Termination of employment (not eligible to retire)

The following applies to employees who terminate employment: either by voluntary resignation, or terminated for cause.

Termination prior to your vesting period (7 ½ years of service) will result in a refund or rollover of your contributions plus interest.  Taxes consequences apply to all refunds, please be sure to read the following.

Refunds are subject to a 20% withholding tax deducted prior to you receiving your check, and may be subject to a 10% early withdrawal fee applied by the Internal Revenue Service. 

You may choose to rollover your funds to another qualified plan, IRA, or the County’s Deferred Compensation Plan.  No tax consequences apply when rolling funds over.

Show All Answers

1. How Do I Retire?
2. How much will my pension be at retirement?
3. What Does Vesting Mean?
4. Termination of employment (not eligible to retire)
5. Active Death Benefit
6. Unused Sick Leave Payout
7. Annual and Bonus Leave
8. Pension Service Time
9. What is a Service Retirement?
10. What is an Early Retirement?
11. What is a Deferred Retirement?
12. If I do not want to draw an early retirement, can I defer the pension?
13. What benefits can I carry into retirement?
14. Can I leave my pension to anyone I wish?
15. Can I change my pension beneficiary once I retire, if my spouse dies?
16. Which pension plan am I in?
17. What percent am I contributing to my retirement and can I increase the percentage and or amount?
18. Do I have to be in Shelby County’s Retirement Plan?
19. Do I have to do direct deposit?
20. How do I get a retirement badge?
21. Can I take funds out of my pension plan?
22. Am I eligible for a Cost of Living Adjustment (COLA)?
23. How is my pension calculated?
24. Can my spouse keep my health insurance if I die?