Retirement (PSERS) InformationInformation about PSERS (Public School Employees' Retirement System):Are you considering retiring? Listed below are the suggested time frames in which you should consider taking certain steps toward your retirement to make your transition as easy and informed as possible:
Two Years from RetirementIf you are planning to retire within the next two years:
- View the "Countdown to Retirement" Checklist.
- Apply to purchase any uncredited service, if applicable. Click here to see what types of service credit may be purchased.
- If you have divorced and never submitted a copy of the Domestic Relations Order (DRO), consider doing it now. Not having an approved DRO (ADRO) on file with PSERS can delay the processing of your retirement benefit. PSERS needs to review the terms of the DRO to ensure it meets PSERS distribution requirements. In the event that there is no Equitable Distribution of the PSERS funds, the former spouse must submit a Waiver of Pension Benefits form to PSERS.
- Consider setting aside funds to cover your living expenses during your retirement benefit processing time frame. Click here to view the current benefit processing time frames. Errors on the application or missing information may take even longer to process.
- Use the PSERS online retirement estimator to get an idea of what you may receive as your gross monthly benefit. You may also want to use the online federal tax withholding calculator to provide you with a better idea of your net monthly retirement benefit.
- Attend a PSERS Foundations For Your Future program. You may attend one of these sessions at any time during your career, but we highly recommend that you attend a program within 18 months of retirement. This program provides an overview of PSERS and benefits for which you may be eligible.
Retirement within the Current School Year
If you are planning to retire at the end of the current school year, by now you should have:
Requested a PSERS Retirement Estimate.
Consulted with a financial planner or a tax consultant, if appropriate.
If you have questions as you prepare for retirement, contact your PSERS regional office.Thinking about Working after Retirement? Click here for more information about working after retirement: http://www.psers.state.pa.us/retired/workingafter.htm
Contacted the Social Security Administration regarding your benefits, if applicable.
Investigated your employer's guidelines for retiring, terminating, and resigning. Be sure to follow your employer's requirements concerning the notification of retirement (if applicable). Failure to actually notify your employer that you have resigned will delay the processing of your retirement benefit.
Scheduled a PSERS Exit Counseling session through your PSERS Regional Office. To schedule a session, contact your PSERS Regional office. Be prepared when you attend the session to choose your retirement option so the PSERS Regional Representative can show you how to properly complete the Application for Retirement (PSRS-8) and any other necessary applications or forms.
- Attended a scheduled PSERS Exit Counseling session and completed your Application for Retirement (PSRS-8) and any other necessary applications or forms.