Retirement dates are the first of the month following a month in which the member had earnings. The only exception is that the retirement date for a member on a 9 or 10 month contract completing the academic school year is set by state statute as of July 1. Retirement applications must be received in the ERB office by the last day of the month prior to the retirement date. For example, a July 1 retirement application must be received by the last working day of June in order to be effective. Applications for retirement received in the month of retirement will be moved to the next month’s retirement date.
Pension Payments
Pension checks are paid on the last working day the month. For example, a July 1 retiree will receive his or her first benefit payment on the last working day of July. The first few payments will be an estimated amount since the actual earnings from your employer have not been reported to the ERB at the time of your first payment. After the actual earnings are reported, the benefit will be recalculated and adjusted when needed.
ERB only pays benefits through direct deposit of your benefit into your account at the
bank or certain credit unions. The electronic deposit has proven to be a much safer and faster way of conducting these transactions. The first deposit will be mailed to your mailing address. Thereafter your benefit payment will be available on the last working day of each month in your account.
