Lifetime monthly service retirement benefits are available to members who properly terminate PEERS-covered employment and meet minimum credit and age requirements. Monthly retirement benefits are payable for life without interruption unless you return to full-time, PEERS-covered employment, or work at a PEERS-covered employer on a temporary-substitute or part-time basis in excess of the hourly limit explained on this website and in your Member Handbook.
You must apply for service retirement benefits by filing the Service Retirement Application prior to your PEERS retirement date.
You must meet eligibility requirements to receive service retirement benefits.
Types of Service Retirement
- Normal retirement (full benefits),
- Early retirement calculated with a modified or lower benefit formula (25-and-Out), or
- Early retirement calculated using an age-reduction factor (Age-Reduced).
If you are considering retirement due to health reasons, you may be eligible for PEERS disability retirement.
The Partial Lump Sum Option (PLSO)
If you work three years beyond normal retirement, you have the option to choose a one-time, Partial Lump Sum Option (PLSO) payment at retirement with reduced lifetime monthly benefits. If you choose the Accelerated Payment Plan (APP), you cannot choose the Partial Lump Sum Option (PLSO).
The Accelerated Payment Plan (APP)
If you retire prior to age 62, you can also choose to accelerate, or increase, your PEERS benefit until age 62, with an actuarial reduction applied to your benefit at age 62. Members who choose the Accelerated Payment Plan (APP) usually intend to apply for Social Security benefits at age 62, replacing the reduction in their PEERS benefit with income from Social Security. Choosing the APP does not mean you will receive any extra income from PEERS over your lifetime. It simply means you will receive more of your benefit prior to age 62. You may not choose the APP and the Partial Lump-Sum Option (PLSO).