PERAC's Main Guide - Vesting
Public Employee Retirement Administration Commission / Image of Sunrise

Contact PERAC

Send RFP Notice

Home What's New Board Profiles Forms Jobs Memos PERAC Units Publications Chapter 32 Regulations  
System Structure
Commission/Board       
       
Makeup
General Information
Annual Reports
Contributions by         Members
Creditable Service
Eligibility for Retirement
Mandatory Retirement
Service After Age 70
Vesting
Retirement Allowance
Formulas
Superannuation
       
Application Procedures
Suspension of Benefits
Termination Retirement
Forfeiture of Benefits
COLA
Employment After          Superannuation
Options for Retirees
Social Security
Survivor Benefits
Disability Retirement
Involuntary Retirement
Refunds
Appeals
MA Taxes
Federal Taxes
Support Orders
Exemption
Health + Life Insurance
Affidavit
Addresses + Numbers

Main Guide

     

VESTING

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.

 
Privacy Policy Download Tools  
       Newsflash
   
  PERAC Pension News
   
  Annual Report
   
  Retirement Guides
   
    SEARCH