This is a good time to review who will be impacted as state pension data on active participants in the retirement system has just been updated through December, 2020. There are no dates of birth so it is impossible to get an accurate count as some of those members who have between 18 and 25 years of service may already be age 55 but here is my cost estimate anyway.
All PFRS members: 40,532 with average salary of $96,364
Already with 25 years of service: 3,252 with average salary of $143,156
18 to 25 years of service: 10,543 with average salary of $118,750
If half of those eligible decide to retiree on their 50% pension for an extra 3.5 years that would come to an extra billion dollars coming out of the retirement system which is about double what the OLS estimated as the maximum.
Author(s): John Bury
Publication Date: 2 March 2021
Publication Site: Burypensions