The Board will pay $700 per year for 5 years. This enhancement starts 5 years before you are first eligible to retire. It also allows members to use a combination of STRS and SERS service time. If a member retires when first eligible after collecting an extra $700 per year, then it could translate to close to $540 per year extra, for life.
The Board insisted on forcing people to submit paperwork to prove it they are eligible. So, we will have to continue submitting paperwork each of the 5 years. If you miss a deadline you lose out on your $700 that year.
In October you should have received your annual statement from STRS and/or SERS or you can print out your statement by setting up an online account. The statements of account covers all years of service credit up to June 30 of the last school year. If your statement indicates that you are eligible to retire in 5 year then you are eligible for the $700 and the Human Resources Department needs to be so informed by November 15th. Keep in mind that you must apply each year for 5 years that you are eligible to receive the enhancement.