As a participant in CORP, the benefits that are available to you vary depending on your Membership Tier:
- Retirement Benefits
- Deferred Annuity
- Disability Pension
- Reverse Deferred Retirement Option Plan (Reverse DROP)
- Health Insurance Premium Benefit (Subsidy)
- Public Safety/CORP Cancer Insurance Policy Program (CIP)
- Survivor Benefits
Retirement Benefits Eligibility and Calculation
For Tier 1, 2 and 3 DB Members, your retirement benefit is payable to you for your lifetime and is calculated using a formula that takes into consideration factors such as:
- Which membership tier you belong to,
- Your total credited service,
- Your monthly average salary, and
- In some instances, your age
Membership Tier 1 - Normal Retirement
If a member attains the requirements for a retirement benefit, the member must make application by Applying for Benefits prior to termination of employment.
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Age |
Service |
Calculation |
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20 years of credited service*, but less than 25 years of credited service, or 80 point rule (age plus service) if membership date is on/after 8/9/2001
*Dispatchers must have 25 years of service |
Average monthly salary x 50% plus 2.0% of the average monthly salary x each year of credited service over 20. |
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25 or more years of credited service, or 80 point rule (age plus service) if membership date is on/after 8/9/2001 |
Average monthly salary x 50% plus 2.5% of the average monthly salary x each year of credited service over 20.
Maximum benefit of 80% of the average monthly salary, which a member would receive at 32 years of credited service. |
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20 years of service, but less than 20 years of credited service, or 80 point rule (age plus service) if membership date is on/after 8/9/2001
*Dispatchers must have 25 years of service |
Average monthly salary x each year of credited service x 2.5%.
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80 point rule (age plus service) and membership date is prior to 8/9/2001 |
Average monthly salary x each year of credited service x 2.5% (maximum 75% of average monthly salary). |
Membership Tier 2 - Normal Retirement
If a member attains the requirements for a retirement benefit, the member must make application by Applying for Benefits prior to termination of employment. However, if a member attains the service requirement, but not the age requirement, the member may elect to leave their contributions on account until reaching the age requirement and may then elect to receive a retirement benefit by Applying for Benefits.
|
Age |
Service |
Calculation |
|
62 |
10 years |
Average monthly salary x each year of credited service x 2.5%. |
|
52.5 |
25 years of service, but less than 25 years of credited service |
Average monthly salary x each year of credited service x 2.5%. |
|
52.5 |
25 or more years of credited service |
Average monthly salary x 62.5% plus 2.5% of the average monthly salary x each year of credited service over 25 (maximum of 7 years). |
Membership Tier 3 for AOC Probation and Surveillance Officers in the Defined Benefit (DB) Plan
If a member attains the requirements for a retirement benefit, the member must make application by Applying for Benefits prior to termination of employment. However, if a member attains the service requirement, but not the age requirement, the member may elect to leave their contributions on account until reaching the age requirement and may then elect to receive a retirement benefit by Applying for Benefits.
|
Age |
Credited Service |
Calculation |
|
52.5 Early Retirement |
10 years of credited service |
Actuarially reduced benefit based on the average monthly benefit compensation x credited service x multiplier (below). |
|
55 Normal Retirement |
10 or more years of credited service |
Average monthly benefit compensation x credited service x multiplier (below) up to a maximum of 80% of the average monthly benefit compensation. |
Multiplier
|
Credited Service |
Multiplier |
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10 to 14.99 |
1.25% |
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15 to 19.99 |
1.50% |
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20 to 21.99 |
1.75% |
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22 to 24.99 |
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25 or more |
2.25% |
Membership Tier 3 for Members in the Defined Contribution (DC) Plan
A member is fully vested after 3 years of service with the employer contributions vesting at the following rates:
25% after 1 year of service
50% after 2 years of service
100% after 3 years of service
For members participating in the 401(a) Defined Contribution (DC) Plan, please visit Nationwide Retirement Solutions.
By statute, PSPRS is required to make benefit education services available to members and has contracted with Public Safety Financial/Galloway for this purpose. PSPRS does not endorse any fee-based asset management services for our members. Additionally, members may always choose their own financial and investment counseling. Public Safety Financial/Galloway can be contacted by phone at (480) 325-8668, in-person at 1138 N. Alma School Rd., Suite 201, Mesa, AZ 85201, or online at https://galloway911.com.
Deferred Annuity
Once a member attains the age requirement for a Deferred Annuity, the member must make application by Applying for Benefits.
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Membership Tier 1 |
Inactive members (not making contributions to the System) who have at least 10 years of credited service may elect to receive a Deferred Annuity at the age of 62. This annuity is a lifetime monthly payment that is actuarially equivalent to the member’s accumulated contributions in the System plus an equal amount paid by the employer. This annuity is not a retirement benefit; it is an annuity and, because of this, annuitants are not entitled to survivor benefits, benefit increases, subsidy (premium benefit), or participation in the group health insurance program. |
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Membership Tier 2 and Membership Tier 3 DB Members Only |
A deferred annuity is not available; however, if a member attains the service requirement, but not the age requirement, the member may elect to leave their contributions on account until reaching the age requirement and may then elect to receive a retirement benefit. |
Pension Reform under SB1442 (2017)
For an outline of the differences between the membership tiers, benefit eligibility, options, and other System-related information, click here for the CORP Matrix of Plan Provisions.
Additional Resources
For additional resources, Plan summary, guide books and forms, you may access our Forms & Resources webpage and for the latest news and information, we encourage you to Sign Up for News and Updates. To estimate future benefits, you may access your Members Only online account, or contact your Local Board for an estimate, or retirement packet. If you are not certain who the Local Board contact person is, please Contact Us, or visit our Applying for Benefits webpage for retirement information.
