Accelerated Benefit

You can choose an accelerated payment, which temporarily increases your monthly benefit until age 62 or 65. You receive a higher benefit until you reach the age you choose. Then your benefit is recomputed to a lower, permanent amount, which covers the remaining years of your retirement.

For example, if you retire at age 55 and choose an accelerated benefit to age 65, during the first 10 years of your retirement, your benefit will be 112.06% of the regular benefit amount. At age 65, the benefit will be reduced to the permanent amount of 82% of the regular benefit amount.

For more details, see "Accelerated Benefit" in the Correctional Employees Retirement Plan Handbook .