Member Benefits

As a participant in the CORP, the benefits that are available to you vary depending on your Membership Tier:

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:

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.

Age

Service

Calculation

62

10 years

Average monthly salary x each year of credited service x 2.5%.

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.

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.

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%.

 

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 Members 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

10 to 14.99

1.25%

15 to 19.99

1.50%

20 to 21.99

1.75%

22 to 24.99

2.00%

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.  For members wishing to consult with a financial advisor for retirement planning and overall financial wellness, PSPRS partnered with Public Safety Financial/Galloway for assistance.

Deferred Annuity

Once a member attains the age requirement for a Deferred Annuity, the member must make application by Applying for Benefits

Membership Tier 1

Inactive members (not making contributions to the System) that 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.

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.

Making the Choice

You may estimate potential benefits by creating an online account via Members Onlyor you may contact your Local Board for an estimate or retirement packet. For additional benefit information, you may access the CORP Member Handbook.