For ERS Tier 1 Members
(Sections 75-f and 75-g)
Service Retirement Benefit
You are eligible for a service retirement benefit at age 55. However, if you recently changed employers, you may be required to complete five years of service before you can retire with the benefits provided by this plan.
If you retire with 25 or more years of service credit, your service retirement benefit will be 50 percent of your FAS, plus 1/60th (1.66 percent) for each year of service credit over 25 years. With less than 25 years of service credit, your benefit will be 1/60th of your FAS for each year of service credit. If you made voluntary annuity savings contributions to the Retirement System, your benefit will also include an annuity purchased by your contributions and the interest earned.
The Application for Service Retirement (RS6037) must be on file with the Office of the State Comptroller at least 15 days but not more than 90 days before the date on which your retirement will occur. The 15-day filing requirement is waived if you are over age 70 at retirement.