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Normal vesting is achieved at ten (10) years of creditable service. For more information, contact us at 225-389-3272.
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Retirement Benefit Calculation:
Total years of creditable service X Retirement Factor (%) x Average Compensation = Benefit
(Note: The retirement factor is the credit given for each year of creditable service. 2.5% is given for each year of creditable service if total creditable service is less than 25 years; 3% if creditable service is 25 years or more. The benefit cannot exceed 90% of the member’s average compensation.)
For further information, contact us at 225-389-3272.
Yes. Such service can be purchased by a contributing member and it is calculated as the amount of the refund plus accumulated interest at the actuarial assumed rate of return on investments from the date of the refund to the date of commencement of the repurchase.
CPERS allows up to four (4) years for repayment with no additional interest, or six (6) years with additional interest. Payroll deduction is allowed. Payment in the form of a transfer from another qualified plan such as an IRA or 457 plan (deferred compensation) is also acceptable. For further information, contact us at 225-389-3272.
Yes. If the disability is incurred on the job, you may qualify for a minimum 50% Service Connected Disability Retirement Benefit offset by any Workers’ Compensation benefits for the same disabling injury or illness. If the disability is not work related, you must have a minimum of 10 years of creditable service to pursue an Ordinary Disability Retirement Benefit. An Ordinary Disability Retirement Benefit also begins at 50% of the member’s average compensation. For further information, contact us at 225-389-3272.
The Deferred Retirement Option Plan (DROP) is a type of pre-retirement plan which allows you to begin accumulating retirement benefits while continuing employment. In effect, your monthly CPERS benefit is calculated at the time of DROP entry, and the resulting benefit is placed each month in a tax-deferred account.
The account balance accrues interest which is payable, provided that the terms of the DROP contract are not violated. Once enrolled in the DROP you no longer contribute to CPERS, will not earn any additional service credit toward a CPERS benefit, and therefore your monthly benefit will not change. You can only participate in the DROP once. For further information, contact us at 225-389-3272.
A member must be eligible for a normal service allowance retirement as outlined in the answer to the first question of the FAQs. Members may participate in either a three-year or five-year DROP depending on their total years of creditable service. For further information, contact us at 225-389-3272.
No. The DROP is available for eligible members but there is no requirement that you participate. For further information, contact us at 225-389-3272.
Yes. There are several survivor benefit options available. There are options for minor children, a spouse or someone designated by the member who is not their child or spouse. The options and related costs, if any, can be explained by the retirement benefits analyst. Any related costs will result in an actuarially reduced benefit for the member. For further information, contact us at 225-389-3272.
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