Retirement For Law Enforcement In Suffolk
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§ 8331 (20) for Civil Service Retirement System employees and 5 U.S.C. § 8401 (17) for Federal Employees Retirement System employees. The last day ofthe month in which the law enforcement officer becomes 57 years of age or completes 20 years of law enforcement officer service, ifover the age.
You are eligible to receive retiree benefits if you meet the “Rule of 75.” This rule states that you must be a minimum of 55 years of age and have a minimum of 10 years of full-time service without any intervening breaks in service; if you meet both minimums, then the total of your age and years of service must equal ...
If you have at least five years of Credited Service your pension vests automatically, which means you can collect a Vested Retirement Benefit at age 63. If you have less than 10 years of Credited Service, you may request a refund of your contributions, plus 5% compounded interest.
For the full retirement benefit, you must be 62 years old at retirement or, if you have 30 years of credited service, you may retire as early as age 55. With less than 30 years of service, you may retire as early as age 55, but you will receive a reduced benefit.
The Benefit If you retire with 20 or more years of service credit, your retirement benefit will be 2 percent of your Final Average Salary (FAS) for each year of service credit. With less than 20 years of service credit, your benefit will be 1.66 percent of your FAS for each year of service credit.
Eligibility. Tier 1 members may retire at any age with 35 years of service, or at age 55 with five or more years of service.
With 20 years of creditable service, you will receive a retirement benefit of 50 percent of your Final Average Salary (FAS).
After 20 years, you'll receive 50 percent of your final year's compensation as your pension. Any time put in after 20 years earns an additional 2.5 percent per year until you reach your pension cap — 75 percent of your final salary.
