Traditional Pension Plan 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.
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:
|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 you have access to health care coverage through OPERS when you retire. Health care is not a guaranteed benefit.
The Pension and Health Care Eligibility Guide can help you determine when you will qualify for both.
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 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 a counselor who can walk you through each step of the application.
Retirement Planning Tools for the Traditional Pension 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.
Run pension and health care estimates from your online account
OPERS offers an online benefit estimator you can use to run estimate scenarios. Log into your online account and use the calculator pre-filled with data from OPERS’ database.
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.