Basic Plan with Increased-Take-Home-Pay (ITHP)
For PFRS Tier 1, 2, 5 and 6 Members, and Tier 3 Members Covered by Article 11
(Sections 370-a, 371-a & 375)
Once you have met the minimum service credit requirement, you will be vested. This means you have earned the right to receive a retirement benefit, even if you leave public employment.
- Tier 1, 2 and 3 members must have five years of credited service.
- Tier 5 and 6 members must have ten years of credited service.
Tiers 1, 2, 3 and 5
If you are covered by the Age 60 Retirement Plan, you can begin receiving your vested retirement benefit when you reach age 60. If you are covered by the Age 55 Retirement Plan, you can begin receiving your vested retirement benefit when you reach age 55. The amount of your vested benefit is based on your service, age at retirement and the salary you earned when you were an active member.
You can begin receiving your vested retirement benefit when you reach age 63.
Vesting is automatic — you do not have to fill out any paperwork or file an application to become vested. However, you will need to file an application to begin receiving your vested benefit.