Special 20- and 25-Year Plans

For PFRS Tier 2, 3, 5 and 6 Members, (Sections 384, 384-d and 384-e)

One-Year FAS

If your employer has adopted this benefit, your FAS includes eligible payments earned in the 12 months right before you retire. Your pension benefit will be calculated based on a one-year FAS unless the three-year calculation provides a higher FAS.

Note: A one-year FAS is generally not available to Tier 6 members.

The one-year FAS can include, but is not limited to, the payments listed below. Payments must be earned in the FAS period.

  • Regular earnings;
  • Overtime;*
  • Compensatory overtime;
  • Holiday pay; and
  • Longevity pay.

The following payments are not part of your regular compensation. In most cases, they will not be included in your one-year FAS calculation:

  • Unused sick leave;
  • Unused vacation;
  • Payments made as a result of working your vacation;
  • Any form of termination pay;
  • Payments made in anticipation of retirement; and
  • Any payments made for time not worked.

The earnings used in the calculation of the one-year FAS cannot exceed the wages in the previous 12-month period by more than 20 percent. Any amount over 20 percent will be excluded from the calculation.

*For Tier 5 members, the total amount of overtime and compensatory overtime that can be included in your FAS calculation is limited to 15 percent of your earnings.