Regular Retirement Benefits for employees employed on or before August 31, 2009, or if employee has prior state service and left their retirement money with ERS:
The State retirement program is a defined benefit plan, which matches a 9.5% pretax monthly employee contribution with a 10.0% monthly State contribution.
As a state agency employee, you can earn the security of a retirement benefit that provides life-long monthly payments when you qualify for retirement. The benefit amount is based on your average salary, service credit and retirement date. For additional information contact ERS at 1-877-275-4377.
Partial Lump Sum Payment
A Partial Lump Sum payment option is offered to employees at retirement to receive up to 36 months of their standard monthly annuity. Employees who take advantage of this option will have their monthly annuity recalculated using an actuarial reduction factor. This option is not available to employees retiring with a disability retirement, nor is it available to LECOS employees who retire before age 50 with a reduced retirement.
Retirement Annuity Calculation
Annuity percentage increases with additional years of service up to 100% maximum.
Formula: 2.3% (or 2.8% for LECOS Supplemental Retirement) for each year of creditable service multiplied by the highest 36 months average salary.
An employee may apply their unused sick or vacation leave to their service credit to reach retirement eligibility or to make their annuity larger.
Sick Leave Credit
One month of ERS service credit is allowed for each 160 hours of unused accrued sick leave at date of retirement, provided retirement and separation from employment occur in the same month.
Vacation Leave Credit
One month of ERS service credit is allowed for each 160 hours of unused accrued vacation leave at date of retirement, provided retirement and separation from employment occur in the same month.
Social Security Online
Visit the official website of the U.S. Social Security Administration for information and assistance regarding Social Security benefits and retirement.