Separation From Employment
Separation From Employment Service
If you resign or are terminated from employment with the City of Cincinnati for any reason, prior to retirement eligibility, you may request a refund of your employee pension contributions plus interest. The employer paid contributions do not accrue to individual member accounts. If you have at least 5 years of service credit earned in the Cincinnati Retirement System, and you want to withdraw your pension contributions, you must complete, sign, and have notarized a Retirement Benefit Waiver form waiving your rights to any future benefits from the Cincinnati Retirement System. If you withdraw your contributions from the Cincinnati Retirement System, you will NOT be entitled to a pension upon reaching retirement eligibility. By obtaining a return of contributions, the member's original membership date is voided permanently and can not be retrieved through future service purchase should the member be re-employed by the City and become a member of the Cincinnati Retirement System.
Applications for refund of pension contributions (including rollovers to a qualified plan) are available at the Retirement Department located in Room 328 of Cincinnati City Hall. Refund Applications cannot be processed until the employee has been terminated in the City’s personnel and payroll system for at least 30 days.
You may choose only ONE of the following two options for the refund of your employee paid pension contributions: CASH REFUND or DIRECT ROLLOVER. No combinations are permitted.
Once submitted, a member’s application for a refund of contributions is irrevocable, unless the employee is rehired by the City before funds are disbursed. Payment of refunded contributions may take 90 to 120 days from the employee’s termination in the City personnel and payroll system.
IRS Rollover Disclosure Notice
Cash Refund of Contributions
In order to apply for a refund, your employment with the City of Cincinnati must be terminated as verified by your personnel record in CHRIS (Cincinnati Human Resources Information System).
You may request a refund of your employee paid pension contributions in the form of a check made payable to you. In accordance with federal law, 20% of the refund will be withheld for federal taxes before any other payments are made from the refund. Any outstanding Court ordered payments against you will be deducted from the amount of the refund and paid to the appropriate governmental agency.
Once submitted, a member’s application for a refund of contributions is irrevocable. Payment of refunded contributions may take 90 to 120 days from the employee’s termination in the City personnel and payroll system (CHRIS).
By obtaining a return of contributions, the member's original membership date is voided permanently and can not be re-established through future service purchase should the member be re-employed by the City and become a member of the Cincinnati Retirement System.
Return of Accumulated Contributions - Cash
Direct Rollover of Contributions
You may request a direct transfer of your employee paid pension contributions (less any outstanding loan balance or outstanding court ordered payments) to an established qualified retirement plan, such as a 457 Deferred Compensation plan, a 401(K), or an Individual Retirement Account (IRA). Documentation of that established qualified account must be submitted by the member’s qualified plan administrator.
Any outstanding Court ordered payments against you will be deducted from the amount of the refund and paid to the appropriate governmental agency.
Once submitted, a member’s application for a refund of contributions is irrevocable. Payment of refunded contributions may take 90 to 120 days from the employee’s termination in the City personnel and payroll system (CHRIS).
By obtaining a return of contributions, the member's original membership date is voided permanently and can not be re-established through future service purchase should the member be re-employed by the City and become a member of the Cincinnati Retirement System.
Return of Accumulated Contributions - Rollover
Deferred Retirement
If you resign or are terminated from employment with the City of Cincinnati for any reason prior to retirement eligibility AND you have at least 5 years of service credit with the Cincinnati Retirement System at the time you leave City service, you may choose to leave your pension contributions on deposit with the Cincinnati Retirement System and you will be eligible for a monthly pension benefit upon reaching retirement eligibility age. Members who choose a deferred retirement are eligible for monthly pension benefits on the 1st day of the month following the member’s eligible birthday (Retirement eligibility rules are determined by the member’s group assignment).
Pension Limitations
Your pension benefit is limited by Section 203-33 of the Cincinnati Municipal Code that does not allow the retirement allowance to exceed 90% of the member’s Final Average Salary. Pension benefits paid to retired members are also limited by the provisions of the United States Internal Revenue Code Section 415 (d) as required by the Cincinnati Municipal Code 203.123.