| Eligibility to Retire (Tier One / Tier Two) |
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You are vested in your Tier One or Tier Two account if you made contributions in each of five years or are age 50.
The age at which you can retire depends on your classification and whether you are a Tier One or Tier Two member.
Retirement with unreduced benefits:
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Classification
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Age
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PERS Service Time
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Tier One
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Tier Two
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General service
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58
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60
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Any age with 30 years of service
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Police and Fire
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55
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55
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Age 50 with 25 years of service
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Retirement with reduced benefits:
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Classification
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Age
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PERS Service Time
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Tier One
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Tier Two
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General service
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55 - 57
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55 - 59
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Less than 30 years of service
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Police and Fire*
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50 - 54
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50 - 54
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Less than 25 years of service
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* As of January 1, 2006, if you are an inactive A member who is not employed in a qualifying position, whose membership has not been terminated by account withdrawal or loss of membership, and who is not retired for service or disability.police officer or firefighter (P&F) Tier One or Tier Two member who attains the age of 50, you may retire with a reduced benefit as long as your last covered position was a qualifying P&F position.
Your benefit will be actuarially reduced because you will receive it over a longer period of time.
Should you retire early under the:
- Formula Plus Annuity method, the part of your benefit paid from employer funds will be reduced 8 percent for each year you are below the age of 58 (age 60 if you are a Tier Two member and your classification is General Service, age 55 if your classification is P&F).
- Full Formula method, your entire benefit will be reduced 8 percent for each year you are below the age of 58 (age 60 if you are a Tier Two member and your classification is General Service, age 55 if your classification is P&F).
Not eligible to retire but I want to withdraw my account(s).
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