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How tier 1 sworn SERS members become eligible to retire and what to expect
Summary
SERS presenter walked through eligibility rules for tier 1 sworn members (age/service thresholds), how the final average compensation (FAC) and sworn pension formula are calculated, timing for retirement and first check, and rules on COLA and COLA buyouts.
SERS presenter (name not specified) told tier 1 sworn officers how to determine when they can retire and what to expect from SERS benefits. He said tier 1 includes members who established service credit in SERS or a reciprocal system before Dec. 31, 2010, and that eligibility comes from meeting both age and service thresholds rather than a combined ‘‘rule of 75.’'
The presenter explained the core sworn pension formula: total years of service × 3% × a member’s final average compensation (FAC), and noted the pension is capped at 80% of FAC when a member reaches about 26 years, 8 months of service. Using a…
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