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20 years of service

Posted: Sun Jul 21, 2019 5:29 pm
by Giants12
If you have 20 years of service and want to retire at 45 if that a possibility? And if so what percentage of your final salary will you get. Any help would be appreciated guys , thank you.

Re: 20 years of service

Posted: Mon Jul 22, 2019 3:18 pm
by cop91
You cannot technically retire at 20 years of service anymore. What you would be doing is quitting your job and placing your pension on a "deferred retirement". Per the PFRS guidebook;

This type of retirement is available to members who have at least 10 years of service credit and are not
yet 55 years of age when they terminate employment. The annual benefit is equal to two percent of your Final Compensation for each year of service. The effective date of a Deferred Retirement is the first of the month after you attain age 55. You must file a retirement application to receive a Deferred Retirement, and you should file the application when you
terminate covered employment.

You basically would get 40%, and when you turn 55 you can start to withdraw.

Re: 20 years of service

Posted: Sat Oct 05, 2019 1:23 pm
by Giants12
I don't know how I am only seeing this now but thank you for the response. I currently have 5 years in the pensions but I wanted to retire at 45 which would be in another 15 years. Hopefully I can put enough money away in my deferred comp to do so lol. Or find another career after considering I went back to school. Anyway thank you again.