Age and Service Credit Requirements

Investment programs
A one-percent defined benefit plan
Retirement - age and service credit requirements
Contribution rates

Retirement with a full benefit - age 65

If you have a least 10 years of service credit and you're age 65, you can retire with a full benefit.

If you have at least five years of service credit, you can retire at age 65 with a full benefit if you earned at least one of your five years of service credit after age 44.

How It Works

You're age 47 and you have five years of service credit. You earned three years of service credit after the age of 44. You choose to leave public service and begin drawing from the defined contribution part of your plan. You delay receiving your defined benefit until age 65.

Because you have earned at least one year of service credit after age 44, you can retire with a full benefit at age 65 even though you only have five years of service credit.

Transfer members have a different eligibility requirement.

Early retirement with a reduced benefit - ages 55 to 64 with at least 10 years of service credit

If you retire early, your benefit is reduced to reflect the fact that you will receive it over a longer period of time. The earlier you retire, the larger your reduction.

There is less of a benefit reduction for early retirement if you have 30 or more years of service credit.

Your benefit will be reduced by five percent for each year (prorated monthly) before age 65. Again, the earlier you retire, the larger your reduction.

Early retirement with a full benefit - ages 62 to 64 with at least 30 years of service credit

If you have at least 30 years of service credit and are age 62 to 64, you may qualify for an early retirement with a full benefit.

Leaving employment before you're eligible to retire

The defined benefit part of your plan is designed to provide you with a source of income throughout your retirement. For this reason, you can't withdraw the contributions your employer makes to this part of your plan.

If you have at least 20 years of service credit when you leave employment and do not start to receive your defined benefit, your defined benefit will increase by approximately three percent for each year you delay receiving it up to age 65. If you have 10 years of service credit, you are vested in the plan. Once you turn 65 you can retire and receive a full retirement benefit. For an exception to this rule, see "Retirement with a full benefit."