Retiring Members

If you're retiring in the next few years, learn about the resources IPERS offers to help you prepare:

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Where to start

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Retirement eligibility

Eligibility depends on your membership group:

Regular members

You are eligible for retirement benefits if you are a vested member, are no longer working for an IPERS-covered employer, and meet one of these conditions:

  • You are at least 55 years old
  • You retire because of a disability and are receiving Social Security disability or Railroad Retirement disability benefits
  • You are age 70 and still working for an IPERS-covered employer โ€” you may apply for benefits while still employed; when you stop working, IPERS may adjust your benefit to account for additional years of service and salary, and you must apply for a recalculation at that time

Normal retirement age

Normal retirement age โ€” when an early-retirement reduction no longer applies โ€” is whichever of the following comes first:

  • The sum of your age + years of service = 88 or more (known as The Rule of 88)
  • Age 62 if you have 20 or more years of service (Known as The Rule of 62/20)
  • Age 65

For service through June 30, 2012, the reduction is 3% for each year (or 0.25% for each month) you receive benefits before your closest normal retirement age.

For service earned starting July 1, 2012, the reduction increases to 6% times the number of years (or 0.50% times the number of months) you receive benefits before your 65th birthday.

Early-retirement benefit reductions apply only if you retire before normal retirement age.

  • The 3% reduction applies to all service before July 1, 2012.
  • The 6% reduction applies only to service after June 30, 2012.

Early retirement

If you retire before normal retirement age and you do not retire because of a disability, you will receive a lower benefit. The reduction makes up for the increased time you will collect benefits.

Reduction by service period
Service periodReduction per year earlyReduction per month early
Service through June 30, 20123%0.25%
Service from July 1, 2012 onward6%0.50%

The 3% reduction applies to all service before July 1, 2012. The 6% reduction applies only to service earned after June 30, 2012.

Sheriffs/Deputy Sheriffs Members

You are eligible for retirement benefits if you are a vested member, are no longer working for an IPERS-covered employer and meet one of these conditions:

  • You are at least 50 years old with at least 22 years of eligible service. In addition, you must be a sheriff or deputy sheriff when you end IPERS-covered employment. Eligible service includes time worked in Sheriffs/Deputy Sheriffs or Protection Occupations groups
  • You are at least 55 years old
  • You retire because of a disability and are eligible for Regular disability benefits or Special Service disability benefits

Protection Occupations Members

You are eligible for retirement benefits if you are a vested member, are no longer working for an IPERS-covered employer and meet one of these conditions:

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