Tier 1 Members: You are eligible to retire at age 55.
Tier 2 and 3 Members: You must have at least five years of service credit after July 1, 1973. You are eligible to retire with full benefits at age 62, or may choose early retirement with a reduced benefit between ages 55 and 62.
Tier 5 and 6 Members: You must have at least five years of service credit. You are eligible to retire with full benefits at age 62, or may choose early retirement with a reduced benefit between ages 55 and 62.1
Regardless of tier, if you work for an employer that offers a special plan (that allows retirement after 20 or 25 years of creditable service, regardless of age), 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 retire with 20 or more years of service credit, your benefit will be 1/50th (2 percent) of your FAS for each year of service credit. With less than 20 years of service credit, your benefit will be 1/60th (1.66 percent) of your FAS for each year of service credit.
If you made voluntary annuity savings contributions, your benefit will also include an annuity purchased by those contributions and the interest earned. The contributions required of Tier 5 and 6 members are not annuity savings contributions.
The Maximum Benefit
For Tier 1 members, the maximum pension portion of your retirement benefit is 75 percent of your FAS. The maximum pension payable to Tier 2, 3, 5 and 6 members is the benefit payable upon completion of 32 years of service.
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.