20 years of service
20 years of service
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
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.
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
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.
- Raven
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Re: 20 years of service
25 years and no age requirement is 60%. If you leave at 20 it’s 40%. Plus depending where you work - medical expenses may be covered.Giants12 wrote: ↑Sat Oct 05, 2019 1:23 pm 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.
Just consider 5 years is worth 20% pension and you collect instantly. Everyone’s situation is different but just keep it in mind. Be safe
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- Walking Post
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Re: 20 years of service
What’s up guys, with the way policing is going I thinking of also doing 20 years and out. I currently have 9 years in. I know things can always change but I’m wondering if as soon as I would retire which would be around 45 years old, would I be able to start immediately collecting my pension?
The previous post I think said 50% of your final salary. Any updates regarding this situation would be helpful. Thanks again.
The previous post I think said 50% of your final salary. Any updates regarding this situation would be helpful. Thanks again.
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- Walking Post
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Re: 20 years of service
Hey everyone, I noticed recently some people with 20 years in the pension have opted to retire. Apparently this option has made available for the next three years. As someone with 9+ years, if I opted to retire in 11 years on the 20th year, how long until I am able to collect my pension of 50%? Of course this is given that the 20 year option is no longer available. I find this stuff very confusing. Thank you again for the help.
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- Walking Post
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Re: 20 years of service
I appreciate your response, 20 is still an option with 40%. I have not been on here in a long time. Would happen to be informed about the 20 out option staying in place so I can collect %50?Raven wrote: ↑Tue Jan 05, 2021 3:00 pm25 years and no age requirement is 60%. If you leave at 20 it’s 40%. Plus depending where you work - medical expenses may be covered.Giants12 wrote: ↑Sat Oct 05, 2019 1:23 pm 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.
Just consider 5 years is worth 20% pension and you collect instantly. Everyone’s situation is different but just keep it in mind. Be safe