Normal Retirement (Unreduced Benefit)
Normal retirement, also known as superannuation or full retirement, is an unreduced DB benefit where all age and/or service requirements are met. If you are vested, you may receive a normal retirement benefit when you terminate public school employment and if:
| Class | Superannuation Requirements (You must meet one of the following to reach normal retirement) |
|---|---|
T-C* T-D |
|
T-E T-F |
|
| T-G |
|
| T-H |
|
* Special conditions may apply for those who terminated active PSERS-covered employment prior to July 1, 2001. Contact PSERS for more information.
Early Retirement (Reduced Benefit)
Early retirement is a reduced retirement benefit available to members who do not meet the normal retirement requirements. The chart below identifies the years of service necessary for an early retirement and the retirement factor(s) used to reduce your monthly benefit.
| Class | Vesting Requirements (You must meet one of the following to be vested) | |
|---|---|---|
T-C* T-D | 5 Years of service | The normal retirement benefit is reduced by an early retirement factor so that the “present value” of the account is actuarially equivalent. The reduction correlates to how far away the member is from superannuation age. In effect, the member receives less each month because the benefit will be received over a longer period of time |
T-E T-F | 10 years of service | |
T-G** T-H** | 10 years of service | Same factors as above if: (1)retiring between age 62-67; or (2) any age below age 62 if 25 years of service If retiring prior to age 62 with less than 25 years of service, then the current reduction factor from age 62 to 67 plus a different reduction factor from actual retirement age to age 62 |
* Special conditions may apply for those who terminated active PSERS-covered employment prior to July 1, 2001. Contact PSERS for more information.
**Early Retirement applies to only the DB component of a Class T-G or Class T-H member’s benefit.
Special Early Retirement
For Class T-C, Class T-D, Class T-E, Class T-F, and Class T-H members, a special early retirement is available if you are at least age 55 and have 25 or more years of credited service (“55/25”). A “55/25” retirement is reduced by one quarter of one percent per month for each month you are under normal retirement requirements.
Class T-G members, have a special early retirement available if you are at least age 57 with 25 years of service.
Disability Retirement
To apply for a PSERS disability retirement benefit, you must have at least five (5) years of credited service with PSERS. There are more eligibility requirements to apply for a disability retirement.
Steps to Retirement
Only actively working members of PSERS are eligible to purchase service credit. Once you terminate PA public school employment it will be too late to purchase service credit.
The PSERS Foundations For Your Future (FFYF) programs are designed to give public school employees an overview of their retirement benefits. These programs provide all active members with general information about PSERS' benefits and services. This program will help you begin to plan for your retirement early in your career.
PSERS will prepare two (2) retirement estimates for members who are retiring within the current school year. If you are not retiring within the current school year, PSERS supplies two ways for you to prepare your own personalized retirement estimates through PSERS' Member Self-Service (MSS) Portal. A staff-prepared retirement estimate is needed to attend exit counseling
Exit Counseling is available to anyone retiring in the current school year. Emphasis at Exit Counseling will be on completion of the retirement application and related forms. The exit counseling sessions will be scheduled to accommodate a small group and are available in person and online.
Bring your staff-prepared estimate and any other applicable paperwork needed to complete your retirement application. For example, completed Direct Rollover form, direct deposit bank information, beneficiary and survivor annuitant information along with survivor annuitant proof of date.begin to process your retirement application without formal reporting of your termination date from all your PA public school employers.
It is crucial to notify your public school employer as PSERS cannot begin to process your retirement application without formal reporting of your termination date from all your PA public school employers.
Your Application for Retirement (PSRS-8) must be received by PSERS within 90 days of your termination date in order to receive retroactive retirement benefits. Even in those situations where there is a pending divorce action or purchase of service, in order to preserve retroactive benefits, the Application for Retirement must still be submitted within the 90 day time frame. Click here to view the IRS Notice 2020-62 Safe Harbor Explanations – Eligible Rollover Distributions.