Retirement Eligibility

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Nonhazardous

 The requirements for an Unreduced Benefit are:

  • Age 57 or older, may retire with no reduction in benefits if the members age and years of service equal 87(Rule of 87).
  • Age 65, with at least 60 months of service credit may retire at any time with no reduction in benefits.
The requirements for a Reduced Benefit are:
  • Age 60 or older, with at least 120 months of service credit may retire with a reduction in benefits.
  • If a member is eligible for a reduced benefit, the amount of reduction will depend upon the member’s age or years of service at retirement.
Years from Age 65 or Rule of 87 (Whichever is Less)
% of Nonhazardous Benefit Paid
1 Year 93.5% 6 Years 63%
2 Years 87% 7 Years 58.5%
3 Years 80.5% 8 Years 54%
4 Years 74% 9 Years 49.5%
5 Years 67.5% 10 Years 45%

 

For example, a nonhazardous member has 25 years of service and is age 60. If the member chooses to retire, his or her benefit will be reduced to 87% (6.5% for each year away from Rule of 87).

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Hazardous

 The requirements for an Unreduced Benefit are:

  • 25 or more years of service may retire at any time with no reduction in benefits.
  • Age 60 or older, with at least 60 months of service credit may retire at any time with no reduction in benefits.
The requirements for a Reduced Benefit are:
  • Age 50 or older, with at least 180 months of service credit may retire with a reduction in benefits.
  • If a member is eligible for a reduced benefit, the amount of reduction will depend upon the member’s age or years of service at retirement.
Years from Age 60 or 25 Years of Service (Whichever is Less)
% of Hazardous Benefit Paid
1 Year 93.5% 6 Years 63%
2 Years 87% 7 Years 58.5%
3 Years 80.5% 8 Years 54%
4 Years 74% 9 Years 49.5%
5 Years 67.5% 10 Years 45%

 

For example, a member has 23 years of service and is age 52. If the member chooses to retire, his/her benefit will be reduced to 87.0% (6.5% for each year away from 25 years of service).

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