Eligibility, the Benefit and Filing
You will be eligible for a service retirement benefit when you reach age 55 and have five or more years of credited service after July 1, 1973. For the full retirement benefit, you must be 62 years old at retirement or, if you have 30 years of credited service, you may retire as early as age 55. With less than 30 years of service, you may retire as early as age 55 but you will receive a reduced benefit.
At retirement, you will receive a pension equal to:
- 1/60th (1.66 percent) of your FAS for each year of service credit earned on or after April 1, 1960; and
- 1/120th (.83 percent) of your FAS for each year of member service credit earned prior to April 1, 1960; and
- 1/60th (1.66 percent) of your FAS for each year of prior service including prior service credit you have received for military duty; and
- An annuity purchased by any voluntary annuity savings contributions you made to the Retirement System (and the interest they earned).
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.