- You must be vested. If you enrolled in the FRS prior to July 1, 2011, you must have 6 years of service to vest. If you enrolled in the FRS on or after July 1, 2011, you must have at least 8 years of service to vest.
- You must have met the established age and service requirements to receive a benefit:
- If you enrolled in the FRS prior to July 1, 2011:
- For normal retirement and to receive your full monthly benefit, you must be age 62 with at least 6 years of service or have 30 years of service regardless of age. Special Risk class members must be age 55 with at least 6 years of Special Risk service, or have 25 years of service Special Risk service, or age 52 with 25 years of Special Risk service and military service.
- For early retirement and to receive a reduced monthly benefit, you must have at least 6 years of service at any age. Your benefit will be reduced 5% for each year your age at retirement is under your normal retirement age (age 62 for Regular Class). For example, if you have 10 years of service and want to retire early at age 57 (5 years before age 62), your benefit will be reduced 25% (5 years x 5% = 25%).
- If you enrolled in the FRS on or after July 1, 2011:
- For normal retirement and to receive your full monthly benefit, you must be age 65 with at least 8 years of service or have 33 years of service regardless of age. Special Risk class members must be age 60 with at least 8 years of Special Risk service, or have 30 years of Special Risk service, or age 57 with 30 years of Special Risk service and military service.
- For early retirement and to receive a reduced monthly benefit, you must have at least 8 years of service at any age. Your benefit will be reduced 5% for each year your age at retirement is under your normal retirement age (age 65 for Regular Class). For example, if you have 10 years of service and want to retire early at age 57 (8 years before age 65), your benefit will be reduced 40% (8 years x 5% = 40%).
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- You must be vested (with 1 year of FRS creditable service). If you transferred benefits from the Pension Plan into the Investment Plan, these benefits will be subject to the 6-year vesting rule (if you enrolled in the FRS prior to July 1, 2011) or 8-year vesting rule (if you enrolled in the FRS on or after July 1, 2011).
- There aren't any age or service requirements for you to receive a benefit, once you've become vested. You should consult with one of the planners at the MyFRS Financial Guidance line or a tax specialist to get an explanation of the tax implications of early retirement relevant to your personal situation (see the Taxability of Benefit section).
- You cannot receive a distribution of your benefits until you have been terminated from FRS-covered employment for 3 calendar months, unless you have met the normal retirement requirements of the Pension Plan. If you meet the Pension Plan normal retirement requirements, you can take a one-time distribution of up to 10% of your account value after being terminated for 1 calendar month and the remaining balance after 2 additional months, if you have not returned to FRS-covered employment.
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