For most municipal employees, there is a minimum retirement eligibility age. For some, your retirement eligibility age may mirror your Social Security Normal Retirement Age (SSNRA), not to exceed 67 years old. The SSNRA is based on the year you were born and is set by the federal government.
Based on your retirement schedule, your retirement age may differ. Your schedule is determined by the date you were hired and the number of years of service you had at certain points in time.
Here are the retirement schedules for municipal employees:
- Schedule 1: members with 30 years of service or at least age 58 with 10 years of contributory service by June 30, 2012 are eligible to retire.
- Schedule 2: members active as of July 1, 2012 with at least 5 years of contributory service, but were not eligible to retire by June 30, 2012. Their retirement age is their SSNRA, proportionally scaled back based on years of serviced earned as of June 30, 2012. They cannot retire with full benefits before the age of 59.
- Schedule 3: members active as of July 1, 2012 with less than 5 years of contributory service, but were not eligible to retire by June 30, 2012. Their retirement age is their SSNRA and they need at least 5 years of contributory service to retire.
- Schedule 4: members hired on or after July 1, 2012 can retire at their SSNRA with 5 years of contributory service.
Click the link below for the annual accrual information for your schedule.