| MEMBER BENEFITS | DESCRIPTION |
| Retirement Benefit (read more) | You may draw a lifetime benefit if you satisfy age and service requirements. |
| Deferred Retirement | You may defer receipt of your monthly benefit until you are age 55 or older. |
| Survivor Benefits | In the event of your death, there may be a survivor benefit payable. |
| Refund of Contributions | If you resign from SPPS or SPC, and have not yet begun to draw a benefit, you may elect a refund of contributions, plus interest. A refund surrenders all rights to future lifetime benefits from the SPTRFA. |
Deferred Retirement
| Normal Benefit | Minimum Age | Minimum Service | Computation of Annual Benefit |
| 55 | 3 | Annual benefit (see above). Augmented by 3% per year from date of resignation to January 1 following age 55, then 5% per year to date of retirement. | |
| Any Age | 30 |
Formula Key: FAS: Final Average Salary, YOS: Years of Service, 1.2% or 1.7%: Percentage Multiplier
Survivor — Active Member
| Normal Benefit | Minimum Service | Benefit Details |
| Surviving Spouse | 3 | Survivor benefit under the 100% joint and survivor lifetime annuity, a term certain annuity or a refund. |
| Dependent Children | 3 | If no survivor benefit is payable, then an actuarial equivalent of survivor benefit. |
Survivor — Retired Member
| Normal Benefit | Minimum Service | Benefit Details |
| Surviving Spouse | N/A | Based on elected option at time of member’s retirement. |
Refund of Contributions
| Normal Benefit | Minimum Service | Benefit Details |
| None | Member contributions plus interest. |