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Eligibility
You will be eligible for a service retirement benefit when you reach age 60 and have five or more years of credited service. To receive the full retirement benefit, you must retire at age 62 or older or, if you have at least 30 years of credited service, you may retire as early as age 60. With less than 30 years of credited service, you may retire between the ages of 60 and 62 and receive a reduced benefit.
The Benefit
If you are eligible to receive a full benefit, your pension will equal:
- 0.71 percent of your Final Average Salary (FAS) for each year of credited service; plus
- 1.42 percent of your FAS for each year of prior service credit; and
- An annuity based on your contributions, plus interest.
If you retire between the ages of 60 and 62 with less than 30 years of service, your benefit will be reduced by the percentages shown below. The percentage of the benefit reduction is prorated based on your exact age at retirement.
| Age at Retirement | Percentage of Reduction |
|---|---|
| 60 | 12 |
| 61 | 6 |
| 62 | 0 |
It is important to know that once you retire with a reduced benefit, the reduction is permanent — it does not end when you turn 62.
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Filing
Your service retirement application 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.
To apply for retirement, sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click “Apply for Retirement.” You can also apply by mail by submitting the Application for Service Retirement (RS6037).
Read the Receiving Your Benefits section for more information about filing.