Early Retirement c. During Retirement Lump Sum Payment of Unused Sick Leave A. Classified Employees Retirement dates are always the first of a given month. Service Retirement Service Retirement is available to members age 60 or older with no minimum number of years of service credit required.
Salary is the member's base salary on which pension contributions are based.
Early Retirement Available before age 60 to members having 25 or more years of service credit. A reduced allowance is payable if a member retires under Early Retirement before age 55. The benefit formula is the same as the one used for Service Retirement. However, there is a permanent reduction of the annuity payable, by one-quarter of 1 percent for each month under age 55. Veteran Retirement Members having veteran status with the retirement system may retire at age 62 with 20 years of service, with an annual allowance equal to one-half the salary received during the last year of credited service or highest 12 consecutive months of membership on which contributions were made.