The Phased Retirement Option (PRO) provides eligible Coordinated Plan members with the option to transition into retirement.
Phased Retirement Overview
If you are age 62 or older, you may be eligible to participate in the PRO and start your PERA retirement benefit without terminating your public service. Your employer determines PRO participation and this option may not be available to all Coordinated Plan members.
PRO Eligibility
To be eligible for the PRO, you must meet these requirements:
be an active Coordinated member (not an elected official)
be age 62 or older
hold the same position with the same employer (last active with)
be immediately eligible for a retirement pension from the General Plan (Coordinated or Basic members)
have worked at least 1,044 hours in each of the five preceding years in a position covered by PERA
reduce your regular work schedule by 25% in each pay period under the PRO and work less than 1,044 hours in a one-year period
not currently receive PERA benefits
be ineligible for state employee post-retirement option programs.
Benefits of PRO
Termination requirements are waived: You will receive a monthly retirement benefit without terminating your public service position. If you are active in other public service, you must follow PERA's termination requirements for those positions to receive your PERA retirement benefit.
No PERA contributions: You will no longer contribute to PERA for employment under the PRO. Since you are receiving your retirement benefit, you will not earn service credit and your high-five salary will not be adjusted for your service under the PRO.
No annual earnings limits: Your position covered under the PRO will not be subject to PERA's post-retirement earnings limits.
