No Hardship Withdrawals
SERS cannot pay partial refunds of, or provide loans on, a member’s accumulated contributions. A full refund of employee contributions is only available after SERS-covered employment has ended.
Then, how does Psers pension work?
When you are at least age 55 and have at least 25 years of credited service with PSERS, you become eligible for a special early retirement. Your benefit is reduced 3% per year for each year (. 25% for each month) you are from your normal retirement date.
Correspondingly, what is the 85 rule for retirement? The 85 year rule is where we take a member’s age and qualifying years of service in the Scheme, and if it comes to 85 or over at the point they wish to take their benefits, and they’re aged over 60, it means they may be able to take their benefits unreduced at that point.
Regarding this, what is the 80 year rule for retirement?
The Rule of 80
It means that once an employee’s age and years of service total 80, the employee is eligible to retire. Here is an example. An employee begins working for a government agency at age 27. The organization’s retirement system operates under the rule of 80.