Retirement At A Glance
This handy guide tells you when you'll be eligible for your pension and how it will be calculated.
Retirement At A Glance
|
| RETIREMENT TYPE |
AGE & SERVICE REQUIREMENTS |
STRAIGHT LIFE FORMULA |
| Full Retirement - MIP |
Age 46 with 30 years of service.
Age 60 with 10 years of service.
Age 60 and working with 5 years of service.
|
FAC X 1.5% X YOS |
| Full Retirement - Basic |
Age 60 with 10 years of service.
Age 55 with 30 years of service. |
FAC X 1.5% X YOS |
Early Reduced
(MIP and Basic) |
Age 55 and working with at least 15 years but less than 30 years of service. |
Straight life pension MINUS 1/2% for each month before age 60. |
Duty Disability
Duty Death |
No age or service requirements. |
FAC X 1.5% X YOS |
Nonduty Disability
MIP and Basic |
Any age; 10 years of credited service. |
FAC X 1.5% X YOS |
| Nonduty Death - MIP |
If under age 60, 10 years of credited service.
If at least age 60, 5 years of credited service. |
FAC X 1.5% X YOS |
| Nonduty Death - Basic |
If under age 60, 15 years of credited service.
If at least age 60, 10 years of credited service. |
FAC X 1.5% X YOS |
