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A pension that will not be reduced in the event of early retirement. 65 is considered the 'normal' retirement age for PSPP. You can start receiving your pension as early as age 55 and still receive an unreduced pension if your age at retirement plus your years of service equals 85 points. This is called the 85 factor.
You are eligible for unreduced retirement benefits as follows: at or following age 65 with at least 5 years of credit. at or following age 62 with at least 10 years of credit. at or following age 55 when your age plus service equals or exceeds 85.
In 1998, legislation for a "Rule of 85" benefit was passed. This legislation allows a member who is at least 55 to retire with unreduced benefits when the member's age and years of service equal 85. For members hired (or rehired as a new member) on or after July 1, 2018, the minimum age for the "Rule of 85" is 60.
How Do You Calculate the Rule of 85? As mentioned previously, the Rule of 85 is a very simple formula. Just add up your age and your years of service to your employer, and if the total is at least 85, then you can retire early with full benefits.
The State Employees' Retirement Plan (the Plan) is designed to provide retirement benefits in recognition of service to the state of Nebraska and is administered by the Public Employees' Retirement Board (PERB). The State Employees' Retirement Plan began as a Defined Contribution Plan in 1964.
The Social Security cost of living adjustment (COLA) for 2024 will likely be 3.2% based on a jump in consumer price data through August. A COLA of 3.2% would raise an average monthly retiree benefit of $1,790 by $57.30.
Social Security Benefits Social Security retirement benefits may be commenced as early as age 62 although monthly benefit payments will be reduced. Social Security benefits may also be delayed until age 70 which will increase the monthly benefit payment amount.