State Patrol Employees Pension Plan
The 1947 Legislature created the State Patrol Retirement Plan.
- Members hired on or after July 1, 2016 fall under "Tier Two" benefits.
- Benefits are capped at 75% of final average compensation for all members.
- Members with 30 or more years of service may retire at any age.
- Members with 25 or more years of service may retire at age 50.
- Members with 10 or more years of service may retire at age 55.
- Retirement is mandatory at age 60.
- Tier One members contribute 16% of compensation. Tier Two members contribute 17%.
- The employer matches member contributions at 100%.
- Besides normal benefits, the law provides disability and survivor benefits.
- A "DROP" feature is available for Tier One members.
- Members are not covered by Social Security.
- As a defined benefit plan, lifetime monthly retirement benefits are based on this formula:
AVERAGE HIGHEST COMPENSATION
(TIER ONE 3 YEARS/TIER TWO 5 YEARS)
CREDITABLE SERVICE YEARS
FORMULA FACTOR (CURRENTLY 3.0%)