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Statewide Defined Benefit Plan for members of affiliated Social Security Employers <br />Vested <br />Retirement <br />Requirements <br />5 years of service - payable at age 55 <br />Calculation <br />A 1% benefit for each year of service for the first 10 years, then a 1.25% benefit for each year of <br />service thereafter. The benefit is based on the average of the highest 3 years' base salary*. The <br />year in which a member retires may be considered in calculating the average of the member's <br />highest 3 years' base salary if the member retires on or after July 1. <br />Payment <br />Retirement benefits are payable at age 55. Providing a member is vested, the Sep- <br />arate Retirement Account (SRA), if any, is available following a member's sepa- <br />ration of service and once the Retirement Application is approved by FPPA. The <br />member may choose to defer receipt of SRA benefits until as late as April 1st of the calendar year <br />following the year in which the member turns age 70%. See page 9 for more SRA information. <br />Early <br />Retirement <br />Requirements <br />30 years of service OR age 50 <br />Calculation <br />A 1% benefit for each year of service for the first 10 years, then a 1.25% benefit for each year of <br />service thereafter. The benefit is based on the average of the highest 3 years' base salary*. The <br />year in which a member retires may be considered in calculating the average of the member's <br />highest 3 years' base salary if the member retires on or after July 1. <br />The early retirement benefit that the member would have received at normal retirement (age 55) <br />is reduced on an actuarial equivalent basis to reflect the early receipt of the benefit. <br />Payment <br />The reduced retirement benefit and the Separate Retirement Account (SRA) benefits, if any, <br />are payable immediately once the Retirement Application is approved by FPPA. However, the <br />member may choose to defer receipt of SRA benefits until as late as April 1st of the calendar year <br />following the year in which the member turns age 70%. See page 9 for more SRA information. <br />*Base Salary <br />Base Salary generally includes base rate of pay plus longevity and shift differential if applicable. <br />The complete definition of Base Salary may be found in FPPA Rule 101.05. The FPPA Rules & <br />Regulations may be viewed at FPPAco.org <br />