Age to Retire with Reduced Benefits

The age at which you can retire early varies depending on your classification and whether you are a Tier One or Tier Two member. The following table lists the ages at which you can retire early and receive reduced benefits.

Reduced benefits by age and years of service

	Age
Classification	Tier One	Tier Two	PERS service
General Service	55-57	55-59	Less than 30 years
911 Operator (General Service)	Any	Any	25 or more years as a 911 operator
Police and Firefighter	50-54	50-54	Less than 25 years

*	If you are an inactive police officer or firefighter (P & F) Tier One or Tier Two member who attains the age of 50, you may retire with a reduced benefit even if you subsequently transferred to a General Service position.

Your benefit will be actuarially reduced because you will receive it over a longer period of time. You can view the early retirement factors in Table 1 of PERS' Actuarial Equivalency Factors (AEFs).

Should you retire early under the:

Formula Plus Annuity Method: The part of your benefit paid from employer funds will be reduced by an AEF based on the number of months and years you are below age 58 (age 60 if you are a Tier Two member and your classification is General Service, age 55 if your classification is Police and Firefighter).

Full Formula Method: Your entire benefit will be reduced by an AEF based on the number of months and years you are below age 58 (age 60 if you are a Tier Two member and your classification is General Service, age 55 if your classification is Police and Firefighter). For example: If you are a Tier One or Tier Two member with less than 30 years of service and retire three years early (at 55 if you are Tier One, at 57 if you are Tier Two), your entire benefit will be reduced by approximately 23 percent because you will receive it over a linger period of time.

Under a Money Match retirement calculation, PERS does not apply early retirement reduction factors that would apply under the Full Formula calculation. However, if you retire early under the Money Match calculation, there is an actuarial impact because payments will be received for a longer period since disbursements are based on life expectancy. Monthly payments will be less than they would be if you retired at normal retirement age.