Full Refund Benefits
A full or lump sum refund is a payment to the member of all their contributions made with interest. In order to be eligible for a full refund, you must have separated from service before age 55 or with less than 10 years of service.
You must apply for the refund following your separation from service.
You must have been separated from employment with Cook County or the Forest Preserve District for at least 30 days before any action can be taken on the requested refund.
Benefits in brief
You will receive your entire contribution with statutory 3% interest accruing while you are on Cook County payroll.
Your refund is taxable. The Fund is required by federal law to withhold 20% of the taxable portion of your refund unless you elect a direct rollover of your refund to an IRA or other qualified retirement plan. In addition, if you separate before the age of 55, you will likely face a 10% IRS penalty for the early withdrawal from a retirement account unless you rollover your refund.
If you have any questions about your benefits, please contact us.