What is the definition
"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.