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Summary of Retirement Benefits
| Normal Benefit |
Minimum Age |
Minimum Service |
Computation of Annual Benefit |
Tier I (Available if first employed before July 1, 1989)
| Unreduced |
Rule of 90 |
|
(FAS x First 10 YOS x 1.2%) |
|
62 |
30 |
+ |
|
65 |
3 |
(FAS x YOS greater than 10 x 1.7%) |
| Reduced |
55 |
3 |
Reduced by 0.25% for each month a member’s age is under 65. |
|
Any Age |
30 |
Reduced by 0.25% for each month a member’s age is under 62. |
Tier II
| Unreduced |
If first employed before July 1, 1989: |
|
65 |
3 |
FAS x YOS x 1.7% |
|
If first employed on or after July 1, 1989: |
|
65-66 |
3 |
FAS x YOS x 1.7% |
| Reduced |
55 |
3 |
Reduced by the use of actuarial tables. |
|
Any Age |
30 |
Reduced by the use of actuarial tables. |
Deferred Retirement
|
55 |
3 |
Annual benefit (see above). Augmented by 3% per year from date of resignation to January 1 following age 55, then 5% per year to date of retirement. |
|
Any Age |
30 |
Formula Key:
FAS: Final Average Salary
YOS: Years of Service
1.2% or 1.7%: Percentage Multiplier
Summary of Other Benefits
| Normal Benefit |
Minimum Service |
Benefit Details |
Survivor — Active Member
| Surviving Spouse |
3 |
Survivor benefit under the 100% joint and survivor lifetime annuity, a term certain annuity or a refund. |
| Dependent Children |
3 |
If no survivor benefit is payable, then an actuarial equivalent of survivor benefit. |
Survivor — Retired Member
| Surviving Spouse |
N/A |
Based on elected option at time of member’s retirement. |
Disability Retirement
|
5 |
Annual benefit with no reduction. |
Refund
|
None |
Member contributions plus 6% interest compounded annually. |
