Are you vested?
| ACPS | RCPB | |
|---|---|---|
| Vested after | 5 years | 10 years |
| Full vested pension at | 62 | 65 |
| Reduced, earlier | From the 1st of the month after you turn 55, with 15 years, if you left before 55 | From 60, with 15 years |
| Cut | 0.5% a month before 62 | 0.5% a month before 65 |
Vested with 5 years of eligibility service. A normal vested allowance is payable after age 62 and separation from all participating employment, using the normal formula with AFC and creditable service at termination (no unused sick leave). An early vested allowance starts the first day of the month after the 55th birthday if you separated before 55 with at least 15 years, reduced like an early service retirement. ACPS Handbook pp. 17-18, Vested Benefits
RCPB: Vested with 10 years of eligibility service. A vested allowance is payable at age 65 using the normal formula with AFC and creditable service at termination (no unused sick leave). With 15 years, payments can start any time from age 60, reduced 0.5% for each month before 65 (maximum 30%). RCPB Handbook pp. 17, 22-23, Vested Benefits and Early Vested Retirement Benefit; ACFR FY2025 p. 166, Vested Allowance
We assume RCPB members who leave with 15 years can start a reduced vested benefit at 60.
What we use: Age 60, reduced 0.5% a month before 65.
The handbooks' examples
Unused sick leave isn't added to a vested pension. ACPS Handbook p. 23, Example: Normal Vested Retirement
Withdrawing your contributions
After leaving employment, if you are not employed in any capacity by any SRPS participating employer, you can withdraw your accumulated contributions (paid to you or rolled over). Withdrawing forfeits any future SRPS benefit. Membership ends after more than four years of separation; contributions not withdrawn within four years are considered abandoned and stop earning interest, but can still be claimed. ACPS Handbook p. 3, Terminating Membership; p. 4, Member Contributions; SRA web: Separating from Membership
Contributions earn 5% interest a year. ACPS Handbook p. 4, Member Contributions; RCPB Handbook p. 4; ACFR FY2025 p. 164
A vested former member whose vested allowance would be under $50 a month may take a lump sum equal to its present value. ACFR FY2025 p. 167
Before you withdraw, read about taxes on your pension and ask SRA about rollovers.
What the handbooks say
- You are vested after 5 years of eligibility service (ACPS) or 10 years (RCPB). If you leave vested, you keep a future benefit based on your service and AFC when you left, payable at 62 (ACPS) or 65 (RCPB).ACPS Handbook p. 17, Vested Benefits; RCPB Handbook p. 17
- With 15 years, a vested ACPS member who left before 55 can start a reduced benefit the first of the month after turning 55; a vested RCPB member can start a reduced benefit from 60.ACPS Handbook p. 18; ACFR p. 166
- Example (ACPS): leaving with 16 years (10 before July 1998, 6 after) and a $50,000 AFC gives $950 a month at 62. Example (RCPB): 16 years and $50,000 gives $1,000 a month at 65.ACPS Handbook p. 23; RCPB Handbook p. 22
- Once you are no longer working for any SRPS employer, you can withdraw your contributions plus 5% yearly interest, paid to you or rolled over. Withdrawing gives up any future benefit.ACPS Handbook p. 4, Member Contributions; SRA web: Separating from Membership
- Membership ends after more than four years away. Contributions left more than four years are considered abandoned and stop earning interest, but you or your heirs can still claim them.ACPS Handbook p. 3, Terminating Membership; SRA web: Separating from Membership
Questions
Can I get my contributions back?
Yes, once you no longer work for any SRPS employer. You get your contributions plus 5% a year interest, paid to you or rolled over. You give up any future pension.
What does vested mean?
You've earned a pension for later. ACPS members are vested after 5 years of eligibility service; RCPB members after 10.
When can a vested pension start?
At 62 (ACPS) or 65 (RCPB), in full. With 15 years you can start a reduced one earlier: ACPS from 55, RCPB from 60.
What if I leave my money in and never come back?
After more than 4 years away your membership ends. Contributions left more than that long are treated as abandoned and stop earning interest, but you or your heirs can still claim them.
Source: SRPS Benefits Handbooks: Teachers' Pension System (Alternate Contributory Pension Selection; Reformed Contributory Pension Benefit), Revised April 2021, ACPS Handbook pp. 3, 4, 17, 18, 23, 24; RCPB Handbook pp. 4, 17, 22; ACFR FY2025 pp. 164, 166, 167; SRA web pages. Last reviewed .