You become vested in LRS once you have completed a minimum of five years of creditable service. This means that you are eligible to apply for lifetime monthly retirement benefits based on the retirement formula in effect at the time of your retirement and the age and service requirements described in this handbook, provided you do not withdraw or transfer your contributions. You may also be eligible for retiree health coverage.
You may retire with an unreduced service retirement benefit after you:
- Reach age 65 and complete five years of creditable service
You may retire early with a reduced retirement benefit after you:
- Reach age 50 with 20 years of creditable service
- Reach age 60 and complete five years of creditable service
Your early retirement benefit is calculated using the same formula as a service retirement benefit multiplied by a reduction percentage based on your age and/ or service at early retirement. Because your benefit may be paid over a longer period of time than if you had waited until being eligible for service retirement, your benefit will be reduced.
After five years of creditable service and while a contributing member of the General Assembly, if you become permanently disabled before your 60th birthday and are unable to continue your service as a member of the General Assembly, as approved by the Medical Review Board, you are eligible for disability retirement benefits.
Your disability benefit under the maximum allowance is calculated using the same formula as a service retirement benefit and you may choose any payment option. If you choose a survivorship option, it will be calculated using disability reduction percentages. In calculating the disability retirement benefit, your highest annual salary as a member of the General Assembly is determined and your creditable service is counted as though you continue membership to age 60.
If you leave LRS for any reason other than retirement or death, you can either receive a refund of your contributions, plus interest, or leave your contributions in LRS and keep all the creditable service you earned to that date.
You may be entitled to receive a deferred benefit at a later date once you meet eligibility requirements after you have completed five years of creditable service, provided you do not withdraw your contributions.
Your benefit is calculated using the formula in effect on your retirement date. It is based on your average final compensation and years of creditable service at that time.
If you leave LRS before you have five years of creditable service, the only payment you can receive is a refund of your contributions, plus interest.
State law prohibits us from making a refund earlier than 60 days after you leave employment with the General Assembly. However, if you leave state employment and you do not take a refund, you will retain your benefits and rights should you return to state service at a later time.
Set by state law, the interest credited on your contributions and paid with a refund is currently four percent (4%) compounded annually on your prior-year ending balance.
To receive a refund, complete the Refund Online application in your ORBIT account.
Any credit you may have in the following retirement systems may be counted along with your credit in LRS in order to determine your eligibility for a reduced or unreduced benefit:
- Teachers’ and State Employees’ Retirement System (TSERS)
- Consolidated Judicial Retirement System (CJRS)
- Local Governmental Employees’ Retirement System (LGERS)
However, only your creditable service in LRS is used in computing the amount of your benefit in LRS. Creditable service in any other system is used to compute benefits from that system.
In most cases, LRS is required to pay benefits to nonretired members with open LRS accounts by April 1 of the year following the year in which the member reaches age 73 or ceases to be an employee, whichever is later.
Members who are vested (five or more years of creditable service) who fail to complete the retirement process will receive a monthly retirement benefit based on the maximum allowance.
Non-vested members who fail to complete a refund application will receive a refund of their contributions and interest by April 1 of the year following the year in which the member reaches age 73.
This page was last modified on 04/03/2025