State Correction Officers and Security Hospital Treatment Assistants Plan
For ERS Tier 1 and 2 Members (Section 89)
Service Retirement Benefit
You may retire at any age after completing 25 years of creditable service, or you may qualify for service retirement if you reach age 60 before having served 25 years of creditable service. If you are a correction lieutenant or above who is 55 or older at retirement and an alternative regular plan would provide a greater benefit, you would receive the greater benefit.
The 25 Year Benefit
With 25 years of creditable service, your benefit will equal 50 percent of your FAS. For each year of service beyond 25 years, including service other than in an eligible title, you will receive an additional 1/60th (1.66 percent) of your FAS.
If you retire on or after age 60 with less than 25 years of service in an eligible title, the benefit is 1/50th (2 percent) of your FAS for each year of service. Other service is included at 1/60th (1.66 percent) of your FAS for each year. The total benefit may not exceed one-half of your FAS.
Members who retire between ages 55 and 60, with less than 25 years of creditable service, will receive a benefit of 1/60th (1.66 percent) of FAS for each year of total service credit.
If you made any voluntary annuity savings contributions to the Retirement System, your benefit will also include an annuity purchased by your contributions and the interest earned.
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.