CORRECTIONS OFFICER RETIREMENT PLAN
Retirement benefits for Tier 1 and Tier 2 members.
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Tier 1 Retirement Benefits |
Tier 2 Retirement Benefits |
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Membership Date |
Hired before January 1, 2012 |
Hired between January 1, 2012, and June 30, 2018 |
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Plan Type |
Defined Benefit (DB) |
Defined Benefit (DB) |
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Wage Index |
As set by Internal Revenue Code |
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Average Monthly Salary determined by* |
Highest 3 consecutive years within the last 10 years of credited service |
Highest 5 consecutive years within the last 10 years of credited service |
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Normal Retirement (age and service) |
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20 years of service |
25 years of service & age 52.5; or |
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80 points (age + years credited service); or |
Age 62 & 10 years of service |
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Age 62 & 10 years of service |
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Multipliers |
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50% plus 2% for years >20 and <25; |
2.5% per year of service (max of 80%) |
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80 points (hired on or after 8/9/01): 2.5% for <20 years plus 2% for years >20 or 2.5% for years >25 (max of 80%) |
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| 80 points (hired prior to 8/9/01): 2.5% (max of 75%); or | ||
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Age 62: 2.5% (max 80%) |
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Calculations |
Average monthly benefit x 50% |
Average monthly salary x credited service x multiplier |
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Post-Retirement Survivor Benefits |
If married for at least 2 consecutive years at the time of the retiree’s death |
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Deferred Annuity |
At least age 62 and 10 years of credited service |
Not Available |
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Line of Duty Death |
Survivor benefits for eligible spouse or eligible children. Absent eligible spouse or children, the balance of member’s contributions, if any, are paid to named beneficiaries on file |
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Reverse DROP |
24 years credited service; Dispatchers: 25 years of credited service |
25 years of credited service |
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Cancer Insurance Program |
Members may elect to pay an annual premium for PSPRS Cancer Insurance Program coverage if their employer participates in the program. The program provides eligible retired officers with payments for cancer diagnoses and reimbursements for treatment-related expenses. |
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*Credited service includes employment periods in which the member and employer are contributing to the plan, and any transferred or purchased credited service from other retirement plans. Periods of unpaid leave are not considered credited service and are not counted towards normal retirement benefits.
Retirement benefit estimates
CORP Tier 1 and 2 members may estimate their monthly retirement benefit payment by using the Retirement Benefits Estimator located in the Members Only portal.
Please note that all CORP members and retirees can use defined contribution plans available under state law and through Nationwide Retirement Services. These accounts include a 401(a) supplemental plan and a 457 plan. Members can contact their employers for assistance.
CORP members are encouraged to contact PSPRS for consultation services to request benefit estimates, retirement packets, applications for disability or survivor benefits information.