Eligible members of the 20-Year (Section 383-e) Plan or the 25-Year (Section 383-f) Plan can choose to receive a partial lump sum (PLS) payment at retirement. 

To be eligible, you must:

• Retire under a 20- or 25-year plan;
• Retire with a service retirement benefit (not a disability benefit); and
• Have been eligible to retire with a service retirement benefit for at least one year before your date of retirement.

If you choose to receive a PLS payment:

• The amount you would receive is determined by applying the percentage you choose (5, 10, 15, 20 or 25%) to the total actuarial value of your pension benefit at the time of your retirement. (Note: The percentages available to choose from are based on the number of years you have been eligible to retire.)

• Your lifetime monthly pension benefit will be permanently reduced. You cannot repay the PLS payment in the future to increase your monthly pension benefit. 
• Future cost-of-living adjustments (COLAs) will be based on the amount of your reduced pension benefit.

Rev. 8/26