Planning for Retirement

Estimate your retirement benefit

We strongly encourage you to use the online benefit estimator to estimate your monthly benefit. Use this tool any time prior to retirement to assist in your financial planning. Just login into mySRPS. Click here for more information about mySRPS.

Members who are within 12 months of retirement can also send a request to SRA using the appropriate Application for an Estimate of Service Retirement Allowance available on our forms page.

Retirement Allowance Options Overview

Retirees can choose from several different retirement allowance options. These options range from the Basic Allowance, which provides the largest lifetime monthly benefit for the retiree alone, to six other allowance options that provide a lower monthly benefit than the basic allowance but provide varying degrees of beneficiary coverage.

Please note that all allowance options provide a lifetime benefit to the retiree. Some, but not all, options provide a lifetime benefit to the beneficiary. The Basic Allowance, Option 1, and Option 4 provide no lifetime benefit to the beneficiary. Under these options, monthly payments stop at the retiree’s death. Please review the options carefully before making a decision, as a retiree’s option choice cannot be changed.

To learn more about retirement allowance options, please see our Choosing an Allowance Option video.

More information on each retirement allowance option can also be found on the Application for Service or Disability Retirement on our Forms page.

Attend a webinar

Before retirement, it is recommended that you attend one of the State Retirement Agency’s online webinars.

Apply for any additional Service credit

Purchase Service

Purchased service refers to service credit you may buy through direct payment to the Retirement Agency for specific types of previous employment. Only members who are on paid employment or a State Retirement Agency approved leave of absence may purchase service. Apply to purchase any eligible service by filing a Form 26: Request to Purchase Previous Service along with your request for an estimate.

Military Credit

You may be eligible to claim additional credit if you take an approved leave of absence or have served in the military. You can watch a video on Military Credit. Apply for any eligible military credit by submitting a Form 43: Claim of Retirement Credit for Military Service.

Prepare your paperwork

Two months prior retirement, complete your final retirement paperwork, which are available on our forms page, along with your formal letter of retirement to your employer.