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Service Retirement — Available to any active PERS Tier 5 member age 65 or older. No minimum years of service are required. The annual retirement allowance is based on the following formula:

*Final Average Salary means the average salary for the five years immediately preceding your retirement. If your last five years are not your highest years of salary, use your five highest fiscal years (July - June) of salary.

Early Retirement — Available to PERS Tier 5 members who establish 30 years of service before attaining age 65. The annual retirement allowance is based on on the Service Retirement formula shown above. If you are under 65 years of age with at least 30 years of service, your allowance is reduced 3 percent per year (1/4 of 1 percent per month) for each year under age 65.

Veteran Retirement — There are three types of Veteran Retirement benefits for PERS members who served in the military during wartime. (select one)

Veterans aged 60 or older, with at least 20 years of service, may retire with an annual allowance equal to 54.5 percent of their last 12 months' base salary or highest 12 consecutive months of base salary.

Veterans aged 55 or older, may retire with 25 years of membership credit at an annual retirement allowance equal to 54.5 percent of their last 12 months' base salary or highest 12 consecutive months of base salary.

Veterans aged 55 or older, with 35 or more years of membership credit are entitled to an annual allowance based on the following formula:

Veteran members may retire on a Service Retirement if that provides a better benefit.

Deferred Retirement — Available to PERS Tier 5 members who have terminated employment but who have not yet reached the Service Retirement age of 65. You must have establised 10 years* or more of service credit at the time you terminated employment. The annual retirement allowance is based on the Service Retirement formula shown above. The effective date of retirement is the first day of the month following your 65th birthday.

*If your service credit includes a voluntary purchase of service, to be eligible for a Deferred Retirement, PERS members must have paid off enough of the purchase service to meet a 10-year minimum.

Disability Retirement — If you are looking for information on Disability Retirement, please see our fact sheet on Long-Term Disability for PERS and TPAF Tiers 4 and 5 .