FAQ: Retirement > MERS > Member

Retirement > MERS > Member > Contributions Questions

2. Is there a penalty for withdrawing my contributions?

No if the member chooses to roll over the distribution into a qualified account. Otherwise the Internal Revenue Service (IRS) requires CMERS withhold 20% from your refund if you do not roll over the funds to a qualified retirement plan or IRA and other taxes and penalties may apply.