You will be eligible for a service retirement benefit when you reach age 55 and have five or more years of credited service after July 1, 1973. If you recently changed employers, you may have to complete two additional years of service with your new employer before you can retire with the benefits provided by this plan.
For the full retirement benefit, you must be 62 years old at retirement or, if you have 30 years of credited service, you may retire as early as age 55. With less than 30 years of service, you may retire as early as age 55, but you will receive a reduced benefit.
At retirement, you will receive a benefit equal to:
- 1.66 percent of your Final Average Salary (FAS) for each year of service credit earned on or after April 1, 1960; and
- 1.66 percent of your FAS for each year of member service credit earned prior to April 1, 1960; and
- 1.66 percent of your FAS for each year of prior service, including service credit you have received for military duty; and
- An annuity purchased by any voluntary contributions you have made to the Retirement System and the interest they earned.
Your service retirement application 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.
To apply for retirement, sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click “Apply for Retirement.” You can also apply by mail by submitting the Application for Service Retirement (RS6037).
Read the Receiving Your Benefits section for more information about filing.