For ERS Tier 2 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 earned under this plan after July 1, 1973. To receive the full retirement benefit, you must retire at age 62 or older or, if you have at least 30 years of credited service, you may retire as early as age 55. With less than 30 years of credited service, you may retire between the ages 55 and 62 and receive a reduced benefit.
If you are eligible to receive a full benefit, your pension 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
If you retire before age 62 with less than 30 years of service, your benefit will be reduced by the percentages shown below:
|Age at Retirement||Percentage of Reduction|
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.