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
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).