|
|
Major Plan Provisions |
Entered PERS-Covered Service Before
July 1, 2007 |
Entered PERS-Covered Service On or
After July 1, 2007 |
| Vesting
Period |
4 years
of service as a contributing member |
8 years
of service as a contributing member |
|
A member who entered the System prior
to July 1, 2007, is subject to the 4-year vesting period provided
that he or she does not subsequently refund his or her account
balance. |
| Service Retirement
Eligibility |
Age 60 with 4 or more
years of membership service, OR
Any age with 25 or more years of
creditable service. |
Age 60 with 8 or more
years of membership service, OR
Any age with 25 or more years of
creditable service |
Retirement
benefits are determined by your number of years of service and average  annual
earnings for the four years
of employment with the highest earnings.
Maximum earned benefits are calculated
as follows:
-
For
years 1 to 25, retirement benefits are calculated at 2% of annual
earnings.
-
For service years 25 and beyond, retirement benefits are
calculated at 2 and one-half percent
of annual earnings.
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