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Legislative Retirement
System
Retirements
Introduction
Technically, members of the Legislative
Retirement System belong to a sub-category of the Public Employees'
Retirement System (PERS). Because the conditions that affect
employment — namely periodic elections, are unique to enrolled
members of the State Legislature, there are special provisions
for retirement that need to be outlined separately.
What follows is a listing of the
types of retirement available to members of the Legislative Retirement
System, the eligibility requirements and benefit calculations.
From among the following options, the member will receive the
highest benefits for which he or she qualifies. Employer and employee
responsibilities are also outlined.
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| Special
Legislative Retirement |
| Eligibility |
Age 60 or older,
and
No other public service credit in PERS |
| Benefit
Calculation |
3% of Final
Average Salary (FAS) per year in the legislature.
Maximum Benefit: 2/3 X
FAS
|
| Employee
Responsibility |
Complete Application
for Retirement Allowance
Provide proof
of age for member
Provide proof
of age for beneficiary * |
| Employer
Responsibility |
Complete Certification
of Service and Final Salary for member and submit
to Division of Pensions and Benefits. |
| FAS = Final
Average Salary. FAS is the greater amount of the
average of the last three years salary, or the average
of the three highest fiscal years of earnings.
* Providing proof of age
for a beneficiary is required if the member selects
Option 2, 3, 4, A, B, C, or D.
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Deferred Legislative
Retirement
|
| Eligibility |
Under age 60, and
Eight or more years of service as a legislator. |
| Benefit
Calculation |
3% of Final Average Salary
(FAS) per year in legislature.
Maximum Benefit: 2/3 X
FAS
|
| Employee
Responsibility |
Complete Application
for Retirement Allowance
Provide proof
of age for member
Provide proof
of age for beneficiary * |
| Employer
Responsibility |
Complete Certification
of Service and Final Salary for member and submit
to Division of Pensions and Benefits. |
| FAS = Final
Average Salary. FAS is the greater amount of the
average of the last three years salary, or the average
of the three highest fiscal years of earnings.
* Providing proof of age
for a beneficiary is required if the member selects
Option 2, 3, 4, A, B, C, or D.
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PERS Service Retirement
|
| Eligibility |
PERS qualifications are
used:
Age 60 or older, no minimum
years of service credit.
Veteran status can be used to qualify for a PERS Veteran
Retirement
|
| Benefit
Calculation |
Combined years of Service
(Legislative and PERS) ÷ 60 X FAS
Note: If there is concurrent
service, only 12 months of service credit can be earned
in any 12-month period.
|
| Employee
Responsibility |
Complete Application
for Retirement Allowance. State clearly it is
a PERS Service Retirement.
Provide proof
of age for member
Provide proof
of age for beneficiary * |
| Employer
Responsibility |
Complete Certification
of Service and Final Salary for member and submit
to the Division of Pensions and Benefits. |
| FAS = Final
Average Salary. FAS is the greater amount of the
average of the last three years salary, or the average
of the three highest fiscal years of earnings.
* Providing proof of age
for a beneficiary is required if the member selects
Option 2, 3, 4, A, B, C, or D.
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"Combined"
Legislative and PERS Retirement
|
| Eligibility |
Age 60, and
member applies all public service (PERS and Legislative)
credit.
Veteran status can be used to qualify for a PERS Veteran
Retirement calculation.
This qualifies for a PERS Service Retirement.
|
| Benefit Calculation |
Special (or Deferred) Legislative
Retirement Allowance based on legislative service, plus
PERS retirement Allowance based on non-legislative
public service. |
| Employee Responsibility |
Complete Application
for Retirement Allowance: State clearly is a "Combined
Retirement."
Provide proof
of age for member
Provide proof
of age for beneficiary * |
| Employer Responsibility |
Complete Certification
of Service and Final Salary for member and submit
to Division of Pensions and Benefits. |
| FAS = Final
Average Salary. FAS is the greater amount of the
average of the last three years salary, or the average
of the three highest fiscal years of earnings.
* Providing proof of age
for a beneficiary is required if the member selects
Option 2, 3, 4, A, B, C, or D.
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Important Additional Information
for those with BOTH Legislative and Non-legislative Service
If the member has both non-legislative
and legislative service and receives the Special Legislative Retirement
or the Deferred Legislative Retirement, all contributions for
non-legislative service will be refunded to the member.
If the member has both non-legislative
and legislative service and is eligible to begin receiving retirement
benefits, the member can retire from the non-legislative employment
and begin collecting retirement benefits while completing the
term in office. This only applies to members who qualify for both
non-legislative PERS retirement and legislative retirement as
of the effective retirement date.
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