- Overview
- Highlights of ERS Retirement Benefits
- Highlights of PFRS Retirement Benefits
- Key Tier 5 Benefits Compared to Current Benefits
- State Correction Officers and SHTAs in the Office of Mental Health
- Tier 5 and the State Police Retirement Plan
- Frequently Asked Questions for Members
- Frequently Asked Questions for Employers
- Comparison of PFRS Benefits
- Membership Tiers
- Contact Us
Key Tier 5 Benefits Compared to Current Benefits
| Current Benefits | Tier 5 Benefits | |
|---|---|---|
| Vesting | ||
| Both systems | 5 Years | 10 Years |
| Overtime Cap | ||
| ERS | No cap | Beginning in 2010, $15,000 per year with a 3% inflation factor each year thereafter |
| PFRS | No cap | 15% per year of regular salary |
| Member Contributions | ||
| ERS | 3% for 10 years | 3% for entire career* |
| PFRS | None, if employer offers non-contributory plan | 3% for entire career** |
| Full Retirement | ||
| ERS & PFRS in regular plans | Age 62 with 5 years of service credit or | Age 62 with 10 years of service credit |
| ERS members can retire with full benefits at age 55 with 30 years of service credit | Eliminated*** | |
| Early Retirement | ||
| ERS | Can retire with a reduction for early retirement between age 55 and 62 with less than 30 years of service credit | Can retire between age 55 and 62 with an increased reduction for early retirement |
| PFRS | Can retire with a reduction for early retirement between age 55 and 62 | Can retire with a reduction for early retirement between age 55 and 62 |
* Correction Officers contributions cease with 30 years of service credit. Uniformed Court Officers and Peace Officers employed by the Unified Court System contribute 4% for all years of public service.
** This does not apply to all PFRS members. For example, members are not required to contribute after accruing the maximum amount of service allowed in their retirement plan.
*** Except for Uniformed Court Officers and Peace Officers employed by the Unified Court System.
(Rev. 1/13)
