Q: Is a regular retirement with an actuarially reduced benefit considered “early retirement”?
A: No. A regular retirement with an actuarially reduced benefit is a regular retirement, but at a reduced amount since the member has at least 20 years of service but has not reached the age required for an
unreduced benefit. Although “early” retirement options have previously been legislatively authorized, there are none currently offered.
Q: Can a member rescind his or her retirement application?
A: Yes. If a member chooses to rescind, a signed and dated letter stating the decision to rescind should
be submitted to LASERS by the agency’s Human Resources Office. It must be received prior to the date of retirement. Members retiring out of state service are unable to rescind their application if the date received is the effective date of retirement.
Q: When and how can a member change the termination/retirement date listed on a submitted application?
A: The member must submit a revised application prior to the retirement date listed on the initial application.
Q: Can a member change his or her retirement option or leave selection after the application has been submitted?
A; Yes. A revised application may be submitted prior to the retirement date listed on the application.
Q: When should a member expect his or her first benefit payment?
A: The first payment is made 30 to 45 days after the retirement date as long as LASERS has received all required documents.
Q: Must a member designate a retirement beneficiary?
A: Yes. A member must designate a retirement beneficiary.
Q: May a member select an IBO while opting to retire with a regular retirement with an actuarially reduced benefit?
A: No. Members who retire with a regular retirement with an actuarially reduced benefit are not eligible to retire with an IBO or participate in DROP.
Q: Are members of Correctional Secondary, Harbor Police and Wildlife Agents retirement plans eligible for a regular retirement with an actuarially reduced benefit?
A: No. Correctional Secondary, Harbor Police and Wildlife plans are currently the only classes of members who are ineligible for regular retirement with an actuarially reduced benefit.
Q: If a member repaid refunded time from 1985, would he or she be eligible for the $300 annual
additional benefit?
A: The member would have had to repay the refund prior to July 1st, 1986 and must meet the requirements in order to be eligible for the $300 annual additional benefit.