The age you can retire with the Oregon Public Employees Retirement System (PERS) depends on your membership tier and your employment classification. Generally, members can retire as early as age 55, with most general service members able to retire between ages 58 and 60, depending on their tier.
PERS Retirement Eligibility by Tier and Classification
Oregon PERS categorizes members into different tiers based on their hire date, which dictates their specific retirement eligibility requirements. Additionally, the type of service you performed, such as "General Service" or "Police and Fire," also affects your minimum retirement age.
Here's a breakdown of the minimum retirement ages:
| Classification | Tier One (Members Hired Before July 1, 1996) | Tier Two (Members Hired July 1, 1996 – August 28, 2003) |
|---|---|---|
| General Service | 58 | 60 |
| Police and Fire | 55 | 55 |
Key Points:
- Tier One members are generally those hired before July 1, 1996.
- Tier Two members include those hired between July 1, 1996, and August 28, 2003.
- Police and Fire members typically have earlier retirement age eligibility due to the nature of their service.
- It's important to note that reaching the minimum retirement age often means you can start receiving benefits, but the full calculation of your benefit amount will also factor in your years of service.
Understanding your specific PERS tier and employment classification is crucial for planning your retirement.
