Tier 1 Members: You are eligible to retire at age 55.
Tier 2 and 3 Members: You must have at least five years of service credit after July 1, 1973. You are eligible to retire with full benefits at age 62, or may choose early retirement with a reduced benefit between ages 55 and 62.
Tier 5 and 6 Members: You must have at least five years of service credit. You are eligible to retire with full benefits at age 62, or may choose early retirement with a reduced benefit between ages 55 and 62.1
For all tiers, if you recently changed employers, you may be required to complete two years of service before you can retire under the benefits of this plan.
Regardless of tier, if you work for an employer that offers a special plan, (that allows retirement after 20 or 25 years of creditable service, regardless of age), you must retire by the first day of the month following your 70th birthday, even if you have not elected the special plan.
At retirement, you will receive a pension equal to:
- 1/60th (1.66 percent) of your FAS for each year of service credit earned on or after April 1, 1960; and
- 1/60th (1.66 percent) of your FAS for each year of prior service including prior service credit you have received for military duty; and
- An annuity purchased by any voluntary contributions (and the interest earned) you might have made to the Retirement System.
The Maximum Benefit
The maximum pension payable to Tier 2, 3, 5 and 6 members is the benefit payable on completion of 32 years of service.
Your Application for Service Retirement (RS6037) 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.