For ERS Tier 1 Members
(Sections 75-f and 75-g)
Vested Retirement Benefit
You are eligible for a vested retirement benefit if you leave public employment before age 55 and you have five or more years of credited member service. When you reach age 55, you will be entitled to a retirement benefit based on your service and salary earned when you were an active member.
You are eligible for a vested benefit on the first of the month following your 55th birthday.
Your Vested Benefit
The provisions of the retirement plan that you were covered by in your last public employment determine the vested benefit. For an explanation of your benefit, please refer to your Service Retirement Benefit.
The retirement benefit is payable for your lifetime. You may elect one of several payment options to provide for a continuing payment to a designated beneficiary of your choosing after your death.
To receive your vested retirement benefit at the earliest possible date, file a retirement application within 90 days before the first of the month following your 55th birthday. If we receive your retirement application after the first of the month following your 55th birthday, your vested retirement is effective on the date the application is received.
Remember, it is up to you to file a retirement application when you become eligible and wish to receive your benefit. Once you reach age 55, any delay in filing for a vested benefit will not increase your pension. The amount of your benefit is frozen when you leave public employment.