor about that. It sounds like you have a defined contribution plan, not a defined benefit plan. In that case, only the contributions and accumulations over the years matter. Years of service won't count for anything in a defined contribution plan.
2007-05-31 04:53:00 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋