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Special 20- and 25-Year Plans

For PFRS Tier 2, 3 (Article 11), 5 and 6 Members, (Sections 384, 384-d and 384-e)

One-Year FAE

Special 20- and 25-Year Plans
For PFRS Tier 2, 3 (Article 11), 5 and 6 Members
(Sections 384, 384-d and 384-e)

Eligibility

Tier 2, 3 (Article 11) and 5 members are eligible for this benefit if your employer adopted it.

Tier 6 members are only eligible for this benefit if your employer adopted it before April 1, 2012.

Overview

The one-year FAE includes eligible payments earned in the 12 months right before you retire. The types of payments included in a one-year FAE are the same as the types of payments included in a three-year FAE.

Your pension benefit will be calculated based on a one-year FAE unless the three-year calculation provides a higher FAE.

Limitations

If the earnings used in the one-year FAE exceed the average of the previous 12-month period by more than 20 percent, the amount above 20 percent will not be included in the FAE calculation.