You can choose normal retirement or early retirement, but must be separated from service on the first of the month following the month you reach 62.
With at least 22 years of service credit, you can apply for normal retirement regardless of your age. The normal retirement benefit equals 50 percent of your FAS. When you turn 62, the normal retirement benefit is reduced by 50 percent of your primary Social Security benefit.
Your retirement benefit may be eligible for escalation — the annual increase or decrease of a benefit, based on the cost-of-living index. Some benefits are eligible for full escalation, while others are eligible for partial escalation.
- If you retire with at least 22 years and 1 month of service credit, but less than 25 years, you are immediately eligible for partial escalation.
- If you retire with at least 25 years of service credit, you are immediately eligible for full escalation.
Example:
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Retiring with 25 years of credited service and a $60,000 FAS Estimated primary Social Security benefit = $12,000 |
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50 percent × $60,000 = |
$30,000 |
Total Annual Benefit |
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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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$30,000 − $6,000 = |
$24,000 |
Total Annual Benefit + Full 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.