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State Correction Officers and Security Hospital Treatment Assistants Plan

For ERS Tier 3, 5 and 6 Members (Article 14-CO)

Overview

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Your pension is based on your years of credited service and your final average salary (FAS). For Tier 3 and 5 members, FAS is the average of the wages you earned during any three consecutive years of correction service or security hospital service when your earnings were highest. For Tier 6 members, FAS is the average of your highest five consecutive years of correction service or security hospital service earnings. This is usually your years of employment immediately before retirement.

The calculation of your FAS can include, but is not limited to, the following types of payments. In some cases, certain restrictions may apply.

  • Regular salary.
  • Overtime earned in the FAS period.*
  • Holiday pay.
  • Noncompensatory overtime earned in the FAS period.*
  • Longevity payments (maximum of one per year), if earned in the FAS period.
  • For Tier 3 and 5 members, payment for up to 30 days of accumulated vacation, if the FAS is based on the 36 months immediately preceding retirement.

The following types of payments are not considered regular compensation and, in most cases, will not be included in your FAS:

  • Unused sick leave.
  • Payments made as a result of your working during your vacation.
  • Any form of termination pay.
  • Payments made in anticipation of retirement.
  • Lump sum payments for deferred compensation.
  • Any payments made for time not worked.
  • Overtime which is compensated in whole or in part by payments from private, non-governmental entities.**

*For Tier 5 members, the total amount of overtime and noncompensatory overtime is limited to $17,389.11 for calendar year 2015. Thereafter, the maximum reportable overtime payment increases by 3 percent each calendar year. For Tier 6 members, the overtime cap for the fiscal year April 1, 2015 through March 31, 2016 is $15,608. This cap may be increased each fiscal year, based on the Consumer Price Index on December 31 of the previous year.

**Service rendered to private entities is not government service and payment for such service is not regular compensation earned from a participating employer. It is not pensionable and cannot be included in the calculation of a final average salary. Please note that overtime work performed for other public employers that participate in this Retirement System, such as a school district, should be reported to the Retirement System and is includable in the calculation of final average salary, even if the primary employer is reimbursed by the other public entity.