Combined Plan Retiring from the Combined Plan
Deciding to retire is a milestone requiring careful thought and planning.
You have a number of tools and resources available to help you plan for your retirement and guide you through the retirement application process.
Retirement Eligibility for the Combined Plan
Before you apply for retirement, you’ll need to make sure you meet the eligibility requirements for a benefit.
Under the Combined Plan, the minimum age and service eligibility requirements for each retirement group are as follows:
|Group A||Group B||Group C|
|Group A||Group B||Group C|
Unreduced Benefit vs. Reduced Benefit
You’ll notice the charts above give eligibility requirements for two types of benefits – unreduced and reduced.
If you choose to retire early upon reaching the minimum requirements, your benefit will be reduced. This reflects the longer period of time you'll be receiving benefits.
However if you work longer and meet the eligibility requirements for your full benefit amount, you will receive your full (unreduced) benefit.
When Am I eligible for Health Care?
Pension eligibility may not mean access to health care coverage through OPERS when you retire. Health care is not a guaranteed benefit.
The best way to determine when you will qualify for both pension and health care is to obtain a retirement estimate. You can do this through your online account or by calling OPERS Member Services at 1-800-222-7377.
If you're considering retirement in the next several years, it's important to understand the structure of the OPERS health care program and the eligibility changes effective Jan. 1, 2022.
Eligibility for Health Care for Future Retirees Effective Jan. 1, 2022:
- Age 65 with a minimum of 20 years of qualifying service credit
- Retirees under age 65 can qualify by meeting unreduced pension eligibility per their retirement group:
- Group A - 30 years of qualifying service credit at any age
- Group B - 32 years of qualifying service credit at any age or 31 years
minimum age 52
- Group C - 32 years of qualifying service credit and minimum age 55
Retirement Application for the Combined Plan
To apply for retirement from the Combined Plan you need to complete the Combined Plan Retirement Application.
You can do this yourself through your OPERS online account, or with a counselor who can walk you through each step of the application.
More detailed information about your retirement options can be found in the Retiring From Public Employment - Combined Plan leaflet.
Retirement Planning Tools for the Combined Plan
We are your trusted retirement partner, and we want you to be well-informed when it comes time to make the decision to retire. We provide a number of planning tools and educational resources to help you.
Voya's myOrangeMoney tool has been tailored specifically for OPERS members. The tool allows you to get an idea of what your retirement account will look like in the future and compare your estimated monthly income with what you think you may need in retirement. Certain factors such as annuity factors and contribution rates have been customized for your plan.
Don't forget the cost of health care
The myOrange Money tool provides a visual idea of how much of your retirement income may be needed for health care costs based on national health care costs for the Medicare population and is based on the state of residence. These are not OPERS health care costs.
Access the myOrangeMoney Tool
You can access the myOrangeMoney tool through your OPERS online account. For more detailed instructions, watch the video below.
Ready to Retire Seminars
If you are within five years of meeting your retirement eligibility, consider attending a Ready to Retire seminar. During this seminar you’ll learn more about the retirement application process and the tools and resources available to help you with your retirement decisions.
OPERS Counseling Sessions
A counseling session is the perfect way to learn everything you need to know prior to retirement. You'll meet with an experienced OPERS professional who can walk you through every aspect of retirement.
You can schedule a counseling session at any time from your online account or by calling 1-800-222-7377.
Your account value in the Member-Directed Plan or the defined contribution portion of your Combined Plan is not a guaranteed amount. It is dependent on the performance of the investment options you select.