Withdrawals - Termination of Employment
Withdrawals (redemption of shares) can begin any time after you terminate employment with Hennepin County. Your contributions, the county’s contributions, and the earnings are withdrawn proportionately. Funds remaining in the account continue to be invested.
To request an Application for Redemption of Shares, call MSRS at 651-296-2761 or 1-800-657-5757.You have several options to choose from. In the event of your death, your surviving spouse may choose from any of these options. Payments are issued through MSRS and reported on Form 1099-R.
Lump sum payment
Withdrawal of all shares credited to the account in a single lump sum payment.
You can choose to receive an annual payment for two to five years. You may designate the month in which to receive the following year's payment.
# of annual payments
% of account balance that will be paid
50% of account first year, then balance
33.3% of account first year, then 50%, then balance
25% of account first year, then 33.3%, then 50%, then balance
20% of account first year, then 25%, then 33.3%, then 50%, then balance
Monthly payments occur on the 1st or 15th day of the month. Payment options are as follows:
- 24 monthly payments
- 36 monthly payments
- 48 monthly payments
- 60 monthly payments