Benefits of joining retirement system
What are the benefits of joining these retirement systems?
There are several benefits for the members of these systems. Once you are “vested”, which means you have been a member the required number of years depending on your tier and retirement system, you are eligible to retire at age 62 (or age 55 with certain penalties).
Upon retirement, members receive a monthly pension based on a formula using the employee’s age, final average salary and years of service.
If you leave public service before becoming vested, you may withdraw all of your contributions, plus 5% interest.
In addition, there is a death benefit where your beneficiary would receive up to 3 times your annual salary while you are an active employee.