Separation versus Retirement
- Your separation date is the last day you are paid for employment.
- Your retirement date is the first day of the month AFTER your separation date and you have applied to retire.
- If I knew then... Lessons from those who have retired (video)
Beneficiary versus Survivor
- Beneficiary - If you die before retirement, your beneficiary will receive a lump sum of any remaining contributions from your account.
- Survivor - When you retire, you can choose a survivor. After your death, this person will receive monthly retirement income for the rest of their lives.
Cost of Living Adjustment (COLA)
If you are in Plan 2 or 3 and have been retired at least one year, you will receive a cost-of-living adjustment (COLA) automatically each July - no matter how many years that you worked.
Service Credit
Your service credit is the number of years you work in public service. Your employer reports this time to DRS. Depending on which retirement system you are in, your service credit may be calculated differently. See your plan guide for information about service credit calculations, purchasing, and more.
Average Final Compensation (AFC) period
The monthly average of your highest paid service credit months. The AFC period for Plan 2 and Plan 3 is 60 consecutive months.
Applying for Retirement
- Request an official estimate of your monthly benefit through your online account.
- Contact DRS if you need to make changes to your official estimate.
- Apply for retirement through your online account (video) (members of more than one plan will need to contact DRS to apply).
- Tell your employer your intended separation date.