For ERS Tier 1 Members
(Sections 70-a, 71-a and 75)
The Age 55 Plan
You will be eligible for a service retirement benefit when you reach age 55, and have five or more years of service credit.
Your service retirement benefit will equal:
- 1/120th (.83 percent) of your FAS for each year of credited service; plus
- 1/60th (1.66 percent) of your FAS for each year of prior service credit; and
- An annuity based on your contributions, plus interest.
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.