The requirements to be eligible for a monthly pension based on the minimum formula (2.4% of Final Average Salary per year accrual rate) are: 30 years of service, payable at age 50 or greater 20 years of service, payable at age 55 or greater 10 years of service, payable at age 60 or greater. Reduced pension if retirement is earlier than age 60 with less than 25 years The requirements for a money purchase annuity are 10 years of service payable at age 55 or later, or any service if withdrawal occurs on or after age 60.