As an active SPTRFA member, you are already preparing for your financial future. A percentage of every paycheck goes toward funding your retirement benefits. In this section benefits that you are earning through your membership are explained. In general you may draw a lifetime retirement benefit if you satisfy age and service requirements. Refer to the Plan details below.
Coordinated Plan Members
For individuals employed or re-employed on or after July 1, 1978 with SPPS or SPC, or those who elected to convert to the Coordinated Plan from the Basic Plan.
Click to read the Pension Facts Booklet explaining your plan details as a Coordinated plan SPTRFA member.
The factors used to calculate your retirement benefit are:
- Final Average Salary (FAS) – the average of the highest five successive years of salary.
- Years of Service (YOS) – allowable retirement service credit earned while contributing to the SPTRFA.
- Percentage Multiplier
Your benefit amount is not based on the amount of money you or your employer have contributed.
Your eligibility for a monthly benefit occurs when you are:
- Age 55 with three years of service
- Any age with 30 years of service
Your first date of employment determines your benefit formula method.
Basic Plan Members
For individuals who were employed before July 1, 1978 with SPPS or SPC, and did not convert to the Coordinated Plan from the Basic Plan.
Click to read the Pension Facts Booklet explaining your plan details as a Basic plan SPTRFA member.
The factors used to calculate your retirement benefit are:
- Final Average Salary (FAS) – the average of the best five of the last ten years of service
- Years of Service (YOS) – allowable retirement service credit earned while contributing to the SPTRFA
- Percentage Multiplier
Your benefit amount is not based on the amount of money you or your employer have contributed. Your eligibility for a monthly benefit occurs when you are age 55 with five years of service. You will receive the higher of the Tier I or Tier II benefit amounts.
Tier I Formula (Includes Rule of 90)Normal Annual Benefit = FAS x YOS x 2.0%
If you retire prior to your normal retirement age, unless you qualify for the Rule of 90, an early retirement reduction may be applied. The Rule of 90 waives the early retirement reduction when your age plus years of service are equal to or greater than 90.
Normal retirement age is age 65 if you have fewer than 25 years of service. If you have 25 or more years of service, normal retirement age is 60.
Tier II Formula (The Rule of 90 does not apply):Normal Benefit = FAS x YOS x 2.5%
If you retire prior to age 65, Tier II normal retirement age, an actuarial early retirement reduction will apply.