Service Retirement

Tier C: Group I (Employee and Teacher) Members hired on or after July 1, 2011

Group I members hired on or after July 1, 2011, become eligible for service retirement upon attainment of age 60, regardless of their years of Creditable Service, but may not begin collecting an unreduced service retirement benefit until age 65. Different provisions apply to members with Split Benefits.

Annual Pension Calculation 

Prior to attainment of full Social Security retirement age

The following calculation is based on the maximum retirement allowance payable and does not include any applicable reduction under an Optional Allowance.

Average Final Compensation divided by 60 multiplied by Creditable Service
= approximate annual pension amount

Annual Pension Calculation Example

Prior to attainment of full Social Security retirement age:

A Group I member who retired with 30 years of Creditable Service at age 60 with an Average Final Compensation of $60,000:

Annual pension calculation:
$60,000 divided by 60 = $1,000.00 multiplied by 30 years = $30,000.00

Pension Recalculation

Following attainment of full Social Security retirement age

All Group I members who retire on or after July 1, 2023, will experience a reduction in their Group I pension amount beginning the month following attainment of the member's full Social Security retirement age, based on the statutory formula used to calculate Group I pensions.

Note: For Group I members who retired prior to July 1, 2023, the recalculation is effective the month following the member’s 65th birthday.

The following calculation is based on the maximum retirement allowance payable and does not include any applicable reduction under an Optional Allowance.

Average Final Compensation divided by 66 multiplied by Creditable Service
= approximate annual pension amount

Annual Pension Calculation Example:

Following attainment of full Social Security retirement age:

A Group I member who retired with 30 years of Creditable Service with an Average Final Compensation of $60,000 and who has attained the full Social Security retirement age:

Annual pension calculation:
$60,000 divided by 66 = $909.08 multiplied by 30 years = $27,273

Related information