You are eligible for a vested retirement benefit if you leave public employment before retirement age and 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.
The date you are eligible to retire depends on your tier:
- Tiers 1 & 2 — the first of the month following your 55th birthday.
- Tiers 3 & 5 — your 55th birthday.
- Tier 6 — your 63rd birthday.
Your Vested Benefit
Your vested retirement benefit is 1/60th (1.66 percent) of your FAS for each year of credited service. The 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.
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 vested benefit.