To be eligible for a retirement benefit, you must have at least five years of service after July 1, 1973 (ten for Tier 5 members). With 25 years of creditable service, you may retire at any age with unreduced benefits if you retire directly from an institution under the jurisdiction of the New York State Department of Correctional Services or the New York State Office of Mental Health.
If you have less than 25 years of creditable service, you will be eligible to retire at age 62 with unreduced benefits, or between ages 55 and 62 with reduced benefits.
If you retire before reaching age 55 with 25 years of creditable service in a covered title, you will receive a benefit equal to one-half (50 percent) of your FAS. However, if you retire between the ages of 55 and 62 with more than 25 years of service, you will receive the better benefit provided by either:
- One-half of your FAS; or
- 2 percent of your FAS for each year of service (maximum of 30 years), less a reduction for retiring before age 62.
|Age at Retirement||Percentage of Reduction|
|Tier 3||Tier 5|
If you retire at age 62 or older, the maximum benefit payable is 60 percent of your FAS.
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.