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Eligibility to Retire (Tier One/Tier Two)
Vested
You are vested in your Tier One or Tier Two account if you made contributions in each of five calendar years.

Age to Retire
 
The age at which you can retire depends on your classification and whether you are a Tier One or Tier Two member.
 
Retirement with unreduced benefits:
 
Classification
Age
PERS Service Time
Tier One
Tier Two
General Service
58
60
Any age with 30 years of service
Police and Fire
55
55
Age 50 with 25 years of service
 
 
Retirement with reduced benefits:
 
Classification
Age
PERS Service Time
Tier One
Tier Two
General Service
55 - 57
55 - 59
Less than 30 years of service
Police and Fire*
50 - 54
50 - 54
Less than 25 years of service
 
* If you are an inactive police officer or firefighter (P & F) Tier One or Tier Two member who attains the age of 50, you may retire with a reduced benefit as long as your last covered position was a qualifying P & F position.
 
 
Your benefit will be actuarially reduced because you will receive it over a longer period of time.
Should you retire early under the:
  • Formula Plus Annuity method: The part of your benefit paid from employer funds will be reduced 8 percent for each year you are below the age of 58 (age 60 if you are a Tier Two member and your classification is General Service, age 55 if your classification is P & F).

     
  • Full Formula method: Your entire benefit will be reduced 8 percent for each year you are below the age of 58 (age 60 if you are a Tier Two member and your classification is General Service, age 55 if your classification is P & F).

     
  • Under a Money Match retirement calculation, PERS does not apply early retirement reduction factors that would apply under the Full Formula calculation (8 percent annually until you reach normal retirement age). However, if you retire early under the Money Match calculation, there is an actuarial impact because payments will be received for a longer period since disbursements are based on life expectancy. Monthly payments will be less than they would be if you retired at normal retirement age.
Click here for important information if you are a school or academic employee.
 
Not eligible to retire but I want to withdraw my account(s).