Refund of Contributions
Option to refund contributions after termination of service
A member is entitled to a refund of his/her accumulated contributions and interest after terminating service with the City or a member agency. Members are not required to make an immediate decision to take a refund. Members may request a refund or he/she may allow the funds to remain on deposit for up to five years and earn interest during that period. A member may also rollover the funds into an IRA, an employer’s 401(k) plan or another qualified plan. Funds that remain on deposit are available for transfer of service credit if the member is later employed by another public retirement system in the State of Louisiana.
Restoration of refunded service credit
If a refund is taken and the individual later returns to covered employment, the service credit may be restored with NOMERS if the refund amount is repaid along with applicable interest. The repayment may be accomplished by direct payment from the member, rollover of funds or pretax payroll deductions. Please contact NOMERS for details.