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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.

The 2023 1099-R tax statements were mailed on January 12, 2024

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