You will be eligible for a service retirement benefit when you reach age 55, and have five or more years of service credit.
At retirement, you will receive a benefit equal to:
- 0.83 percent of your Final Average Salary (FAS) for each year of credited service; plus
- 1.66 percent of your FAS for each year of prior service credit; and
- An annuity based on your contributions, plus interest.
Your service retirement application 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.
To apply for retirement, sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click “Apply for Retirement.” You can also apply by mail by submitting the Application for Service Retirement (RS6037).
Read the Receiving Your Benefits section for more information about filing.