When can I retire?
Eligibility
You are eligible to begin drawing your unreduced
defined benefit if you are at least age 65 and have:
- at least 10 service credit years; or
- five service credit years, including 12 service credit months that were earned after age 44; or
- five service credit years that were earned under Plan 2 and transferred to PERS Plan 3 before June 1, 2003.
You may retire with a reduced benefit if you are at least age 55 and have:
- at least 10 years of service credit (your benefit will be “actuarially reduced”); or
- 30 or more service credit years (your benefit will be reduced by 3 percent per year for each year before age 65).
See “How does retirement before age 65 affect my benefit?” for more information.
How do I retire?
As you get closer to retirement
Consider the following:
- If you are within a year of your retirement
date, request an estimate of your benefit from DRS. DRS will return a retirement
application with your estimate.
- Obtain a copy of Internal Revenue Service Publication 575, Pensions and Annuities, available on the IRS Web site (www.irs.gov).
- As you approach retirement you may want to contact the record keeper to ensure your investment choices are appropriate
for the length of time you have before retirement.
Applying for retirement
You can complete the entire retirement process through the mail. Contact DRS to request a retirement application packet. (If you request a benefit estimate, you will receive an application packet when your estimate is mailed to you.)
Payment of your defined contributions
To initiate payments from your defined contribution
account, obtain the Plan 3 Request for Payment of Defined Contribution Funds packet from the record keeper. The record keeper also offers individualized consultations on payment plans.
