Service Retirement

Group I (Employee and Teacher) Members hired prior to July 1, 2011

Group I members are eligible to retire at age 60 or older regardless of their years of Creditable Service. Different provisions apply to members with Split Benefits.

Annual Pension Calculation for Ages 60 – 64:

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 for Ages 60 – 64:

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

Annual pension calculation ages 60 - 64:
$30,000 divided by 60 = $500.00 multiplied by 30 years = $15,000.00
 

Age 65 Pension Reduction

All Group I members will experience a reduction in their Group I pension amount beginning at age 65, based on the statutory formula used to calculate Group I pensions at age 65 and older.

Annual Pension Calculation for Ages 65 and older:

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:

A Group I member who retired with 30 years of Creditable Service at age 65 with an Average Final Compensation of $30,000:

Annual pension calculation ages 65 and older:
$30,000 divided by 66 = $454.54 multiplied by 30 years = $13,636.20

Filing for Retirement - Filing deadlines and requirements

Members may be eligible for Early Retirement when certain provisions apply.