20-Year (Section 383-e) and 25-Year (Section 383-f) Plans
For PFRS Tier 1, 2, 3 (Article 11), 5 and 6 Members

Service Retirement Benefits

20-Year (Section 383-e) and 25-Year (Section 383-f) Plans
For PFRS Tier 1, 2, 3 (Article 11), 5 and 6 Members

Your pension benefit will be determined by several factors, including your service credit and final average earnings (FAE).

 

20-Year (Section 383-e) Plan 

Tier 5 and 6 Members

Eligibility

You will be eligible to retire with 20 or more years of creditable service, regardless of your age.

The Benefit

Your pension will be:

  • 50 percent of your FAE; plus
  • 1 percent of your FAE for each year of creditable service beyond 20 years.

However, your pension benefit cannot exceed 65 percent of your FAE (a maximum of 35 years of creditable service can be used in the calculation of your pension).

Filing

You must apply for retirement with the Office of the State Comptroller 15–90 days before your retirement date.

 

25-Year (Section 383-f) Plan 

Tier 1, 2 and 3 (Article 11) Members

Eligibility

You will be eligible to retire with 25 or more years of creditable service, regardless of your age.

The Benefit

Your pension will be:

  • 55 percent of your FAE; plus
  • 1 percent of your FAE for each year of creditable service beyond 25 years.

However, your pension benefit cannot exceed 65 percent of your FAE (a maximum of 35 years of creditable service can be used in the calculation of your pension).

If you make voluntary contributions, you will also receive an annuity based on the total of your contributions and accumulated interest.

Filing

You must apply for retirement with the Office of the State Comptroller 15–90 days before your retirement date.

 

New Career Plan (Section 375-h)

Members who are age 55 or older at retirement are entitled to the service retirement benefits under the New Career Plan (Section 375-h) as a backup. We will automatically calculate your pension benefit for each plan, and you will receive the greater benefit.

 

Rev. 8/26