With Borders

No Borders

Early Retirement

If you are vested and no longer employed by any of the CERF counties, you may begin receiving your benefit as early as age 55. However, if you terminate county employment prior to age 55 and begin drawing a benefit between ages 55 and 591/2, the Internal Revenue Service will impose an additional 10% tax on your benefit. The amount of your monthly pension will be reduced because you will be receiving your benefits earlier and over a longer period of time. The amount of the reduction depends on the age at which you begin receiving benefits and whether you left CERF-covered employment before, or after, age 55.

The early retirement factors for receiving benefits prior to age 62 are listed in the table below.

Early Retirement Factors
Age Employees who terminate after age 55 Employees who terminate before age 55
62 1.000 1.000
61 .952 .901
60 .904 .814
59 .820 .736
58 .736 .667
57 .652 .605
56 .568 .550
55 .500 .500