What is the definition of vesting?

"Vesting" is the term commonly used to signify the establishment of the right to a retirement allowance. Vested benefits are those benefits that do not depend upon the member remaining in service in order to be entitled to them.

When is a member considered to be vested?

Any individual (in Group 1 or Group 2):

• who becomes a member of a public employee retirement system after January 1, 1978, and

• who has at least 10 years of service, and

• whose accumulated payroll deductions are on deposit with the retirement system may request a retirement allowance upon attaining age 55.

Are there any exceptions to the ten-year creditable service requirement?

Yes. Any individual (in Group 1 or Group 2) whose membership in a public employee retirement system began before January 1, 1978, and who maintains an annuity savings fund account with that retirement system, is eligible to receive a superannuation retirement allowance at age 55 or later, regardless of how many years of creditable service he/she has completed.

There are no minimum vesting requirements for individuals in Group 4.