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Retirement Plan

For ERS Tier 5 Members

(Article 15)

Retiring Before Age 62

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If you retire between the ages of 55 and 62, your benefit will be reduced unless you are a uniformed court officer or peace officer employed by the Unified Court System and have at least 30 years of credit. The percentage of the benefit reduction is prorated based on your exact age at retirement.

Age at Retirement Percentage of Reduction
55 38.33
56 33.33
57 28.33
58 23.33
59 18.33
60 13.33
61 6.67
62 0

It is important to know that once you retire with a reduced benefit, the reduction is permanent — it does not end when you turn 62.

Examples:

Retiring on your 55th birthday, with 19 years of service and an FAS of $35,000:
(19 years × $35,000) ÷ 60 = $11,083 per year
  − $4,248 (38.33 percent benefit reduction)
$6,835 per year $569 per month
Retiring on your 55th birthday, with 20 years of service and an FAS of $35,000:
(20 years × $35,000) ÷ 50 = $14,000 per year
  − $5,366 (38.33 percent benefit reduction)
$8,634 per year $719 per month