When Service Pension Benefits Begin
Retirement Dates
You may choose to retire under the Metro service pension plan and begin receiving benefits on or after one of three retirement dates:
- normal retirement (with full benefits)
- early retirement (with reduced benefits)
- deferred retirement (with full benefits)
Normal Retirement
General Government employees qualify for normal retirement at:
- Age 60, provided your age plus years of credited service equals 85 points or more (the Rule of 85), OR
- Age 65, with at least five years of credited service
Police and Fire employees qualify for normal retirement at:
- Age 53, provided your age plus years of credited service equals 75 points or more (the Rule of 75), OR
- Age 60
Early Retirement
Once you have 10 years of credited service and have met the minimum age requirement for your pension plan, you may retire early and begin receiving pension payments. However, these payments will be less than the normal retirement benefit because the benefit formula is based on your working until you reach normal retirement age. If you retire early, you will not have earned your full benefit under the plan.
- General Government employees qualify for early retirement at age 50, with 10 years of credited service
- Police and Fire employees qualify for early retirement at age 45, with 10 years of credited service
If you retire early, your benefit is reduced as follows:
- 4% for each of the first five years before you reach normal retirement, and
- 8% for each additional year
Deferred Retirement
If you are vested (at least five years of credited service), you can leave your job at Metro before early or normal retirement age. Payment of your pension benefit will be postponed until you reach normal retirement age. At that time, you will receive your full pension benefit.
If you have less than five years of credited service when you leave Metro, you are not entitled to any pension benefits under the plan. Any contributions to the plan made for you by Metro will remain in the pension fund.
Your Pension and Social Security — Timing is Everything
If you take either early or normal retirement from Metro, will you have enough money to live on comfortably before your Social Security benefits begin? Here is the current Social Security retirement age:
- Age 66 if you were born between 1943 and 1954
- During the year you reach age 66 if you were born between 1955 and 1959
- Age 67 if you were born 1960 or later