Eligibility Requirements

There are three ways to retire:

You must be at least 50 years of age with 25 years of Service Credit to qualify for early retirement or Rule 75. Any other combination of age (min. 50 years of age) and years of service that equals 75 you become eligible for a monthly retirement.
You may also be eligible for early retirement as early as 60 (with at least 5 years of service) for a reduced benefit.
Normal retirement at age 65 (with at least 5 years of service) with no reduction in benefits.

NOTE: Service requirements for early retirement must be met with actual employment periods. Accumulated sick leave credits cannot be counted for this purpose.

How is the monthly pension calculated?

Formula:	Your monthly pension benefit is based on your years of service times 2% times your average monthly compensation. (Yrs of service X 2% X Avg Mo Compensation = Monthly Pension Benefit) Your average monthly compensation is based on your highest consecutive 60 months in the last 10 years.
Example of Normal Retirement	John Smith has worked for 10 years and is 65 years of age 10 years + age 65 = 75 – (although this meets the RULE 75 it is also a Normal retirement) Years of Service 10 X 2% = 20% Average Monthly Compensation $1500.00 20% X 1500 = $300.00/monthly benefit