|Members Retirees Employers|
SERS' Board-Approved Pension Reform Plan
SERS’ Board-approved plan consists of an increase in the age and years of service requirements that determine a member's retirement eligibility. These changes are designed to keep the system within the legislatively mandated 30-year funding period.
Retirement Eligibility - For Those With Fewer Than 25 Years of Service as of 8/1/2017
1. Service retirement with no reduction
2. Early service retirement with actuarially reduced benefits
Members who will have fewer than 25 years of service credit as of August 1, 2017, have the opportunity to retire under previous retirement eligibility requirements if they pay the actuarial difference between the benefit they would have received under the new requirements and the benefit they may receive under the previous requirements. Members can call SERS for an estimate. Members must submit a written request to SERS for the actual cost calculation; the actual cost must be determined by SERS' actuary. To take advantage of this buy-up option, members must request a cost for the buy-up by June 30, 2017 and complete their payment in one lump sum on or before August 1, 2017.
Retirement Eligibility - For Those with 25 or More Years of Service on or before 8/1/2017
A grandfathering provision allows members with 25 or more years of service credit as of August 1, 2017 to retire under current age and service requirements.
2. Early service retirement with actuarially-reduced benefits:
Questions about Pension Reform?
In an effort to provide you with information that best suits your age and service credit with SERS, we have developed different videos to address your Pension Reform options.
Watch the video that best describes your situation.
If you still have questions, you can speak with a Member Services representative by calling 866-280-7377.
Pension Reform Videos