Planchoice

Defined Benefit Early Retirement Reduction Factors

Plan 2 and Plan 3 Early Retirement Factors for Starting Benefit Before Age 65

Retirement Age At Least 10 or 20 Years Service1 30 Years or More Service
3% ERF 2008 ERF2
55 0.37 0.70 0.80
56 0.40 0.73 0.83
57 0.43 0.76 0.86
58 0.49 0.79 0.89
59 0.55 0.82 0.92
60 0.61 0.85 0.95
61 0.67 0.88 0.98
62 0.73 0.91 1.00
63 0.82 0.94 1.00
64 0.91 0.97 1.00

To calculate your benefit for early retirement, multiply your full benefit by the reduction factor shown above. Factors vary over time. Please see the DRS Web site for the latest information.
1Plan 3 members must have at least 10 years of service. Plan 2 members must have at least 20 years of service.
2These factors are available beginning 7/1/2008 for Plan 2 and 3 members of PERS, and 9/1/2008 for Plan 2 and 3 members of TRS and SERS, and were established by legislation which ended gain sharing. If a court of law decides the repeal of gain sharing is invalid, the factors and return to work rules in place before passage of the law will apply.