| Eligibility to Retire (Tier One/Tier Two) |
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| Vested |
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You are vested in your Tier One or Tier Two account if you made contributions in each of five calendar years.
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| Age to Retire |
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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:
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:
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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* If you are an inactive 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).
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Click here for important information if you are a school or academic employee.
Not eligible to retire but I want to withdraw my account(s).
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