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State Correction Officers and Security Hospital Treatment Assistants Plan

For ERS Tier 1 and 2 Members (Section 89)

Vested Retirement Benefit

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Eligibility

You are eligible for a vested retirement benefit if you leave public employment before age 55 and you have five or more years of credited member service. This means that when you reach age 55, you will be entitled to a retirement benefit based on your service and salary earned when you were an active member.

You are eligible to receive this benefit on the first of the month following your 55th birthday.

The Benefit

Your vested benefit is 1/60th (1.66 percent) of your FAS for each year of credited service. The retirement benefit is payable for your lifetime. You may elect one of several payment options to provide for a continuing payment to a designated beneficiary of your choosing after your death.

Filing

To receive your vested retirement benefit at the earliest possible date, file a retirement application within 90 days before your 55th birthday. If we receive your retirement application after the first of the month following your 55th birthday, your vested retirement will be effective the date the application is received. Once you reach 55, a delay in filing for a vested benefit will not increase your pension. The amount of your benefit is frozen when you leave public employment.

Remember, it is up to you to file a retirement application when you become eligible and wish to receive your benefit.