Legislative changes to retirement (effective September 1, 2009)

Your monthly retirement contribution changes from 6% to 6.45%. A state agency cannot hire a person who retired under ERS until at least 90 days after the retirement date.

A state agency that hires a return-to-work retiree who retired on or after September 1, 2009, pays ERS a surcharge. The surcharge is equal to the amount of the State's retirement contribution for an active employee.

Current members ERS members and state agency employees as of August 31, 2009	New members State agency employees as of September 1, 2009
Definition	Definition
You: started working at a state agency before September 1, 2009, started contributing to the ERS Retirement Program, and are still a member.	You: were not an ERS member as of September 1, and started working at a state agency on or after September 1, 2009.
You: started working at a state agency before August 31, 2009, were in the retirement waiting period on September 1, 2009, started contributing to the ERS Retirement Program after September 1, 2009, and did not have a break in employment during the waiting period.	You: started working at a state agency before September 1, 2009, but did not work long enough to become an ERS member, and never made a retirement contribution ERS membership begins with your first retirement contribution. The first retirement contribution occurs on the first of the month after your 90^th day of employment.
You: worked at a state agency and were an ERS member before September 1, 2009, stopped working at a state agency, and kept retirement contributions on account with ERS. This makes you a non-contributing member.	You: worked for a state agency and were an ERS member before September 1, 2009, stopped working at a state agency, withdrew your retirement contributions, started working for a state agency again on or after September 1, 2009.
ERS Retirement Program No changes for current members	ERS Retirement Program Changes for new members
You can use your unused sick and annual leave to reach retirement eligibility or to increase your annuity.	You cannot use your unused sick and annual leave to reach retirement eligibility. You can use your unused sick and annual leave to increase your annuity.
If you do not retire under the Rule of 80, you must be at least 60 years old and have five years of service credit to qualify for an annuity.	If you do not retire under the Rule of 80, you must be at least 65 years old and have 10 years of service credit to qualify for an annuity.
ERS bases the calculation of your retirement benefits on your final average salary, which is the average of your highest 36 months of salary.	ERS bases the calculation of your retirement benefits on your final average salary, which is the average of your highest 48 months of salary.
If you retire under the Rule of 80 before age 60, you are eligible for 100% of the calculated standard annuity.	If you retire under the Rule of 80 before age 60, for each year before age 60 you retire, you have a permanent 5% reduction in your calculated standard annuity. This reduction is capped at 25%.