Traditional Pension: Benefits

The annual benefit provided under a "full pension" from the Traditional Pension Plan (in the form of a single life annuity) is calculated using a formula. There are different formulas based on your retirement group*.

For members in Groups A and B, the retirement benefit calculated under the Traditional Pension Plan consists of an annual lifetime allowance equal to 2.2 percent of FAS, multiplied by the first 30 years of service plus 2.5 percent of FAS for each year, or partial year for service credit over 30.

For members in Group C, the retirement benefit calculated under the Traditional Pension Plan consists of an annual lifetime allowance equal to 2.2 percent of FAS, multiplied by the first 35 years of service plus 2.5 percent of FAS for each year, or partial year for service credit over 35

Members retiring with less than 30 years of service or younger than age 65, if otherwise eligible, receive benefit reduced from the full amount calculated under a Single Life Benefit (Plan B).

The Traditional Pension Plan also currently includes disability and survivor benefits, as well as cost-of-living adjustments after retirement and access to health care coverage.

*To find your retirement group, please refer to your annual statement. New members who begin contributing to OPERS on or after January 7, 2013 are in Group C.