At age 62, your service retirement benefit equals 2.1 percent of your FAS for each year of service credit. The benefit is reduced by 50 percent of your primary Social Security benefit.
Example:
|
Retiring with 18 years of credited service and a $60,000 FAS Estimated primary Social Security benefit = $12,000 |
||
|
2.1 percent × 18 = 37.8 percent × $60,000 = |
$22,680 |
|
|
$12,000 × 50 percent = |
$6,000 |
Primary Social Security Benefit Reduction |
|
$22,680 − $6,000 = |
$16,680 |
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.