The CalPERS Refund Election Form Packet, known as myCalPERS 1202, is the document you complete to withdraw your accumulated contributions and interest after leaving a CalPERS-covered job.1CalPERS. Refund Member Contributions You download it from the CalPERS website or your myCalPERS account, fill in your identifying and separation details, choose how you want the money paid, sign it in front of a notary (with your spouse or registered domestic partner if you have one), and mail the completed packet to CalPERS headquarters in Sacramento.
Before You Sign: What Submitting the Form Does
Submitting this form permanently ends your CalPERS membership. You give up any future service retirement, disability retirement, and survivor benefits for your beneficiaries, and once CalPERS processes the payment the decision cannot be reversed.2CalPERS PERSpective. Looking to Refund Your CalPERS Contributions? You are not required to take a refund when you leave — CalPERS lets you leave your contributions on deposit and keep your service credit intact.3CalPERS. Leaving CalPERS-Covered Employment That matters especially if you already have five or more years of service, because you are vested and eligible for a lifetime pension later.4CalPERS. Retirement Benefits
The refund itself returns only your personal contributions plus accumulated interest. Employer contributions are not refundable, partial refunds are not allowed, and you cannot borrow against the balance — when you request a refund, the entire account is paid out.2CalPERS PERSpective. Looking to Refund Your CalPERS Contributions?1CalPERS. Refund Member Contributions
Information the Form Asks For
The packet collects your Social Security number, current mailing address, and contact information, along with the name of your last CalPERS-covered employer and your separation date. CalPERS cross-references what you write against the payroll data your employer reports, so any mismatch will stall your refund. Confirm your separation date with your former HR office if you are unsure.
Choosing How You Get Paid
The form gives you three distribution choices:
- Direct payment to you, sent to your bank account or mailed as a check.
- Rollover to a qualified retirement account such as a traditional IRA or 401(k). You will need the receiving institution’s name and account number.5CalPERS PERSpective. Pros and Cons of Taking a CalPERS Refund
- A combination, with a percentage going as a direct payment and the rest rolled over. Specify the exact percentage for each destination.6California Public Employees’ Retirement System. CalPERS Mandatory Refund Election Form With Required Minimum Distribution
One detail catches people off guard. Even when you elect a rollover, CalPERS mails the check to your home address rather than sending it directly to the receiving institution. The check is made payable to the institution, but you are responsible for delivering it.7California Public Employees’ Retirement System. Refund Election Form Packet (myCalPERS 1202) Deposit it promptly so the receiving plan doesn’t run into timing problems.
Tax Withholding and Early Withdrawal Penalties
If you choose a direct payment, CalPERS automatically withholds 20% for federal income tax. That withholding is mandatory. California state income tax withholding of 2% is also automatic, but you can opt out by checking the box on the form.6California Public Employees’ Retirement System. CalPERS Mandatory Refund Election Form With Required Minimum Distribution Opting out does not eliminate the tax; it just moves the bill to your return.
If you take the refund before age 59½, you also face a 10% federal early distribution penalty and a 2.5% California early distribution penalty on top of regular income taxes.1CalPERS. Refund Member Contributions Rolling the funds into a qualified retirement account defers the tax and avoids the early withdrawal penalties entirely.
Getting the Form Notarized
This is the step that trips up most applicants. You must sign the Refund Election Form in the presence of a notary public or an authorized CalPERS representative. If you are married or have a registered domestic partner, that person must also sign in front of a notary or CalPERS representative.1CalPERS. Refund Member Contributions A form submitted without proper notarization gets returned, which adds weeks. Many banks, UPS stores, and shipping centers offer notary services. Schedule this before you plan to mail.
Where to Send the Completed Form
Mail the completed, notarized packet to CalPERS at 400 Q Street, Sacramento, CA 95811.8CalPERS. Contact Use certified mail or a private delivery service with tracking, since the packet contains your Social Security number and financial account information.
CalPERS has previously offered online submission through the myCalPERS portal, but that option is currently unavailable.1CalPERS. Refund Member Contributions Check the website before mailing in case the online process has been restored.
How Long It Takes and What Delays It
Once CalPERS has your completed form, expect payment within 30 to 45 days.1CalPERS. Refund Member Contributions The clock does not start until your former employer has reported your separation date and final contribution through their payroll system. If the employer is slow to file, your refund waits, no matter when you submitted the form. Contacting your former agency’s payroll or HR office directly is often the fastest way to get that reporting completed.
CalPERS also flags several other items that hold up payment:1CalPERS. Refund Member Contributions
- Community property holds from a divorce or court order dividing CalPERS benefits.
- Outstanding child support obligations.
- Payroll errors in your contribution history that need correction.
- Unreported payroll periods where your employer failed to report your earnings.
- Reciprocity coordination with another retirement system where you have service credit.
You can track the status of your refund through your myCalPERS account.
If You Return to CalPERS Employment Later
Taking the refund does not permanently lock you out of the system if you go back to a covered job. You can restore the forfeited service credit by redepositing the withdrawn amount plus interest compounded annually through the end of the current pay period.9CalPERS PERSpective. What to Know Before Redepositing Your Withdrawn Service Credit The cost is usually higher than what you originally withdrew because interest has been accruing the whole time. Log into myCalPERS for a redeposit estimate, and review the payment options CalPERS lists before deciding.10CalPERS. Payment Options