Eligibility Requirements
Service retirement benefits are available to members who cease PSRS-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, PSRS-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
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).
Early Retirement: 25-and-Out
You are eligible for early retirement under 25-and-Out if you retire with PSRS 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).
Early Retirement: Age-Reduced
You are eligible for early retirement with an age-reduction factor applied to the full benefit formula:
- At age 55 with at least five years of credit, or
- At any age with at least 25 years of credit (after July 1, 2013, when the 25-and-Out provision expires).
- Do not qualify for the Rule of 80 (when your age plus your years of credit equals 80 or more).
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).
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 PSRS representative, or refer to the Member Handbook for more information.
