30-Year Early Retirement
- Once you have earned 30 years of credited service, you may retire as early as age 55. The benefit is based on actual years of credited service and is not reduced for early retirement.
- Before age 62, if you take 30-year early retirement, you receive a monthly "bridge benefit"of $17.50 for each year of credited service.
- Between ages 62 and 65, this monthly benefit is $8.75 per year of credited service. The bridge benefit ends completely when you reach 65.
Credited Service (CS)
is the period of years and months you have served for which assessments have been paid.
Highest average compensation (HAC)
is generally the average of the highest-paid seven out of eight consecutive 12-month periods in your ministry on which assessments have been paid.
(To estimate your CS and HAC, consult the Personal Information Summary sent to you each year)