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The minimum retirement age for service retirement for most members is 50 years with five years of service credit. The more service credit you have, the higher your retirement benefits will be. There are three basic types of retirement: service, disability, and industrial disability.
ing to the Social Security Administration (SSA), a retired couple should expect to receive $2,753 on average in monthly benefits for 2022. You can expect Social Security to cover some, but not all, of your retirement expenses.
PSERS provides retirement benefits for all employees of public, state- supported educational institutions in Pennsylvania. The system provides a defined benefit (DB) pension, a retirement plan that typically offers a modest but stable monthly retirement income that lasts the remainder of a retirees life.
Partial Lump Sum Option (PLOP) - With this option, a retiree may choose to receive 5 percent, 10 percent or 15 percent of the actuarial equivalent value of their monthly benefit as a lump sum payment, with the remaining annuity benefits paid in the standard form.
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07/2021. What is a PLOP? At retirement, you may be able to elect a partial lump-sum distribution in exchange for a reduction in your lifetime retirement allowance. Your age, the amount of the lump sum, and your choice of retirement option are used to determine the reduction to your retirement allowance.
Basic Formula For most SERS members, thats 2.5% of their final average salary for each year of credited service, but this can change depending on your class of service. Divide the annual amount by 12 for the monthly pension amount.
Rule of 75 This rule states that you must be a minimum of 55 years of age and have a minimum of 10 years of continuous full-time service; if you meet both minimums, then the total of your age and years of service must equal at least 75. Age and years of service must be in whole years.
Ideally you should take the PLOP in conjunction with a thorough tax and financial planning analysis. If you need the money to pay off bills, the PLOP may be an answer.
Generally, the annual benefit equals an employees final average salary x years of service x class of service multiplier x 2%, adjusted for their age at retirement. The law does not provide automatic cost of living adjustments after retirement.

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