image of an elderly gentleman planning for his retirement

Service Retirement

You are eligible to retire if you properly terminate PSRS-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, PSRS-covered employment, or work at a PSRS-covered employer in excess of the limits explained on this website and in your Member Handbook.
Benefit plans are available that provide varying degrees of financial protection for your beneficiary.
You must apply for service retirement benefits by filing the PSRS 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 PSRS disability benefits.

Estimate Your Benefit

This Benefit Calculator provides an estimate of PSRS 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.

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Eligibility and Calculations

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.

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Choosing a Benefit Plan

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.

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Terminating Employment

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.

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