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)
If you join the Retirement System on the day you begin employment with a participating employer and you work on a full-time, continuous basis, we calculate your retirement service credit by subtracting your beginning date of employment from the date you actually leave paid employment.
Service credit may be prorated for Tier 1 members employed on a less than full-time basis. For Tier 2, 3, 5 and 6 members, part-time employment is credited as the lesser of:
number of days worked ÷ 260 days
annual salary reported ÷ (State’s hourly minimum wage × 2,000)
Employers report days worked and salary to us.