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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 on or after 8/1/2017

     1.  Service retirement with no reduction 

  • Age 67 with 10 years of service, or age 57 with 30 years of service

     2.  Early service retirement with actuarially reduced benefits

  • Age 62 with 10 years of service, or age 60 with 25 years

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. 

Questions about Pension Reform?

In an effort to provide you with a information that best suits your age and service credit with SERS, we have developed different videos and webinars to address your Pension Reform options.

Join us for the webinar or watch the video that best describes your situation.

Pension Reform Videos

 

 Pension Reform Videos



Inactive Members - Less than 10 Years of Service Credit and Will Not be at Least Age 60 by August 1, 2017
 

This video is designed for members who:
  • have not contributed to SERS in the last year;
  • do not have at least 10 years of service credit in SERS; and
  • will not be at least age 60 by August 1, 2017



 Inactive Members - Will be at Least Age 60 by August 1, 2017
 

This video is designed for members who:
  • have not contributed to SERS in the last year;
  • will be at least age 60 by August 1, 2017
  • have at least 5 years of service credit
Active Members - Will be at Least Age 60 by August 1, 2017 - Check back later for this video This video is designed for members who:
  • have contributed to SERS in the last year;
  • will be at least age 60 by August 1, 2017
  • have at least 5 years of service credit
Active Members - Will Not be at Least Age 60 by August 1, 2017 - Check back later for this video This video is designed for members who:
  • have contributed to SERS in the last year;
  • will not be at least age 60 by August 1, 2017