Your age corresponds with a benefit rate from an Age Factor Chart, this factor is multiplied by your years of creditable service times consecutive highest 3 year average annual salary. For example under option A, a group 1 employee, 65 years old with 30 years of creditable service, and an average salary of $50,000 calculates as follows:
2.5 x 30 = 75 %
.75 x $50,000 = $37,500 per year @ $3,125 per month

The period of time that a member has paid contributions into the system.

80%; however, military veterans are eligible for an additional $15 per year (or fraction) of creditable service, up to a maximum of $300 per year.

A Cost of Living Adjustment (COLA) is not automatic. The Boston Retirement Board annually reviews and votes on whether to grant an increase.

Ideally, you should submit your ITR form (Intent to Retire) at least 45 days prior to your planned retirement date. Your ITR serves as a resignation letter to your employer.

Retirement benefits are a contractual obligation of the Commonwealth. Benefits cannot be decreased or terminated throughout a member's lifetime.

You must have at least 10 years of service and be 55 years old to request a retirement allowance.

PERAC establishes the interest rate in conjunction with the state banking commission, by calculating the average savings account interest paid by a representative sample of financial institutions.