While you can access investments like your 401(k) and other deferred compensation plans, you cannot withdraw money from your CalPERS pension account whenever you wish. The only time you can collect your CalPERS pension contributions is when you leave CalPERS employment (without retiring), and doing so has consequences (and will terminate your membership).
If you leave CalPERS employment, the following options are available:
- Take a lump-sum refund or rollover.
This option includes a refund of your member contributions plus interest, but not any employer contributions made on your behalf. By selecting this option, you’ll end your CalPERS membership and benefits. This means you’ll lose the right to receive a service or disability retirement benefit. - Leave the contributions and interest in your account.
Under this option you can still receive a retirement benefit if you later meet the minimum retirement eligibility requirements.
To find out more, visit What Happens to Your Pension When You Leave CalPERS Employment?
What About My Deferred Compensation Plan?
If you’re enrolled in a deferred compensation plan, you may be eligible for a hardship withdrawal under specific circumstances, such as:
- If you’re experiencing a difficulty due to an accident or illness, and the hardship isn’t covered by other resources or insurance.
- If you’ve lost property, and the loss isn’t covered by other resources.
If you participate in one of these plans, and you’re interested in a hardship withdrawal, contact the plan administrator directly to learn if you qualify.