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Special 20- and 25-Year Plans

For PFRS Tier 1, 2, 3, 5 and 6 Members

(Sections 384, 384-d and 384-e)

20-Year Benefit (Section 384-d)

Eligibility

You may retire with full benefits at any age upon completing 20 years of creditable service.

Under this retirement plan, you must be separated from service on the last day of the month following the month in which you turn 65. If you are over 65 when your employer adopts this benefit, to receive it, you must be separated from service within three months of the date this benefit is offered. Note: This benefit is not available to Tier 3 members.

The Benefit

With at least 20 years of creditable service, you will receive a benefit equal to one-half (50 percent) of your FAS.

If you retire at 62, with less than 20 years of creditable service, your retirement benefit will equal 2.5 percent of your FAS for each year of creditable service. An additional pension of 1.66 percent of your FAS is payable for each year of other allowable government service. However, this additional benefit cannot increase your pension to more than one-half of your FAS.

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 they earned.

If you are 55 or older at retirement and an alternative regular plan would provide a greater benefit, the greater benefit will be paid.

Filing

Your Application for Service Retirement (RS6037) Adobe pdf 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.