CERF Pension Plan
Retirement Overview
Once you become vested with at least eight years of continuous
service, you are eligible to receive a normal
retirement benefit at age 62, or a reduced benefit as early as age
55. Your benefit will be calculated using three formulas:
-
Flat-Dollar formula;
-
Targeted Replacement Ratio formula; and
-
Prior
Plan formula.
The formula that produces the highest benefit is the one that will
be used. Because the required contribution from a LAGERS participant
is less than that required from a non-LAGERS participant, the LAGERS
participant will receive two-thirds of the non-LAGERS benefit.
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