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Police and Fireman's 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
Please complete the PFRS Retirement Application.
Mandatory Retirement
Effective July 1, 1997, retirement is mandatory at age 65. If you do not file a retirement application before your mandatory retirement, you are automatically retired on that date. Retirement benefits, however, are not payable until the application is filed. Elected officials are exempt from mandatory retirement.
Before You Retire
You should inquire about retirement at least six months before your retirement date. This will give you enough time to review the benefits that are available to you after retirement. You may also request an estimate of retirement benefits, which provides you with an estimate of your retirement benefits and death benefits after retirement.
Applying for Retirement
It is your responsibility to file an Application for Retirement Allowance with the Division of Pensions and Benefits. Your application must be received by the Division prior to your retirement date. Four months advance filing is recommended. Processing time varies and cannot begin until we have received all the necessary information and forms from both you and your employer.
If you have not furnished proof of your age to the Division, you must do so at the time you file an Application for Retirement Allowance.
Contact your employer for information concerning continuation of your health benefits after retirement.
Types of Retirement
The following types of retirement benefits are calculated using your "Years of Service" and "Final Compensation".
- Years of Service means the amount of membership service you have credited to your account.
- Final Compensation means your base salary on which contributions were taken in the 12 months immediately preceding retirement. It does not include extra pay for overtime or money given in anticipation of your retirement.
There are several types of retirement for which you may qualify:
Service Retirement
is available at age 55 with no minimum amount of service required.
Service Retirement is also available to members of any age with 20 or more years of service credit who were members of the PFRS on January 18, 2000.
The benefit calculations are as follows:
- If you have less than 20 years of service credit, you will receive 2 percent of your Final Compensation for each year of service.
- If you have at least 20 years but less than 25 years of service credit, you will receive 50 percent of your Final Compensation.
- If you are age 65 (mandatory retirement age) and have 20 or more years of service credit, you will receive 50 percent of your Final Compensation, plus three percent of your Final Compensation for each year of service over 20, up to 25 years, if enrolled in the PFRS as of January 18, 2000.
- If you have 40 years of service credit, you will receive 70 percent of your Final Compensation, plus an additional one percent of your Final Compensation for each year of service credit over 40 years.
Special Retirement
is available to those members who have 25 years or more of service credit. The amount of your annual pension will be equal to 65 percent of your Final Compensation plus 1 percent for each year of service over 25 years but not to exceed 30 years. The maximum allowance is therefore 70 percent of your Final Compensation.
Deferred Retirement
is available to those members who have at least ten years of service credit and are not yet 55 years of age when they terminate employment. The amount of your annual pension will be equal to 2 percent of your Final Compensation for each year of service.
To receive a Deferred Retirement, you must file an Application for Retirement Allowance. The effective date of a Deferred Retirement is the first of the month after you attain age 55. You should, however, file the application when you terminate covered employment.
Your life insurance coverage is not in effect between the time you terminate employment and when your Deferred Retirement becomes effective. If you die before your Deferred Retirement becomes effective, the beneficiary on your retirement application will receive a return of your contributions, unless a subsequent Designation of Beneficiary form is filed. There is no other death benefit under these circumstances. (For information about converting your group life insurance to an individual policy at termination of employment, call the Division's Benefit Information Library 24 hours a day, seven days a week at (609) 777-1931 from a touch-tone phone. After the introduction, enter information selection number 245. You will hear a message about conversion. At the end of the message you can choose to have Fact Sheet #13, Conversion of Life Insurance, mailed or faxed to you. To receive Fact Sheet #13 by mail, leave your name, address, Social Security number, and the name of your retirement system. To receive Fact Sheet #13 by fax, enter your 10-digit fax machine number when prompted.)
For those covered by the State Health Benefits Program (SHBP), you will not be able to continue that coverage under the SHBP retiree group if you apply for Deferred Retirement. However, you are entitled to continue coverage in the SHBP employee group for up to 18 months after termination of employment in accordance with federal COBRA legislation. If your retirement allowance becomes due and payable during the 18 months of extended coverage under COBRA, you would qualify for coverage in the SHBP retiree group. In this case, you will have to contact the Division of Pensions and Benefits, and request a SHBP offering letter.
At any time before your Deferred Retirement becomes effective, you may change your mind and apply for a lump-sum withdrawal of your pension contributions instead. Once you cancel your Deferred Retirement and withdraw your contributions, all the rights and privileges of membership end.
Disability Retirement
For information concerning Disability Retirement, call the Division's Benefit Information Library 24 hours a day, seven days a week at (609) 777-1931 from a touch-tone phone. After the introduction, enter information selection number 215. At the end of the message you can choose to have Fact Sheet #16, Disability Retirement Benefits, mailed or faxed to you. To receive Fact Sheet #16 by mail, leave your name, address, Social Security number, and the name of your retirement system. To receive Fact Sheet #16 by fax, enter your 10-digit fax machine number when prompted.
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
PFRS Retirement Application:
http://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/rf0239.pdf
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
