You may receive benefits starting at age 55. The normal retirement formula determines benefits for a deferred vested benefit, specifically:
| Plan | Basic Benefit Calculation | PLUS Pre-Social Security Benefit |
|---|---|---|
| A & B |
2.0% x FAS* x Years of Benefit Service x 1.03 |
0.2% x FAS* x Years of Benefit Service |
| C, D, & E |
2.5% x FAS* x Years of Benefit Service x 1.03 |
0.3% x FAS* x Years of Benefit Service |
| F |
2.5% x FAS x Years of Benefit Service |
None |
* FAS stands for Final Average Salary, which is calculated as the average of the member’s highest 78 consecutive pay periods (36 months) salary
Note: For Plans A and B, the Pre-Social Security Benefit is paid as follows:
- Payable only until age 62; based on Social Security benefit that would have been payable if the member had been 65 at the time of retirement. Benefit is pro-rated for those with less than 25 years of service.
- Plan A, begins at age 55.