Get PA PSRS-996 2014

Under the Internal Revenue Service (IRS) Code, the PSERS pension plan is classified as a 401(a), governmental defined benefit plan. A defined benefit plan means that your retirement benefit is determined by a formula which includes a retirement factor, years of credited service, and the final average salary.

When you are at least age 55 and have at least 25 years of credited service with PSERS, you become eligible for a special early retirement. Your benefit is reduced 3% for each year (.25% for each month) you are from your normal retirement date.

The earliest age at which retirement benefit collection could have taken place before the ERI is 55; with the ERI, teachers can retire at age 50 or older.

Retiring in Pennsylvania You qualify for these full monthly retirement pension benefits if you meet the following requirements: At age 65 with three years of service. If your age and 35 years of service added together equal 92.

Most teachers, though, opt to leave the classroom once they reach retirement age. At age 65, many teachers can retire with full pension benefits. Many educators, however, choose to continue working after they have retired from teaching careers. ... Retired teachers have options for meeting their post-retirement job needs.

Under the Internal Revenue Service (IRS) Code, the PSERS pension plan is classified as a 401(a), governmental defined benefit plan. ... As a PSERS member, you'll join with over a half million fellow public school employees who are also members of PSERS.

The contributions and interest you make to your PSERS account while an active member are tax deferred until you withdraw the funds.

The contributions and interest you make to your PSERS account while an active member are tax deferred until you withdraw the funds.

Under the law, we cannot allow you to receive any contributions and interest from your account without terminating all Pennsylvania public school employment. Therefore, PSERS may not provide you with a loan or allow you to borrow funds from your account.

Retiring in Pennsylvania At age 65 with three years of service. If your age and 35 years of service added together equal 92.

Retiring in Pennsylvania After you begin employment as a teacher in Pennsylvania, you are registered for the Public School Employees' Retirement System (PSERS). The PSERS is a defined benefit plan that offers you a monthly pension once you perform a specified amount of service and terminate your employment.

Fortunately, Pennsylvania does ensure all of its teachers have access to Social Security benefits.

If you have never paid Social Security tax, and only qualify for your teacher's retirement, it's likely you'll never receive a Social Security benefit. ... However, you would be eligible for spousal and survivor benefits.

Some or all teachers in fifteen states Alaska, California, Colorado, Connecticut, Georgia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Missouri, Nevada, Ohio, Rhode Island, and Texas are not enrolled in Social Security.

Retiring in Pennsylvania The PSERS is a defined benefit plan that offers you a monthly pension once you perform a specified amount of service and terminate your employment. You qualify for these full monthly retirement pension benefits if you meet the following requirements: At age 65 with three years of service.