21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Montana Retirement Benefits Plan
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US-CC-21-166
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And while the state's average housing cost is more expensive than the national average, many of its small towns are considerably cheaper. Additionally, Montana offers a low tax burden for Montana residents. The state has no sales tax and limits taxes on Social Security and pension payments.
You Can Choose When You Take Social Security The full retirement age is 67 if you were born in 1960 or later. If you were born before 1960, your retirement age will be reduced depending on the year in which you were born.
You can receive Social Security retirement benefits as early as age 62. However, we'll reduce your benefit if you start receiving benefits before your full retirement age. For example, if you turn age 62 in 2023, your benefit would be about 30% lower than it would be at your full retirement age of 67.
The full retirement age is 67 if you were born in 1960 or later. If you were born before 1960, your retirement age will be reduced depending on the year in which you were born.
PERS is a defined benefit retirement system. The monthly benefit you receive upon retirement is based on your years of service and your highest average compensation. Benefits and contributions are set by law, and protected by the Montana Constitution and only the Legislature may change them.
The TRS Mission Defined benefits are guaranteed for the member's lifetime. All TRS members contribute a percentage of their earned income as a share of the funding for their retirement, disability, and death benefits. TRS employers also contribute a share based on their employees' total earned income.
