Retiring from the Traditional Pension 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.
Ready to retire now?
This page contains information specific to the Traditional Pension Plan. To learn the basics of retiring from OPERS, visit Ready to Retire page.
Retirement Eligibility
for the Traditional Pension Plan
Before you apply for retirement, you’ll need to make sure you meet the eligibility requirements for a benefit.
Under the Traditional Pension Plan, the minimum age and service eligibility requirements for each retirement group are as follows:
Unreduced Benefit
| Age | Service |
|---|---|
| Any | 30 |
| 65 | 5 |
| Age | Service |
|---|---|
| 52 | 31 |
| Any | 32 |
| 66 | 5 |
| Age | Service |
|---|---|
| 55 | 32 |
| 67 | 5 |
Reduced Benefit
| Age | Service |
|---|---|
| 55 | 25 |
| 60 | 5 |
| Age | Service |
|---|---|
| 55 | 25 |
| 60 | 5 |
| Age | Service |
|---|---|
| 57 | 25 |
| 62 | 5 |
Note: Law Enforcement and Public Safety employees have a different eligibility timetable. Members employed in either Law Enforcement or Public Safety should refer to the Retiring From Public Employment – Traditional Pension Plan leaflet.
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 or wait until you are older to begin receiving a benefit, you will receive your full or “unreduced” benefit.
- Watch: OPERS Essentials – Unreduced/Reduced Benefits (video opens in new tab)
When am I eligible for the OPERS Health Care Program?
The best way to determine when you will qualify for both a retirement benefit and HRA deposits is to obtain a retirement benefit 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.
Retirement Application
for the Traditional Pension Plan
To apply for retirement from the Traditional Pension Plan you need to complete the Traditional Pension Plan Retirement Application.
You can do this yourself through your OPERS online account, or with an OPERS counselor who can walk you through each step of the application.
Your Retirement Payment Options
When you apply for retirement, you’ll also be asked to select your retirement payment options. These will determine how you receive your monthly retirement benefit.
When you retire from the Traditional Pension Plan you have two options:
You can receive a lifetime monthly benefit
You can choose from three payment plans from which to receive your monthly benefit:
- Single Life Plan
- Joint Life Plan
- Multiple Life Plan
You can take a Partial Lump Sump Option Payment with a reduced monthly benefit
You have the option of a partial lump sum option payment that allows you to initially receive a lump-sum payment along with a reduced monthly retirement benefit.
If you choose this option, you will still select a payment plan for your monthly benefit (as noted above).
Retirement Planning Tools
for the Traditional Pension Plan
Run pension and health care estimates from your online account
The best way to determine when you will qualify for both a retirement benefit and HRA deposits is to obtain a retirement benefit estimate. You can do this through your online account or by calling OPERS Member Services at 1-800-222-7377.