What kind of retirement plan is SERS plan 2?

What kind of retirement plan is SERS plan 2?

SERS Plan 2 is a defined benefit plan. When you meet plan requirements and retire, you are guaranteed a monthly benefit for the rest of your life. Your monthly benefit will be based on your earned service credit and compensation while a member of SERS Plan 2.

When did Tier II of the retirement plan change?

This booklet describes the Tier II provisions revised to January 1, 2000, including major changes that became effective July 1, 1997.

Are there any Tier 2 retirement plans in CT?

Since that time, the law has been changed by legislation and collective bargaining. There are currently three plans – Tier I, Tier II and Tier IIA. In this booklet, we describe the System’s Tier II retirement plan, which is non-contributory for all members except hazardous duty members.

What happens when the owner of a retirement plan dies?

When a retirement plan account owner or IRA owner dies before RMDs have begun, different RMD rules apply to the beneficiary of the account or IRA. Generally, the entire amount of the owner’s benefit must be distributed to the beneficiary who is an individual either (1) within 5 years of the owner’s death,…

When to retire plan 2 or plan 3?

*Plan 2 and Plan 3 provide an unreduced defined benefit at age 62 for members who were hired before May 1, 2013 and retire with 30 or more years of service credit. Your Plan 2 handbook contains more information.

How old do you have to be to get Plan 2?

Plan 2 provides a retirement benefit at: Age 55 or older with at least 20 years of service credit. Your benefit will be reduced if you are under age 65. There is less of a reduction if you have 30 or more years of service credit.*

How are monthly benefits calculated for perS plan 2?

Here is the formula we will use to calculate your monthly benefit: 2 percent x Average Final Compensation x Service Credit Years x Early Retirement Factor (if applicable) = Monthly Benefit Members sometimes think there is a cap on the amount of service credit used in Plan 2 benefit calculations. There is not.

What should I do in my first 30 days of retirement?

However, it’s often done as a courtesy and few people follow through. In retirement, having strong relationships and an active social life is one of the most crucial elements in making a successful transition. Therefore, don’t make or take invitations at face value.