This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.
Premature Retirement Rules For Central Government Employees In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-001HB
Format:
Word;
PDF;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Calculating the retirement age depends on your year of birth. If you were born before 1948, then you can retire at 55. If you were born in 1970 or later, you can enjoy minimum retirement at 57. And if you were born between 1948 and 1970, your minimum retirement age will be between 55 and 2 months and 56 and 10 months.
To receive the full retirement benefit, you must retire at age 62 or older or, if you have at least 30 years of credited service, you may retire as early as age 55. With less than 30 years of credited service, you may retire between the ages 55 and 62 and receive a reduced benefit.
However, early retirement carries a penalty of a permanent reduction in your retirement benefit at a rate of 6.5% for each year (or a proration thereof) that you have retired prior to age 63.
You will be eligible for a service retirement benefit when you reach age 55 and have five or more years of credited member service. If you are a Tier 3 member, you may retire under Article 14 or Article 15. However, your benefit, in most cases, will be greater under Article 15.
Tier 1 members are eligible to retire at age 55. For members of Tiers 2, 3, 5 and 6 (note Tier 4 is not applicable for PFRS), the minimum retirement age for full benefits is 62 if they have completed at least five years of service.
A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70.
You can retire at age 55 with at least five years of service credit. Members under CalSTRS 2% at 60 also have the option to retire at age 50 with at least 30 years of service credit.
Tier 5: 1.67% x years of NYS service if credited with less than 25 years, or 2% x years of NYS service if credited with 25 to 30 years. 60% plus 1.5% for each year of NYS service beyond 30 years. A prorated reduction of up to 38% when retirement occurs before age 62 with less than 30 years of service.
Currently, the earliest you can voluntarily release your LGPS pension is age 55. The government is planning to increase this to age 57 from 5 April 2028. However, if you were paying into your LGPS pension before 4 November 2021, it is likely you will still be able to take your pension from age 55 if you choose to.