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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)

25-Year Benefit (Section 384)

Eligibility

You will be eligible to retire with 25 or more years of creditable service, regardless of age. Note: This benefit is not available to Tier 3 members whose employer offers a one-year FAS.

The Benefit

With at least 25 years of creditable service, you will receive a benefit equal to one-half (50 percent) of your FAS.

With less than 25 years of creditable service, if you are age 60, you will still be eligible for a pension equal to 2 percent of your FAS for each year of creditable service, plus 1.66 percent of your FAS for each year of service in a title other than police officer or firefighter. The maximum benefit cannot exceed 50 percent 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.