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Service Retirement

  • You are eligible to retire if you properly terminate PEERS-covered employment and meet minimum service and age requirements. 
  • Benefits are calculated using a formula set by law and are payable for life 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 limit explained on this website and in your Member Handbook.
  • Benefit plans are available that allow you to provide varying degrees of financial protection for your beneficiary. 
  • You must apply for service retirement benefits by filing the PEERS Service Retirement Application Packet (or applying for service retirement online) prior to your retirement date. 
  • If you are considering retirement due to health reasons, you may be eligible for PEERS disability benefits.
  • 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.

Applying for Service Retirement »

Estimate Your Benefit


This Benefit Calculator provides an estimate of PEERS retirement benefits based only on information you enter. The results of the Benefit Calculator should not be interpreted as either a promise of, or contract for, a given level of benefits.

Eligibility and Calculations

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Eligibility for service retirement is determined by your age and/or your years of service. Benefits are calculated using a formula that is set by law, and are payable for life.

Choosing a Benefit Plan

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At retirement, you choose from six different plans to direct the payment of your lifetime monthly service retirement benefits. These plans give you the flexibility to choose the appropriate level of financial protection for your loved ones after your death.

Terminating Employment

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Even if you meet all the eligibility requirements for service retirement, you are not eligible to receive benefits unless you have properly terminated your pre-retirement employment with PEERS-covered employers.