Vesting Retirement


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Departments > Retirement System > Vesting Retirement

VESTING RETIREMENT

WHAT IS A VESTING RETIREMENT?

An employee is vested in the Retirement System after accumulating 10 or more years of creditable service and upon termination of employment may elect in lieu of a return of their accumulated contributions to receive a deferred monthly retirement benefit commencing at their minimum retirement age.

AM I ELIGIBLE FOR A VESTING RETIREMENT?

Yes, if you are an active member of the Retirement System and have accumulated 10 years or more of creditable service and are terminating employment then a vesting retirement may be the option for you.

HOW IS MY VESTING RETIREMENT CALCULATED?

Your vesting retirement will be calculated using the same criteria as a service retirement. Salary is based on your highest twelve months base salary from the last five years and creditable service is based on the time you were a contributing member of the system.

WHEN WILL MY VESTING RETIREMENT BENEFIT PAYMENTS BEGIN?

If you are a participant in the 25 Year Plan than your payments will begin at age 62 for Group I employees and age 55 for Group II employees.

If you are a participant in the 20 Year Plan than your payments will begin at age 65 for Group I employees and age 62 for Group II employees.

IS THERE ANYTHING SPECIAL I NEED TO KNOW ABOUT VESTING?

Yes, a vesting retirement doesn't just happen. If you elect to do a vesting retirement you will need to come by the Retirement office to handle the appropriate paperwork. Please call for an appointment.

Also, at any time prior to the commencement of your vesting retirement you may revoke your election and receive in lieu of all benefits the amount of your accumulated contributions.

In the event you die prior to the commencement of your benefit payments, the amount of your accumulated contributions shall be paid to your beneficiary.