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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)

Vested Retirement Benefit

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Eligibility

You are eligible for a vested retirement benefit if you leave public employment before retirement age and you have met the minimum service requirement. Tier 1, 2 and 3 members must have five years of credited member service. Tier 5 and 6 members must have ten years of service credit. When you reach retirement age, you will be entitled to a retirement benefit based on your service and salary earned when you were an active member.

Tier 1 members under the alternative age 55 plan may receive their full vested benefits at age 55. Tier 2, 3 and 5 members under this plan may receive their full vested benefits at age 62, or may choose early retirement, between ages 55 and 62, with reduced benefits.

Tier 1 members under the age 60 plan may receive their full vested benefits at age 60. Tier 2, 3 and 5 members under this plan may receive their full vested benefits at age 62, or may choose early retirement, between ages 60 and 62, with reduced benefits.

Tier 6 members are eligible to receive their full vested benefits at age 63. They cannot choose to receive their vested retirement benefit before age 63.

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 the Service Retirement Benefits section.

The vested retirement benefit is payable for your lifetime. You may elect one of several payment options to provide for a continuing payment to a designated beneficiary of your choosing after your death.

Filing

To receive your vested retirement benefit at the earliest possible date, file a retirement application within 90 days before you become eligible. If we receive your retirement application after you become eligible, your vested retirement will be effective on the date the application is received.

Remember, it is up to you to file a retirement application when you become eligible and wish to receive your benefit.