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normal service retirement benefit, including a regular monthly
annuity, under the Retirement System. He would not have been
entitled to receive a Transfer Refund, however, because a
Transfer Refund is payable only as a consequence of transferring
from the Retirement System to the Pension System.
Also as a consequence of transferring from the Retirement
System to the Pension System, petitioner became a member of the
Pension System. As a member of the Pension System, petitioner
became entitled (when he chose to retire) to receive a retirement
benefit based upon his salary and his creditable years of
service, specifically including those years of creditable service
recognized under the Retirement System.10 However, because
petitioner received the Transfer Refund on account of
transferring from the Retirement System to the Pension System,
the monthly annuity that petitioner would receive when he chose
to retire from the Pension System was less than the monthly
annuity that he would have received if he had not transferred to
the Pension System but had retired under the Retirement System.
Rollover of Petitioner's Transfer Refund
In late October or early November 1989, immediately after
receiving the Transfer Refund, petitioner rolled over $150,000
10 Petitioner became a member of the Retirement System when
he was hired by the Highway Administration in 1956. He remained
a member of the Retirement System for most of his employment
career.
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Last modified: May 25, 2011