You can apply for a Termination Retirement Allowance (Section 10) if the following are true:
- You entered service before April 2, 2012
- You have 20 years or more of full time creditable service
- You were involuntarily separated from your position
- Employee would receive 1/3 of three-year salary average plus annuity
- You have 30 years or more of full time creditable service regardless of nature of separation
- You must be under the age of 55
- Retirement allowance is calculated two ways, section 10 or superannuation retirement. Employee is given highest calculation.
A Termination Retirement Allowance requires approval by both the Board and the Public Employee Retirement Administration Commission (PERAC) and certification by your employer .
For more information contact a Retirement Counselor at either our Boston or Springfield offices.