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What is the definition
of superannuation?
“Superannuation”
is the term that is used to describe the process
of being retired upon reaching a certain age
and meeting other requirements, including,
length of creditable service.
When am I considered eligible
to retire on the basis of superannuation?
- Groups 1, 2, and 4
• If your membership began
prior to January 1, 1978, upon attaining age
55 you are eligible to retire. There are no
minimum service (vesting) requirements for
members in this category.
• If your membership began
on or after January 1, 1978 and you are a
member of Group 1 or Group 2, you must have
at least ten years of creditable service,
and be age 55 or older to be eligible to receive
a retirement allowance. If such a member terminates
their employment prior to completing ten years
of creditable service, eligibility for benefits
is limited to a refund of accumulated deductions.
A superannuation retirement allowance would
not be payable.
• You are eligible to retire
at any age if you have twenty years of creditable
service.
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Eligibility
for Retirement
