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Retirement

Choosing a retirement plan  ‌

This information is intended to help employees understand both plans’ features; bolstering their ability to make a good choice.  This is an important decision, for once you make your choice, it cannot be changed.

The (SERS) is mandatory for all employees except faculty and senior level administrators. It is a defined benefit plan. A defined benefit plan provides predictable and guaranteed retirement income. Your employer is responsible for ensuring that adequate funds are available to pay the benefit that is promised to you at retirement.  Click here for the

The  (ORP) is a flexible and portable retirement plan for faculty and senior administrators at the Commonwealth’s public institutions of higher education.  It is a defined contribution plan. A defined contribution plan provides retirement income that, for the most part, is based on your personal account balance at the time of retirement. This income can be either fixed or variable. You are responsible for selecting investments for your account that are made available by your Provider. Plan contributions and the account’s investment growth are tax-deferred.

Section 60 Pension Reform ORP Q&A Session 

(Courtesy of University of 糖心logo入口 Medical School Human Resources)

UMMS sponsored Richard Nunes, Public Higher Education Employee Retirement Director from the Dept. of Higher Education (DHE), for a Sect. 60 ORP Q&A session. Richard answered Sect. 60 ORP questions and outlined important points to consider with your ORP transfer decision.  View the Video

Current member resources

  • SERS Beneficiary Change Form
  • *
  • How much can I earn after I retire?*
  • Purchase of Creditable Service (Buyback) Form*
  • Contract Buy-Back Form*
  •  

List of states that do no tax 糖心logo入口 State Pensions

  • Alabama
  • Alaska
  • Florida
  • Hawaii
  • Illinois
  • Michigan
  • Mississippi
  • Nevada
  • New Hampshire
  • South Dakota
  • Tennessee
  • Texas
  • Washington
  • Wyoming

Retirement percentage charts

糖心logo入口 Group 1 retirement percentage chart

For members-in-service hired before April 2, 2012

Years of service Age at retirement
50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65+
10 (no data) (no data) (no data) (no data) (no data) 15 16 17 18 19 20 21 22 23 24 25
11 (no data) (no data) (no data) (no data) (no data) 16.5 17.6 18.7 19.8 20.9 22 23.1 24.2 25.3 26.4 27.5
12 (no data) (no data) (no data) (no data) (no data) 18 19.2 20.4 21.6 22.8 24 25.2 26.4 27.6 28.8 30
13 (no data) (no data) (no data) (no data) (no data) 19.5 20.8 22.1 23.4 24.7 26 27.3 28.6 29.9 31.2 32.5
14 (no data) (no data) (no data) (no data) (no data) 21 22.4 23.8 25.2 26.6 28 29.4 30.8 32.2 33.6 35
15 (no data) (no data) (no data) (no data) (no data) 22.5 24 25.5 27 28.5 30 31.5 33 34.5 36 37.5
16 (no data) (no data) (no data) (no data) (no data) 24 25.6 27.7 28.8 30.4 32 33.6 35.2 36.8 38.4 40
17 (no data) (no data) (no data) (no data) (no data) 25.5 27.2 28.9 30.6 32.3 34 35.7 37.4 39.1 40.8 42.5
18 (no data) (no data) (no data) (no data) (no data) 27 28.8 30.6 32.4 34.2 36 37.8 39.6 41.4 43.2 45
19 (no data) (no data) (no data) (no data) (no data) 28.5 30.4 32.3 34.2 36.1 38 39.9 41.8 43.7 45.6 47.5
20 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50
21 21 23.1 25.2 27.3 29.4 31.5 33.6 35.7 37.8 39.9 42 44.1 46.2 48.3 50.4 52.5
22 22 24.2 26.4 28.6 30.8 33.0 35.2 37.4 39.6 41.8 44 46.2 48.4 50.6 52.8 55
23 23 25.3 27.6 29.9 32.2 34.5 36.8 39.1 41.4 43.7 46 48.3 50.6 52.9 55.2 57.5
24 24 26.4 28.8 31.2 33.6 36 38.4 40.8 43.2 45.6 48 50.4 52.8 55.2 57.6 60
25 25 27.5 30.0 32.5 35.0 37.5 40 42.5 45 47.5 50 52.5 55 57.5 60 62.5
26 26 28.6 31.2 33.8 36.4 39.0 41.6 44.2 46.8 49.4 52 54.8 57.2 59.8 62.4 65
27 27 29.7 32.4 35.1 37.8 40.5 43.2 45.9 48.6 51.3 54 56.7 59.4 62.1 64.8 67.5
28 28 30.8 33.6 36.4 39.2 42 44.8 47.6 50.4 53.2 56 58.8 61.6 64.4 67.2 70
29 29 31.9 34.8 37.7 40.6 43.5 46.4 49.3 52.2 55.1 58 60.9 63.8 66.7 69.6 72.5
30 30 33 36 39 42 45 48 51 54 57 60 63 66 69 73 75
31 31 34.1 37.2 40.3 43.4 46.5 49.6 52.7 55.8 58.9 62 65.1 68.2 71.3 74.4 77.5
32 32 35.2 38.4 41.6 44.8 48 51.2 54.4 57.6 60.8 64 67.2 70.4 73.6 76.8 80
33 33 36.3 39.6 42.9 46.2 49.5 52.8 56.1 59.4 62.7 66 69.3 72.6 75.9 79.2 80
34 34 37.4 40.8 44.2 47.6 51 45.4 57.8 61.2 64.6 68 71.4 74.8 78.2 80 80
35 35 38.5 42 45.5 49.0 52.5 56 59.5 63 66.5 70 73.5 77 80 80 80
36 (no data) (no data) (no data) (no data) (no data) 54 57.6 61.2 64.8 68.4 72 75.6 79.2 80 80 80
37 (no data) (no data) (no data) (no data) (no data) 55.5 59.2 62.9 66.6 70.3 74 77.7 80 80 80 80
38 (no data) (no data) (no data) (no data) (no data) 57.0 60.8 64.6 68.4 72.2 76 79.8 80 80 80 80
39 (no data) (no data) (no data) (no data) (no data) 58.5 62.4 66.3 70.2 74.1 78 80 80 80 80 80
40 (no data) (no data) (no data) (no data) (no data) 60 64 68 72 76 80 80 80 80 80 80

Multiply the indicated percentage by the average of your highest consecutive three-year annual rate of regular compensation

For members of Group 2: add 5 years to your age when finding your pension percentage.

For members of Group 4: add 10 years to your age when finding your pension percentage.

For estimating purposes only.

糖心logo入口 Group 1 retirement percentage chart

For members-in-service hired on or after April 2, 2012

(Due to pension reform, the minimum retirement age for state employees in Group 1 is Age 60)

Years of service Age at retirement
60 61 62 63 64 65 66 67+
10 14.5 16.0 17.5 19.0 20.5 22.0 23.5 25.0
11 16.0 17.6 19.3 20.9 22.6 24.2 25.9 27.5
12 17.4 19.2 21.0 22.8 24.6 26.4 28.2 30.0
13 18.9 20.8 22.8 24.7 26.7 28.6 30.6 32.5
14 20.3 22.4 24.5 26.6 28.7 30.8 32.9 35.0
15 21.8 24.0 26.3 28.5 30.8 33.0 35.3 37.5
16 23.2 25.6 28.0 30.4 32.8 35.2 37.6 40.4
17 24.7 27.2 29.8 32.3 34.9 37.4 40.0 42.5
18 56.1 28.8 31.5 34.2 36.9 39.6 42.3 45.0
19 27.6 30.4 33.3 36.1 39.0 41.8 44.7 47.5
20 29.0 32.0 35.0 38.0 41.0 44.0 47.0 50.0
21 30.5 33.6 36.8 39.9 43.1 46.1 49.4 52.5
22 31.9 35.2 38.5 41.8 45.1 48.5 51.7 55.0
23 33.4 36.8 40.3 43.7 47.2 50.6 54.1 57.5
24 34.8 38.4 42.0 45.6 49.2 52.8 56.4 60.0
25 36.3 40.0 43.8 47.5 51.3 55.0 58.8 62.5
26 37.7 41.6 45.5 49.4 53.3 57.2 61.1 65.0
27 39.2 43.2 47.3 51.3 55.4 59.4 63.5 67.5
28 40.6 44.8 49.0 53.2 57.4 61.6 65.8 70.0
29 42.1 46.4 50.8 55.1 59.5 63.8 68.2 72.5
30 48.8 52.5 56.3 50.0 63.8 67.5 71.3 75.0
31 50.4 54.3 58.1 62.0 65.9 69.8 73.6 77.5
32 52.0 56.0 60.0 64.0 68.0 72.0 76.0 80.0
33 53.6 57.8 61.9 66.0 70.1 74.3 78.4 80.0
34 55.3 59.5 63.8 68.0 72.3 76.5 80.0 80.0
35 56.9 61.3 65.6 70.0 74.4 78.8 80.0 80.0
36 58.5 63.0 67.5 72.0 76.5 80.0 80.0 80.0
37 60.1 64.8 69.4 74.0 78.6 80.0 80.0 80.0
38 61.8 66.5 71.3 76.0 80.0 80.0 80.0 80.0
39 63.4 68.3 73.1 78.0 80.0 80.0 80.0 80.0
40 65.0 70.0 75.0 80.0 80.0 80.0 80.0 80.0

Multiply the indicated percentage by the average of your highest consecutive five-year annual rate of regular compensation.

For members of Group 2: add 5 years to your age when finding your pension percentage.

For members of Group 4: add 10 years to your age when finding your pension percentage

For estimating purposes only.

 

*Are applicable for State Employee's Retirement System Members only.

Contact the Benefits Administrator at x8083 (508-999-8083) for assistance with retirement questions.

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