Topics below:

Retirement Benefits for Participants With Recent Coverage

Normal Retirement Benefit
Disability Retirement Benefit
Early Retirement Benefit
Early Retirement Benefit With Rule of 84
Early Retirement Benefit With PEER

Retirement Benefits for Participants Without Recent Coverage

Normal Retirement Benefit
Early Retirement Benefit

Recent Coverage Rule



Retirement Benefits for Participants With Recent Coverage

NORMAL RETIREMENT BENEFIT
Age at Retirement
Ages 65 to 70

Eligibility Requirements
Vested or active participant at normal retirement age or later

Benefit Amount
You can retire at age 65 and receive 100% of your normal retirement benefit. If you retire later, your covered work after age 65 increases your retirement benefit. You must start drawing your pension by age 70 even if you are still working.

DISABILITY RETIREMENT BENEFIT
Age at Retirement
Any age up to 65

Eligibility Requirements

• Vested
• Recent coverage on disability onset date
• Receiving Social Security disability benefits

Benefit Amount
There is no minimum age requirement for this benefit. Your disability benefit will be at least 85% of your normal retirement benefit. If you are eligible for early retirement, your disability benefit will not be less than the early retirement benefit you could have received.

EARLY RETIREMENT BENEFIT
Age at Retirement
Ages 55 to 65

Eligibility Requirements

• Vested
• Recent coverage

Benefit Amount
You can retire as early as age 55 with recent coverage and receive 54.4% of your normal retirement benefit. If you retire later, this percentage increases—up to 100% if you retire between ages 62 and 65.

EARLY RETIREMENT BENEFIT WITH RULE OF 84
Age at Retirement
Any age up to 62

Eligibility Requirements

• Vested
• Recent coverage
• Meet Rule of 84

Benefit Amount
You can retire at any age and receive an enhanced early retirement benefit. For example, you receive 65% of your normal retirement benefit if you retire at age 55, up to 100% if you retire at age 62.

EARLY RETIREMENT BENEFIT WITH PEER
Age at Retirement
Any age up to 62

Eligibility Requirements

• Vested
• Recent coverage
• Meet PEER requirements

Benefit Amount
You can retire at any age and receive 100% of your normal retirement benefit.


Retirement Benefits for Participants Without Recent Coverage

NORMAL RETIREMENT BENEFIT
Age at Retirement
Ages 65 to 70

Eligibility Requirements
Vested or active participant at normal retirement age or later

Benefit Amount
You can retire at age 65 and receive 100% of your normal retirement benefit. If you retire later, your covered work after age 65 increases your retirement benefit. You must start drawing your pension benefit by age 70 even if you are still working.

EARLY RETIREMENT BENEFIT
Age at Retirement
Ages 55 to 65

Eligibility Requirements
Vested

Benefit Amount
You can retire as early as age 55 and receive 40% of your normal retirement benefit. Or, you can retire later and the percentage increases. At age 62, you receive 78.4% and at age 65, 100% of your normal retirement benefit.


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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