Retirement: Early

You are eligible to draw an early retirement pension anytime after attainment of age 50 and completion of 15 or more years of service. An early retirement pension will be calculated on your final average monthly earnings and the number of years of service but will be reduced by 5/12 percent (5% annually) for each month the retirement precedes age 55, the normal retirement date. The amount of reduction is permanent so you will receive the lower benefit for the rest of your life.

Example of Early Retirement Benefits
The following is a calculation of monthly retirement benefits for a 51-year-old member who earned $30,750 this year, $29,250 last year, and has 22 years of service.

Final average monthly earnings:

current year earnings

  $30,750
prior year earnings
+$29,250
divided by 24 months = $2,500
  $60,000

Service accrual factor:

22 years of service x 3% =

66.0%
Accrual factor is:
66.0%

The Calculation:

Average monthly earnings:

$2,500
Multiplied by factor:
66.0%
Monthly pension benefit =
$1,650.00

Early Retirement Reduction:

Years prior to normal retirement

4
Multiplied by annual reduction
5.0%
Total Reduction =
20%

Final Calculation:

Normal retirement benefit

$1,650
Multiplied by total reduction
20.0%
Early retirement reduction amount
$330
Early retirement benefit: $1,650 - $330 = $1,320

 

Optional Retirement Benefits
Early Retirement
Vested Retirement

Request A Quote
We can do the math for you...just fill out the request form and we'll get you a quote within 2 business days.

The Plan   |  Pre-Retirement  |  Retirement |  DROP  |  Forms |  Login |  FAQs |  Links |  Contacts
Fort Lauderdale GERS © 2006 All Rights reserved