ELIGIBILITY FOR RETIREMENT
To be eligible for regular retirement, you must have:
- 30 years service credit at any age.
- 25 years service credit at age 55,
- 10 years service credit at age 60, or
- 20 years service credit at any age with actuarially reduced benefit.
If you leave state service, you may qualify for a monthly benefit
upon reaching minimum retirement age if you meet the following
- Before leaving state service you obtained the minimum number of
years' service credit needed to retire (vested), but you had not
reached the required retirement age.
- You left your contributions on deposit with LASERS.
This retirement benefit is not automatic. You must provide LASERS
with a proper written application for retirement at least 30 days
before you reach the required retirement age.
You may retire with 20 years of service credit at any age. However,
your retirement benefit will be reduced on an actuarial basis. The
actuarial reduction is based on number of months you retire prior to
regular retirement eligibility and your age. Depending on your age and
years of service, the actuarial reduction may be different if you apply
for 20 year retirement while you are still in state service or after
you terminate employment. Contact LASERS for additional information.
Members who retire early cannot participate in the Deferred Retirement
Option Plan (DROP). However, they can select the Initial Benefit Option
Some LASERS members are eligible for retirement with 20 years
service credit at any age without an actuarial reduction. These
include: correctional officers, probation and parole officers, and
security employees employed by the Department of Public Safety and
Corrections before August 15, 1986. Members in these categories must
serve at least 10 years in a security capacity immediately before
application for retirement.
Correctional officers, probation and parole officers, and security
employees hired after August 15, 1986, are eligible for retirement with
20 years service credit at age 50. If you have service other than as a
correctional officers, probation or parole officer, or security
employees, only two-thirds of the other service will be counted toward
meeting the 20-year service credit requirement. There are other classes
of employees, such as legislators, judges, and wildlife agents, which
have special retirement eligibility.