When the employee (who is not an underground mining employee) reaches the compulsory retirement age of 65 years, his employer may retire him and pay him. In the private sector, the ½ month pay in retirement pay is equivalent to 22.5 days.Retirement pay requires at least five (5) years of service. New York City passed two bills, Bill No. 888A and Bill No. 901A, collectively referred to as the Retirement Security Act for All, or RSA. Pension plan rules, costs, rights, and retirement benefits for NYC employees vary from plan to plan. For the full retirement benefit, you must be 62 years old at retirement or, if you have 30 years of credited service, you may retire as early as age 55. The total number of credits a worker needs to qualify for retirement benefits depends on their age. The total number of credits a worker needs to qualify for retirement benefits depends on their age. Texas and private practice in Florida.