Early retirement with a reduction in the benefit amount allows an active or deferred member who has at least 5 years of service on or after July 1, 1997 (or 10 years of service before July 1, 1997) and has attained the age of 55 to retire early on a permanent reduced annuity. A person with at least 25 years of actual service may retire with reduced benefits at any age.

The reduction is 1/2 of one percent for each month early that you retire prior to age 65 or 1% for each month of service below 28 years (with a minimum of 25 years required).

Therefore, if you retire at age 55 with at least 5 years of service, the reduction would be 60%.

If you retire at age 62 with 5 years of service, the reduction is 18%; if you retire at age 62 with 27 years of service, the reduction is 12%.

Early retirement benefits are calculated using the benefit formula, then applying the appropriate reduction. The temporary benefit, if applicable, is not reduced. Age and Service Disability Survivor Purchasing Service Credit Refund of Contributions APERS

Example:

1. The reduction for a 55 year old member with 10 years of service would be 60%. The reduction for a 55 year old member with 27 years of service would be 12%; with one more year of service, there would be no reduction.
2. The reduction for a 60 year old member with 10 years of service would be 30%. The reduction for a 60 year old member with 26 years of service would be 24%.