Important: There are different eligibility criteria for the full (non-reduced) retirement benefit (SERS and PSERS members), for the majority paid health and prescription drug coverage after retirement (the plan includes coverage for both Medicare eligible and non-Medicare eligible retirees and their dependents), and for receiving a payout of unused sick leave.
Voluntary Retirement Incentive Program for Faculty and Non-Faculty Athletic Coaches
If you are considering retirement, you are strongly encouraged to contact the Office of Human Resources at (724) 357-2431 to verify your eligibility for these benefits before you submit your letter of retirement and/or before you sign your retirement paperwork with your retirement counselor.
If you are considering retirement, the first step is to review the appropriate Retirement Planning Guide:
To retire, you must first contact your retirement plan (SERS, PSERS, or ARP) and arrange for your retirement annuity. See a schedule of on-campus retirement counseling dates: Retirement Counseling Schedule
Retirement information is also available from the following websites:
Retirement
State Employees Retirement System (SERS):
- Normal Retirement: Age sixty with three years of service, or any age with thirty-five years of service.
- Early Retirement: Under age sixty with five or more years of service. Benefit is actuarially reduced based on age or service.
SERS Guide for Retiring Members
Public School Employees Retirement System (PSERS):
- Normal Retirement: Age sixty-two with one year of service, age sixty with thirty years of service, or any age with thirty-five years of service.
- Early Retirement: Under age sixty-two with five or more years of service. Benefit is actuarially reduced based upon age and service. Age fifty-five with twenty-five years of service with a 3 percent reduction applied for each year under normal retirement. Reduction not greater than 15 percent of annual maximum.
PSERS Guide for Retiring Members
- Normal Retirement: Any age; however, normal retirement is age sixty. Annuity is based upon employee/employer accumulations (contributions plus interest and earnings).
- Early Retirement: Any age. Annuity is based on employee/employer accumulations (contributions plus interest and earnings).
TIAA-CREF Lifetime Annuity Options
For further information, please contact the Benefits Office.
