You are eligible for a service retirement benefit at age 55. However, if you recently changed employers, you may be required to complete five years of service with your new employer before you can retire with the benefits provided by this plan.
If you retire with 25 or more years of service credit, your service retirement benefit will be 50 percent of your Final Average Salary (FAS), plus 1.66 percent of your FAS for each year of service credit over 25 years. With less than 25 years of service credit, your benefit will be 1.66 percent of your FAS for each year of service credit.
If you made voluntary annuity savings contributions to the Retirement System, your benefit will also include an annuity purchased by your contributions and the interest earned.
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.