Minimum and Maximum Monthly Benefits
Minimum Monthly Benefits
The law establishes the following minimum monthly benefits based on years of service at retirement.
|Years of Service at Retirement|
|Minimum Benefit||At Least||But Fewer Than|
|$1,200||30 or more|
- Minimum Single Life monthly benefits for 15 to 24.99999 years of service are reduced if you select a Joint-and-Survivor or Term-Certain benefit plan, and/or if an age-reduction factor applies due to early retirement.
- Minimum Single Life monthly benefits for 25 or more years of service are reduced only if you select a Joint-and-Survivor or Term-Certain benefit plan. If an age-reduction factor applies due to early retirement and causes your monthly benefit to fall below the minimum, the minimum is payable.
Maximum Monthly Benefits
Your monthly benefit cannot exceed 100% of your Final Average Salary (FAS).