Retirement - State Retirement & Pension System

Vesting

 

There is a 10-year vesting period for this plan.  If you are vested and decide to leave state employment, you must leave your accumulated contributions and interest in the plan in order to retain your rights to a monthly benefit at normal retirement age, which is 65.  Should you elect to rollover the funds to a new employers plan or cash-out the account, your membership will cease and you will forfeit any monthly benefit at normal retirement age.  

 

Retirement Benefit Eligibility

 

In general, you may retire and begin receiving benefits under the SRPS when you reach your normal retirement age.  The normal retirement age may be calculated two ways for unreduced benefits.  With the Rule of 90, unreduced benefits apply if your age plus years of eligibility service equal at least 90.  Unreduced benefits would also apply at age 65 with at least 10 years of eligibility service.

 

Early Retirement

 

The SRPS does offer an early retirement benefit.  If you are age 60 with at least 15 years of eligibility service, you may opt to retire early.  However, your monthly benefits will be reduced by 1/2% for each month you retire prior to your 65th birthday.

 

updated 7/23/2015