Normal Retirement Benefits
Eligibility
You are eligible for full retirement benefits if you:
- Have at least 20 years of creditable service in the 1977 Fund;
- Are at least 52 years of age; and
- Have retired from service.
Amount
If you are eligible for unreduced retirement benefits, you will receive a monthly benefit equal to at least 50% of the base salary (first-class salary) in the year you retired.
If you have accumulated more than 20 years of service, you will receive an additional 1% of base salary for each 6 months of active service over 20 years, up to a maximum of 12 additional years (or a maximum additional 24% of base salary).
For example, if you retire with exactly 20 years of service, your benefit at retirement will be 50% of your department’s base salary. If you retire with 30 years of service, your benefit at retirement will be 70% of your department’s base salary. When you have accumulated 32 years of service or more, your benefit at retirement will be 74% of your department’s base salary.
This Fund also offers a Deferred Retirement Option Plan. (DROP) See the DROP FAQ for more information.
