Statewide Retirement Plan: Defined Benefit Component
The Statewide Retirement Plan's largest component in terms of enrollment, the Defined Benefit Component provides lifetime monthly benefits for first responders and their beneficiaries. Members earn service credit each month while working in the Defined Benefit component, which increases the pension benefit they receive in retirement.
Flexibility While You Work
Benefits in this Component (as well as the rest of the Statewide Retirement Plan) are portable, meaning if you move to another covered department, your pension benefit transfers with you.
Retirement, Your Way
Members are vested in their benefits after five years, and eligible for Normal Retirement once they reach 55 years of age and 25 years of service, or earlier if they meet the Rule of 80 (minimum age 50). Other options include Early Retirement (minimum five years of service, age 50) or Vested Retirement (minimum five years of service, age 55).
In this Component, Members earn a 2% benefit per year of service for the first ten years, then 2.5% for every year after. The easiest way to see your future benefit is to use the calculators in the Member Account Portal. Alternatively, see the charts in the Component brochure to calculate your pension using your age and years of service at retirement.
Every retirement is different, and this Component offers a number of features to help reach your individual goals:
- Deferred Retirement: Members who don't need their pension income right away can defer their benefit in exchange for larger payments later in life
- DROP: Members who want the flexibility of a lump sum cash account can use the Deferred Retirement Option Plan (DROP) to build a financial reserve during their final working years
- Payment Options: Members can choose to extend their pension benefit to a second lifetime for a spouse, child, or other individual
