I keep hearing from newer officers that they are being told that they must do 33 or 30 years before they are eligible to retire. They are being told this in the Academy, hearing it from their chain of command and being told this by other senior officers. I am here to set the record straight and inform you that this is completely wrong.

Everyone — no matter what PERS contract you were hired on — vests at five years of service. That means after that five years, you are eligible to receive a pension when you reach a certain age.

There are three different PERS plans that all our members fall under, and which one you fall under will be based on your hire date. These plan dates are as follows:

• Hired before January 1, 2010
• Hired on after January 1, 2010
• Hired on or after January 1, 2015

You can find and read the complete contract or plan at nvpers.org, under Publications/Retirement Brochures. I urge you to go to the website, create a login for your account and study your plan documents.

The major differences between these plans are pretty much the differences in retirement age. Below is a quick summary of when you can retire without penalty based on the plan you are in.

• Pre-2010 plan: Five years of service and age 65; 10 years of service and age 55; 20 years of service and age 50; 25 years of service and any age. This plan’s service multiplier is 2.67% a year.
• January 1, 2010 plan: Five years of service and age 65; 10 years of service and age 60; 20 years of service and age 50; 30 years of service and any age. This plan’s service multiplier is 2.50% a year.
• July 1, 2015 plan: Five years of service and age 65; 10 years of service and age 60; 20 years of service and age 50. This plan’s service multiplier is 2.50% a year.

If you retire early, all of these plans will penalize you for each year under the retirement age as follows:

• Pre-2010 plan: 4% for each full year member is under full retirement age and prorated for each month.
• January 1, 2010 plan: 6% for each full year member is under full retirement age and prorated for each month.
• July 1, 2015 plan: 6% for each full year member is under full retirement age and prorated for each month.

Currently, members of all plans can purchase service credit. However, under the 2015 plan, the time you purchase does not allow you to retire earlier. It will only increase your pension by the amount you purchase.

As always, if you have a question about any of your benefits, reach out to me directly, and I will be sure to get you the correct information.