With 20 years of service credit, you can apply for early retirement regardless of your age. The early retirement benefit equals 42 percent of your FAS for 20 years of service credit plus an additional 4 percent of your FAS for each year of service (or prorated portion thereof) beyond 20 years.
Your total benefit cannot exceed 50 percent of your FAS. When you turn 62, the early retirement benefit is reduced by 50 percent of your primary Social Security benefit. This retirement benefit is not eligible for escalation.
Example:
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Retiring with 21 years of credited service and a $60,000 FAS Estimated primary Social Security benefit = $12,000 |
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42 percent × $60,000 = |
$25,200 |
(20 years of credited service) |
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4 percent × $60,000 = |
+ 2,400 |
(1 year of service beyond 20) |
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Total Annual Benefit = |
$27,600 |
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At Age 62: |
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$12,000 × 50 percent = |
$6,000 |
Primary Social Security Benefit Reduction |
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$27,600 − $6,000 = |
$21,600 |
Total Annual Benefit — No Escalation |
Filing
Your Application for Service Retirement (RS6037) 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.