Vesting Requirement
What is vesting?
Being vested means that you’ve earned the required amount of creditable service to be able to qualify for a pension benefit.
A POAB member’s vesting is driven by their join date with the Fund.
- Joined on or before June 30, 2010 -- vested after a minimum of 10 years .
- Joined on or after July 1, 2010—vested after a minimum of 15 years.
When am I eligible to draw?
- Members must be vested with POAB and at least 55 years old.
- 30 Year Eligibility - Members who have 30 years of creditable service with POAB
Members must apply for retirement benefits within 90 days from the date of eligibility to avoid losing retirement benefits. After 90 days, the Fund will not provide retroactive retirement benefits; the member's retirement will be Effective upon Receipt. Should a member be unable to apply for benefits within 90 days because of extenuating circumstances, they will need to request retroactive benefits by writing to the Board of Commissioners.