Vested Retirement Benefit
You are eligible for a vested retirement benefit if you leave public employment before age 55 and you have met the minimum service requirement. Tier 3 members must have five years of credited member service. Tier 5 members must have ten years of credit. 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 may receive your full vested benefit at age 62, or may choose early retirement with a reduced benefit between ages 55 and 62.
Your Vested Benefit
Your vested retirement benefit would be calculated in the same way as the service retirement benefit. For an explanation, please refer to Service Retirement Benefits.
The vested 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.
To receive your vested retirement benefit at the earliest possible date, file a retirement application no earlier than 90 days before your 55th birthday. If we receive your retirement application after your 55th birthday, your vested retirement is effective the date the application is received.
Remember, it is up to you to file a retirement application when you become eligible and wish to receive your benefit.