For ERS Tier 2 Members
(Sections 70-a, 71-a and 75)
Vested Retirement Benefit
You are eligible for a vested retirement benefit if you leave public employment before retirement age and you have five or more years of credited member service. This means that when you reach retirement age, you will be entitled to a retirement benefit based on your service and the salary you earned when you were an active member.
If you are enrolled in the age 60 plan, you are eligible to begin receiving your retirement benefit on the first of the month following your 60th birthday. If you are enrolled in the alternative age 55 plan, you are eligible to begin receiving your retirement benefit on the first of the month following your 55th birthday. Your vested retirement benefit will be reduced if you retire prior to age 62 with less than 30 years of service credit.
Your Vested Benefit
The provisions of the retirement plan that you were covered by in your last public employment determine the vested benefit. For an explanation of your benefit, please refer to your “Service Retirement Benefit.”
The vested retirement benefit is payable for your lifetime. You may elect one of several payment options to provide for 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 within 90 days before the first of the month following your 55th or 60th birthday, depending on your plan coverage. If we receive your retirement application after the first of the month following your 55th or 60th birthday, your vested retirement is effective on the date the application is received.
If you have less than 30 years of service credit and wish to defer your retirement until age 62 to receive an unreduced benefit, submit an application within 90 days before your 62nd birthday.
Remember, it is up to you to file a retirement application when you become eligible and wish to receive your benefit.