If I leave my money in the system until I reach retirement age, will you automatically send me my benefit when Im eligible to start collecting?”
No. It is your responsibility to notify the retirement office and submit application when you reach the age at which you are eligible to collect your benefit. If you are a teacher or state employee, you can collect your deferred benefit at age 60 (Schedule A) or 65 (Schedule B). Municipal employees can collect a deferred benefit at age 58. You must notify the retirement office of your intent to retire, and you are responsible for knowing when you are eligible to do so. If you do not apply for retirement when you first become eligible to receive benefits, you will not receive any retroactive benefits to the date you reached the age of eligibility.
Related Questions
- Will the new Budget System automatically calculate Employee Benefit amounts like Retirement and Health Insurance, based on the new DAS rates?
- Will the Budget System automatically calculate Employee Benefit amounts like Retirement and Health Insurance, based on the new DAS rates?
- How is the retirement benefit calculated? Would the unused sick leave or vacation payout be eligible for retirement benefit calculations?
