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PERS & TPAF Retirement
Step 1
Notify the appropriate people of this decision. Please complete The College of New Jersey's Retirement Notice and return the completed form to your immediate supervisor and Human Resources.
Step 2
Complete the appropriate retirement application.
If you are within two years of retirement, you may wish to submit a Request for Retirement Estimate to the Division of Pensions and Benefits.
This will provide you with the retirement allowances available and your group life insurance benefits.
It is the employee's responsibility to file an Application for Retirement Allowance with the Division of Pensions and Benefits.
All retirements are effective on the first of a month. Six months prior to retirement is the recommended time to file the application.
Types of Retirement
- Service Retirement is the type of retirement for which most members qualify. The retirement age is 60 or older and no minimum amount of service credit is required. The formula to calculate the maximum annual pension is:
Years of Service / 55 x Final Average Salary= Maximum Annual Allowance
Note: Final average salary is your average salary for the three years immediately proceeding your retirement. - Early Retirement is available to those members who have 25 years or more of service credit before reaching age 60. The benefit is calculated using the Service Retirement formula; however, if you retire before age 55, your allowance is permanently reduced one-quarter of one percent for each month under that age.
- Veteran Retirement is available to qualified veterans. To qualify for veteran retirement benefits you must be in active employment until the effective date of retirement. These benefits can not be deferred. Veterans who continue in employment covered by PERS until they are at least age 62 with 20 or more years of service credit are entitled to an annual benefit equal to one-half of the salary on which pension contributions were made in any consecutive 12 month period which would provide the largest possible benefit to the member.
- Deferred Retirement is available to those members who have at least ten years of service credit and are not yet 60 years of age when they terminate employment. The retirement would be effective on the first of the month after attaining age 60. You will receive a retirement allowance based on the Service Retirement formula.
Life Insurance
If you retire with 10 or more years of service credit in the retirement system, the amount of your group life insurance will be substantially reduced when you retire. The amount of your coverage will be listed in the Quotation of Retirement Benefits that you will receive prior to your retirement. It will be identified as the "Lump Sum Death Benefit." You will automatically be covered by this insurance and do not need to do anything to qualify.
If you retire with less than 10 years of service credit in the retirement system, you will not receive any group life insurance coverage (for the exception, see "Disability Retirement").
The reduction (or elimination) of your life insurance coverage will be effective 31 days after your date of termination. If you wish to supplement this coverage with either a conversion policy from Prudential or another type of policy from Prudential or another insurance carrier, it would be best to begin exploring your options at least four months prior to your retirement.
Step 3
Check your Social Security and Medicare benefits:
- Social Security Web site: www.socialsecurity.gov - Phone Number - 1-800-772-1213
- Medicare Coverage at Age 65
- Medicare: www.medicare.gov - Phone Number - 1-800-663-4227
