When can I retire?

A member is eligible to retire when: (1) The member’s age and earned service credit add up to the sum of 75 or more; or (2) the member is age 65 or more with at least five years of earned service credit; or (3) the member has earned service credit and allowed service credit totaling 25 or more years.

For more information refer to the Member Handbook, Section “Calculating Retirement”.

How will my retirement be calculated?

Your retirement benefit will be based on your service credit and earnings using the following formula:

Final average salary x number of years service credit x .0235

For more information refer to the Member Handbook, Section “Calculating Retirement”.

What options do I have to receive my retirement benefit?

There are three options: (1) The normal benefit does not provide for a continuing benefit for a beneficiary or estate, except for a balance of contributions less benefits paid; (2) Option B provides for payment of the benefit to your beneficiary upon your death; and (3) Option C provides for payment of half the benefit to your beneficiary upon your death.

The amount of benefit received is affected the option selected. For more information refer to the Member Handbook, Section “Calculating Retirement”.

After retirement, can I return to work?

There is no limit on your earnings if the employer is not covered by the provisions of the Educational Retirement Act. The rules changed January 1, 2002 for employees covered by the Educational Retirement Act.

For more information refer to the Return to Work Program.

How soon should I check on my retirement?

One or two years before your planned retirement, verify your covered employment as well as any allowed service credit you may have. Closer to retirement, request an estimate of your benefit with or without an option. Actual applications for retirement should be completed 90 days prior to your planned retirement date.