- Each extra year from 1997 on adds 1.85% of your FAE to the monthly pension. If you are retiring early, another year also shrinks the reduction by 12 months' worth (2.4% or 4.8%).Summary Plan Description (2026), p. 23, Figure 1; p. 24, Figure 2
Hired before 2012: 24 years at 57
Our illustration: three highest years of $210,000, all service from 1997 on, pay unchanged. Load it in the calculator.
| Retire | Years | Cut | Monthly |
|---|---|---|---|
| NowAug 2026 · age 57 | 24 | 7.2% | $2,404 |
| +1 yearAug 2027 · age 58 | 25 | 4.8% | $2,568+$165 |
| +2 yearsAug 2028 · age 59 | 26 | 2.4% | $2,738+$335 |
| +3 yearsAug 2029 · age 60 | 27 | none | $2,914+$510 |
| +4 yearsAug 2030 · age 61 | 28 | none | $3,022+$618 |
The highlighted row is the first full pension. Summary Plan Description (2026), p. 18, Table 2 (Service); Office of Pensions workshop slides (Aug. 4, 2026), slide 7; SEPP FAQs (saved Nov. 12, 2026), 'Am I eligible to retire?'
Hired 2012 or later: 18 years at 58
| Retire | Years | Cut | Monthly |
|---|---|---|---|
| NowAug 2026 · age 58 | 18 | 9.6% | $1,756 |
| +1 yearAug 2027 · age 59 | 19 | 4.8% | $1,952+$196 |
| +2 yearsAug 2028 · age 60 | 20 | none | $2,158+$402 |
| +3 yearsAug 2029 · age 61 | 21 | none | $2,266+$510 |
From 60 with fewer than 20 years, the reduced pension's cut is counted to age 60, so it's 0%; the highlighted row is the full pension at 60 with 20 years. Summary Plan Description (2026), p. 18, Table 2 (Early/Reduced); p. 24, Reduced Pension Calculation, Figure 2 ('The number of months away from 30 years of service or from the age of 60, whichever is closest'); Office of Pensions workshop slides (Aug. 4, 2026), slide 8
Your own numbers: the calculator compares now with one, two and three more years. See also early retirement, the formula and buying service, which adds service without more work.
Questions
How much does one more year add?
Each year from 1997 on adds 1.85% of your FAE to the monthly pension: $107.92 a month on an FAE of $5,833.33. A raise that lifts your three highest years adds more.
Why can a year add much more when I'm retiring early?
It also brings you 12 months closer to age 60 or 30 years, so the cut shrinks by 2.4% (hired before 2012) or 4.8% (hired 2012 or later).
Source: State Employees' Pension Plan Summary Plan Description, 2026 edition (PDF dated May 14, 2026), pp. 18, 23-24. Also: Office of Pensions workshop (Aug. 4, 2026), slides 7-8; Office of Pensions SEPP FAQs. Last reviewed .