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Eligibility Requirements

Service retirement benefits are available to members who cease PEERS-covered employment and meet minimum service and age requirements. The monthly retirement benefit payments are made for life without interruption if there is not a return to full-time, PEERS-covered employment, or to temporary-substitute or part-time service in excess of the limits described in the section of your Member Handbook entitled, "Working After Service Retirement."

When will you be able to retire?

Normal Retirement Normal Retirement
You are eligible for normal retirement under the full benefit formula:

  • When you are at least age 60 with a minimum of five years of credit, or
  • At any age with a minimum of 30 years of credit, or
  • When your age plus your years of credit equals 80 or more (Rule of 80).

25 and out Early Retirement: 25-and-Out
You are eligible for early retirement under 25-and-Out if you retire with PEERS on or before July 1, 2013 and:

  • Are under age 55 with at least 25 but fewer than 30 years of credit, and
  • Do not qualify for the Rule of 80 (when your age plus your years of credit equals 80 or more). This will make you eligible for full benefits.

Age Reduced Early Retirement: Age-Reduced
You are eligible for early retirement with an age-reduction factor applied to the full benefit formula:

  • Between the ages of 55 and 60 with a minimum of five years of credit.
  • Do not qualify for the Rule of 80 (when your age plus your years of credit equals 80 or more).

PLSO Partial Lump Sum Option (PLSO)
You are eligible to choose a one-time Partial Lump Sum Option (PLSO) payment at retirement with reduced lifetime monthly benefits if you meet one of the following criteria:

  • You are at least age 63 with a minimum of eight years of credit, or
  • You have a minimum of 33 years of credit, or
  • Your age plus your years of credit equals 86 or more (Rule of 86).

PLSO Accelerated Payment Plan (APP)
If you are under age 62, you can choose to actuarially accelerate, or increase, your PEERS benefit until age 62, with an actuarial reduction applied to your benefit at age 62. Members who choose APP usually intend to apply for Social Security benefits at age 62, replacing the reduced PEERS income with Social Security income. Choosing APP does not mean you will receive any extra income from PEERS over your expected lifetime. It simply means that you will receive more of your benefit prior to age 62.


A Note About Reinstating or Purchasing Credit
If you are eligible, you may be able to reach retirement eligibility earlier by reinstating or purchasing service credit. Contact a PEERS representative, or refer to the Member Handbook for more information.

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