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Topics below:
Program for Enhanced Early Retirement
PEER Requirements
PROGRAM FOR ENHANCED EARLY RETIREMENT (PEER)
PEER allows long-service participants to qualify before age 62 for benefits that are not reduced for early retirement. There are three PEER levels, each with its own lowered age and service requirements. To participate in one of these levels (PEER/84, PEER/82 or PEER/80), your covered unit must negotiate a supplemental PEER payment paid by your employer in addition to the basic contribution rate. PEER contributions are not used to calculate Plan benefits. They are used to help pay for the enhanced early retirement benefits through PEER.
The percentage of PEER/84 is 6.5%. Each level beyond PEER/84 requires an additional 5% supplemental payment.
Percentage of Basic Employer Contribution
PEER/84: 6.5%
PEER/82: 11.5%
PEER/80: 16.5%
The PEER Levels
Each PEER level has its own lower age and service requirements for early retirement.
PEER/84
You can retire with unreduced benefits when your combined age plus years of contributory service add up to 84 or more. For example, if you are age 52 at retirement and have 32 years of contributory service, you meet the age and contributory service requirement for PEER/84. Now you can "lock in" your PEER coverage once you have 25 or more years of contributory service.
PEER/82
You can retire with unreduced benefits when your combined age plus years of contributory service add up to 82 or more. For example, if you are age 52 at retirement and have 30 years of contributory service, you meet the age and contributory service requirement for PEER/82. Now you can "lock in" your PEER coverage once you have 25 or more years of contributory service.
PEER/80
You can retire with unreduced benefits when your combined age plus years of contributory service add up to 80 or more. For example, if you are age 52 at retirement and have 28 years of contributory service, you meet the age and contributory service requirement for PEER/80. Now you can "lock in" your PEER coverage once you have 25 or more years of contributory service. 
Peer requirements
If you work under a PEER agreement now or later, you may qualify for enhanced early retirement benefits. You must satisfy the following rules:
- Meet the age and contributory service requirements that apply to your PEER level for unreduced early retirement benefits under your PEER pension agreement.
- Work at least 1,000 covered hours under your PEER pension agreement in the 24-month period ending just before your pension effective date. For example, to qualify for retirement under a PEER/80 agreement, you have to meet the Rule of 80 and earn at least 1,000 PEER/80 hours in the 24 months prior to your pension effective date. Special rules apply if you have locked in your PEER coverage after 25 years of contributory service.
- Have recent coverage.
Your Area Administrative Office can help you find out when you may qualify for PEER or other benefits.
F Y I: AGE AND CONTRIBUTORY SERVICE REQUIREMENT
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Age on Pension |
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Minimum Years of Contributory |
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PEER/84 |
PEER/82 |
PEER/80 |
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50 |
34 |
32 |
30 |
|
|
51 |
33 |
31 |
29 |
|
|
52 |
32 |
30 |
28 |
|
|
53 |
31 |
29 |
27 |
|
|
54 |
30 |
28 |
26 |
|
|
55 |
29 |
27 |
25 |
|
|
56 |
28 |
26 |
24 |
|
|
57 |
27 |
25 |
23 |
|
|
58 |
26 |
24 |
22 |
|
|
59 |
25 |
23 |
21 |
|
|
60 |
24 |
22 |
20 |
|
|
61 |
23 |
21 |
19 |
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F Y I: Recent Coverage Rule
In general, you have recent coverage at retirement if you work at least 1,500 covered hours during the 60-month period ending just before your pension effective date. If you have recent coverage when you complete 25 years of contributory service, it’s yours for good. You have “locked in” your recent coverage protection.
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