A full pension comes at
- Age 65 with 10 or more years Hybrid Handbook p. 29, §7.1
- Age 60 with 15 or more years Hybrid Handbook p. 29, §7.1
- At least age 55 with age plus years of service totaling 85 or more (Rule of 85). Years and months count. Hybrid Handbook p. 29, §7.1 (example: 55 years 3 months + 29 years 9 months = 85)
Example from the handbook: 55 years 3 months plus 29 years 9 months of service = 85. Hybrid Handbook p. 29, §7.1 NOTE
Early: 50 to 59 with 15 years
Between ages 50 and 59 with 15 or more years: reduced pension, reduced for life (even after age 60). Hybrid Handbook p. 32, §7.9 Early Retirement with a Reduced Benefit
| Age at retirement | You keep | On $917 a month |
|---|---|---|
| 59 | 89% | $816 |
| 58 | 84% | $770 |
| 57 | 79% | $724 |
| 56 | 74% | $678 |
| 55 | 69% | $633 |
| 54 | 64% | $587 |
| 53 | 59% | $541 |
| 52 | 54% | $495 |
| 51 | 49% | $449 |
| 50 | 44% | $403 |
The dollar column is our illustration: $50,000 × 1.1% × 20 years ÷ 12 = $916.67 before the cut.
Between birthdays
Reduced for each month between age at early retirement and 65: 1/10 of 1% for each month from 60 to 65 (6% total) plus 5/12 of 1% for each month from the early retirement age to 60. At whole ages this reproduces the handbook table (59 -> 89%, 50 -> 44%). '96 Account actuarial valuation (June 30, 2025), p. 57, Appendix B, Monthly Benefits Payable, Early retirement; Pre-'96 Account actuarial valuation (June 30, 2025), p. 54
So at 55 and 6 months you'd keep 71.5%, between the table's 69% at 55 and 74% at 56.
The handbook's early-retirement table lists whole ages only, like 69% at 55 and 74% at 56. INPRS's actuaries describe the cut month by month, which puts ages in between at points between those figures.
We use the month-by-month rule. At 55 and 6 months, for example, that's 71.5% of your pension.
Hybrid Handbook pp. 32-33, §7.9; '96 Account actuarial valuation (June 30, 2025), p. 57The handbook doesn't say whether your age and service are counted on your retirement date (the 1st of the month) or on your last day at work.
We count your age in whole months on the retirement date you enter.
Hybrid Handbook pp. 29-30, §7.2From the sources
- You get a full, unreduced pension at age 65 with 10 years of service, at age 60 with 15 years, or at 55 or older when your age plus your service equals 85 or more (the Rule of 85).Hybrid Handbook p. 29, §7.1
- The Rule of 85 counts months. In the handbook's example, someone aged 55 years 3 months with 29 years 9 months of service adds up to 85. You still have to be at least 55.Hybrid Handbook p. 29, §7.1 NOTE
- Your retirement takes effect on the 1st of the month after your last day in pay. For example, a last day in pay of August 2 means a September 1 retirement. Payments are dated the 1st of each month. If you wait to apply, INPRS can pay only 6 months of back benefits.Hybrid Handbook pp. 29-30, §7.1-7.3
- You can retire early at age 50 to 59 if you have at least 15 years of service. Your pension is reduced, and it stays reduced for life, even after you turn 60.Hybrid Handbook p. 32, §7.9
- The percent of your pension you keep depends on your age: 89% at 59, 84% at 58, 79% at 57, 74% at 56, 69% at 55, 64% at 54, 59% at 53, 54% at 52, 49% at 51 and 44% at 50.Hybrid Handbook pp. 32-33, §7.9 table
- Check with INPRSINPRS's actuaries describe the reduction by month: 1/10 of 1% for each month from 60 to 65, plus 5/12 of 1% for each month you are under 60. At whole ages that gives the handbook's table. Our calculator uses it for ages in between.The handbook shows whole ages only; the statute (IC 5-10.2-4-5) wasn't checked.'96 Account actuarial valuation (June 30, 2025), p. 57, Appendix B
- If you're 60 to 64 with 10 to 14 years of service, there's no early pension. You can start at 65, or at 60 once you reach 15 years.Hybrid Handbook p. 29, §7.1; p. 32, §7.9
Questions
When can I retire early from TRF?
From age 50 with at least 15 years of service, until you qualify for a full pension.
Does the reduction go away at 60 or 65?
No. The handbook says an early pension stays reduced for life, even after you turn 60.
I'm 62 with 12 years. Can I retire early?
No. Early retirement needs 15 years. With 10 to 14 years you can start a full pension at 65, or at 60 once you reach 15 years.
Source: Teachers' Retirement Fund Hybrid Plan Member Handbook, Effective 07/01/2025, pp. 29, 29-30, 32, 32-33. Also: '96 Account actuarial valuation (June 30, 2025) p. 57; Pre-'96 Account actuarial valuation (June 30, 2025) p. 54; INPRS ACFR FY2025 pp. 30-31. Last reviewed .