A PERF benefit has two parts:
- the monthly pension benefit, and
- the defined contribution, or DC account
Your pension benefit is paid as a lifetime monthly benefit. Your employer funds this at no cost to you, and it is an employer asset. When you apply for a retirement benefit, your employer account will fund those retirement benefits. If you leave a PERF-covered position before you qualify for a retirement benefit, you cannot withdraw these funds.
For more information on the two parts of your PERF plan, go here.