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SERS workshop explains who can retire and how pensions are calculated
Summary
A State Employees Retirement System representative outlined Tier 1 eligibility, final average compensation rules and how years-of-service and formula percentages determine monthly pensions.
At a State Employees Retirement System (SERS) “Countdown to Retirement” workshop, a SERS representative walked members through who qualifies for retirement under Tier 1 rules and how the system calculates monthly pensions.
The representative said the most common pathways to an unreduced Tier 1 pension are: age 60 with at least eight years of credited service; meeting the “rule of 85” (age plus years of service equal at least 85); or having 35 years of service at any age. For alternative-formula members (for example some sworn officers), eligibility generally requires age 50 with 25 years of alternative service or age 55 with at least 20 years.
SERS explained…
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