Laserfiche WebLink
Statewide Defined Benefit Plan for members of affiliated Social Security Employers <br />Deferred <br />Retirement <br />(Applies to a <br />Normal or <br />Vested Retirement) <br />Age at Retirement <br />55 <br />56 <br />57 <br />58 <br />59 <br />60 <br />61 <br />62 <br />63 <br />64 <br />65 <br />55 56 <br />Payment <br />Members who qualify for a Normal or Vested Retirement, may defer the receipt of their Defined <br />Benefit Pension to as late as age 65 and receive the actuarial equivalent of the benefit. The <br />Separate Retirement Account (SRA), if any, is available immediately upon separation of service <br />and once the Retirement Application has been approved by FPPA. The member may choose to <br />defer receipt of SRA benefits until as late as April 1st of the calendar year following the year in <br />which the member turns age 701/2. See page 9 for more information. <br />The percentage in the chart below is applied to the member's defined benefit amount, not the <br />member's HAS. <br />Deferred Retirement Actuarial Equivalence Factors <br />Age at Benefit Commencement <br />57 58 59 60 61 62 <br />63 64 65 <br />100.00% <br />109.54% <br />100.00% <br />120.13% <br />109.67% <br />100.00% <br />131.91% <br />120.41% <br />109.80% <br />100.00% <br />145.02% <br />132.38% <br />120.71% <br />109.94% <br />100.00% <br />159.64% <br />145.73% <br />132.89% <br />121.03% <br />110.09% <br />100.00% <br />175.99% <br />160.66% <br />146.49% <br />133.42% <br />121.36% <br />110.24% <br />100.00% <br />194.30% <br />177.37% <br />161.74% <br />147.30% <br />133.99% <br />121.71% <br />110.41 <br />100.00% <br />214.85% 237.98% 264.07% <br />196.14% 217.25% 241.07% <br />178.85% 198.10% 219.81% <br />162.89% 180.42% 200.20% <br />148.16% 164.11% 182.10% <br />134.59% 149.08% 165.42% <br />122.09% 135.23% 150.05% <br />110.58% 122.48% 135.91% <br />100.00% 110.77% 122.91% <br />100.00% 110.96% <br />100.00% <br />Example <br />If a member's Normal or Vested retirement benefit was equal to $1,000.00 per month if paid <br />at age 55; and he/she elected to defer receipt of that benefit until age 60; the deferred benefit <br />amount would be $1,596.40 per month, payable at age 60. ($1,000.00 x 159.64% = $1,596.40) <br />The chart above is for illustrative purposes only and shows some of the factors used to calculate <br />a deferred retirement. There is a separate factor for each age, specific to both the year and the <br />month. Tables may be revised periodically. If you select a deferred retirement, your benefit will <br />be determined by the exact tables and factors in effect at the time your pension payments begin. <br />