• 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 60 (Group1) or age 55 (Group 2).
  • Are there any exceptions to the ten-year creditable service requirement?

There are no minimum vesting requirements for individuals in Group 4. However, the law requires that a member of Group 4 be at least 55 years old in order to retire pursuant to Section 5 of Chapter 32, and that he or she perform the duties of a Group 4 member for at least 12 months prior to retirement.

Date published: July 1, 2015

Help Us Improve  with your feedback

Please do not include personal or contact information.