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Eligibility
You are eligible for a service retirement benefit at age 55. However, if you recently changed employers, you may be required to complete two years of service with your new employer before you can retire with the benefits provided by this plan.
The Benefit
At retirement, you will receive a benefit equal to:
- 1.66 percent of your Final Average Salary (FAS) for each year of service credit, including service credit you have received for military duty and prior service; and
- An annuity purchased by any voluntary annuity savings contributions you have made and the interest they earned.
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Filing
Your service retirement application must be on file with the Office of the State Comptroller at least 15 days, but not more than 90 days, before the date on which your retirement will occur. The 15-day filing requirement is waived if you are over age 70 at retirement.
To apply for retirement, sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click “Apply for Retirement.” You can also apply by mail by submitting the Application for Service Retirement (RS6037).
Read the Receiving Your Benefits section for more information about filing.