Eligibility, the Benefit and Filing
You will be eligible for a service retirement benefit when you reach age 55 and have five or more years of credited member service. If you are a Tier 3 member, you may retire under Article 14 or Article 15. However, your pension, in most cases, will be greater under Article 15.
For the full retirement benefit, you must be 62 years old at retirement or, if you have 30 years of credited service, you may retire as early as age 55. With less than 30 years of service, you may retire as early as age 55, but you will receive a reduced benefit.
- If you retire with less than 20 years of service credit, your pension will equal 1/60th (1.66 percent) of your FAS for each year of service.
- With 20–30 years of service credit, your benefit will equal 1/50th (2 percent) of your FAS, multiplied by your years of credited service.
- For each year of credited service beyond 30 years, you will receive 3/200ths (1.5 percent) of your FAS.
|At age 62, with 19 years of service and an FAS of $35,000|
|(19 years × $35,000) ÷ 60 =||$11,083 per year or $924 per month|
|At age 62, with 20 years of service and an FAS of $35,000|
|(20 years × $35,000) ÷ 50 =||$14,000 per year or $1,167 per month|
|At age 62, with 31 years of service and an FAS of $35,000|
|(30 years × $35,000) ÷ 50 =||$21,000 per year|
|(1 year × .015) × $35,000 =||$525 per year|
|=||$21,525 per year or $1,794 per month|
Your 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.