|Visit our Publications page for a printable brochure covering these questions.|
choose your topic
What is the Partial Annuity Withdrawal?
When do I become eligible to participate in the PAW program?
Can you explain how my PAW payment will be calculated?
When you sign up for PAW, you may receive, within 90 days of retirement, a payment for each full month you worked beyond your retirement eligibility date up to a maximum of 60 months.
Example - John Doe works 60 months beyond the date he was first eligible for an unreduced benefit. When John retires, he may choose from 1 to 60 months of PAW. John’s lifetime monthly benefit is reduced based on his age and total PAW payment.
Remember, if you elect PAW your monthly annuity benefit will be reduced by an actuarial factor tied to your age. If your beginning benefit includes a “temporary” amount because you retire below age 62, that temporary benefit will still be removed when you reach age 62.
Will taxes be withheld from my payment?
On lump sum payments, APERS withholds 20% for federal taxes and 5% for state taxes. Lump sum payments under age 55 may be subject to early withdrawal penalties.
How will I receive payment?
Your PAW payment can be paid:
• Directly to you as a lump sum.
• A rollover distribution to a qualified retirement plan.
• A partial lump sum and remainder rolled over to a qualified retirement plan.
What’s the earliest I can submit my retirement application and PAW Election Form?
You must apply for an unreduced retirement and PAW no more than 90 days, and no less than 30 days, before your retirement effective date.
How do I apply for the PAW?
You must submit a completed APERS Retirement Application and the PAW Election and Distribution forms. You will indicate on the Retirement Application that you wish to elect PAW.
Who do I contact for more information on PAW?
Contact Member Services by phone or in writing to request a retirement application, PAW election and distribution forms, filing deadlines, or to get answers to other questions.
Arkansas Public Employees Retirement System
124 W. Capitol Ave., Suite 400
Little Rock, AR 72201
501-682-7800 Local Phone
1-800-682-7377 Toll Free
|Home||Forms||Handbooks||Frequently Asked Questions||Publications||Contact Us|