The mission
of APERS is to provide optimum benefits which will enhance the quality
of life for APERS members.
Eligibility
Requirement for Active Members
Minimum
Years of Service: |
To
Receive a Reduced Benefit at Age: |
5
or more* |
55 |
25 - 27years, 11 months |
Any
Age |
| |
|
Minimum
Years of Service:
|
To
Receive an Unreduced Benefit
at Age: |
5 or more* |
65 |
28 or more |
Any Age |
*Must
have been an active member on or after July 1, 1997 when five-year
vesting became effective. |
Once age and
service requirements are met and upon filing a written application
with the APERS Office, any active member may voluntarily retire.
Applications
for retirement benefits are due in APERS Office no more than 90
days before the effective date and at least 30 days before the effective
date.
Five options
are available at retirement. The retired member will always receive
an income for life, regardless of the option selected. When a retired
member dies, the accumulated contributions plus interest remaining
may be refunded, depending on the option selected at retirement.
The benefit formula for contributory service is the member's final average salary (FAS) multiplied by 2.11% times the contributory service before January 1, 1978. The benefit formula for non-contributory service is the member's FAS multiplied by 1.75% times the non-contributory service after January 1, 1978 and before July 1, 2007.
The benefit formula for non-contributory service is the member’s FAS multiplied by 1.72% times the non-contributory service after July 1, 2007. Contributory service after July 1, 2005 is figured by the member’s FAS times 2.03% for contributory service between July 1, 2005 and June 30, 2007. Contributory service after June 30, 2007 is figured by the member’s FAS times 2% times the service after June 30, 2007.
Members who retire below the age of 62, except for disability, and who have non-contributory service receive a “temporary” benefit equal to .33% times FAS times all non-contributory service. This benefit is automatically removed from the retiree’s payment effective with the benefit paid the month following the retiree’s 62 birthday.
Age and service
or disability retirees with 5 or more years of service shall receive
not less than $150 monthly; which will be reduced for full age benefit
or option election. If your service in APERS is less than the minimum
required, your benefit will be prorated.
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