When can I retire?

Eligibility for a full service retirement occurs at the earlier of age 65 or the “Rule of 80.” The Rule of 80 means that the combination of your age and years of service equals 80 (example: 25 years of service plus 55 years of age = 80). Full service retirement may be taken by employees in Fire upon completing 20 years of creditable service and Police upon completing either 20 or 25 years of creditable service depending upon date of hire, regardless of age.

Eligibility for early service retirement occurs at age 60, provided that the member is not eligible for a full service retirement. Management and Confidential employees may take early retirement at age 55 after completing 5 years of service. If you elect this option, your monthly retirement allowance will be reduced to reflect the additional years that you are expected to receive payments.

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1. What is a “retirement allowance” and how is it calculated?
2. What is “includable” or “pensionable” compensation”?
3. When can I retire?
4. What is the maximum amount I can receive as a retirement allowance?
5. What is vesting and how long does it take to vest my pension benefit?
6. Do I receive service credit for active military service?
7. Does military service credit count toward my vesting?
8. Once I am vested, if I leave Town employment before I retire, am I still eligible to receive my retirement allowance when I reach retirement age or the Rule of 80?
9. Are contributions to the Plan mandatory?
10. Can I make up my contribution deficiency?
11. Are my contributions made on a before-tax or after-tax basis?
12. What rate of interest do my contributions earn?
13. What options are available to me at the time of retirement?
14. What happens to my contributions if I die or leave Town employment before I am vested?
15. What happens to my contributions if I die after I’m vested, but before I retire?
16. What happens to my contributions at the time of my death, after I retire?
17. Who can I name as my beneficiary?
18. Does my choice of beneficiary impact my retirement allowance?
19. Can I change my beneficiary at a later date?
20. Can I borrow against my pension contributions?
21. Can I roll over contributions that I made to another plan into the Defined Benefit Plan?
22. If I work as a full-time employee for the Town, leave, and return to full-time employment with the Town at a later date, do I receive credit for my first period of service?
23. How do I obtain an estimate of my retirement allowance?
24. I have a date set for when I want to retire. How do I initiate the retirement process?