If you take a normal retirement you will receive a full benefit.
Your retirement is reduced because you’re younger when you take an early retirement, and you’ll be receiving it over a longer period of time than you would a normal retirement. To retire early you must have at least 20 years of service credit and be age 55 to 64.
The amount of your reduction depends on:
There’s one early retirement you may qualify for and still receive a full benefit. To receive an early retirement with a full benefit, you must have at least 30 years of service credit and be age 62 to 64.
Your plan is designed to provide you with a source of income throughout your retirement. For this reason, you may not borrow from or against your contributions at any time.
It is possible to withdraw your contributions and the interest they’ve earned at any time after you leave public service. However, if you do, you give up your right to a future retirement benefit. You may not withdraw your employer’s contributions under any circumstances.
When you leave employment without starting to receive a retirement benefit, you can leave your money in the plan and it will continue to earn interest. If you have five years of service credit, you are vested in the plan. Then, once you turn 65 you can retire and receive a full retirement benefit.
If you withdraw your contributions and later return to public service, you may be able to purchase your withdrawn service credit. See the brochure, Plan 2 Recovery of Withdrawn or Optional Service Credit.