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)
The Age 55 Plan
As a Tier 1 member, you will be eligible for a service retirement benefit when you reach age 55, and have five or more years of service credit under this plan earned after July 1, 1973. If you are a Tier 2 or 3 member with five or more years of credited service, or a Tier 5 or 6 member with ten or more years of credited service, you may choose to retire with a full benefit at age 62, or between the ages of 55 and 62 with a reduced benefit.
Regardless of tier, if you work for an employer that offers a special retirement plan, you must retire by the first day of the month following your 70th birthday, even if you have not elected the special plan.
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 annuity savings contributions, plus interest.
Tier 2, 3, 5 and 6 members who retire before age 62 will have their benefit reduced by the percentage 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.