- If I am terminated from my position or my position is abolished before I am eligible for superannuation retirement, is there a retirement benefit available to me?
If a member who has at least 30 years of creditable service resigns before attaining age 55, a termination retirement allowance may be available. Also, if a member with at least 20 years of creditable service fails to be reappointed, or if his office or position is abolished, or if he is removed or discharged from his office or position for a cause other than moral turpitude, a termination retirement allowance may be available.
- How is a termination retirement allowance computed?
A termination retirement allowance consists of the annuity and a pension equal to one-third of a member's average annual rate of regular compensation received during any period of consecutive years of creditable service for which such rate of compensation was the highest.
For members of the State Retirement System, the Teachers' Retirement System, and systems which have accepted a local option provision, the compensation used is for a period of three consecutive years of creditable service. In all other systems, the period is five consecutive years of creditable service.
In addition to the annuity and pension described above, members who are veterans will receive an additional yearly retirement allowance equal to $15.00 per year of creditable service, not to exceed $300.00 per year.
|Date published:||July 1, 2015|