The Age 55 Retirement Program is a retirement plan option that allows participating Tier II, III, and IV members to retire with unreduced benefits before the age of 62. After making Additional Member Contributions (AMCs) to the pension plan during their career, Program participants may retire with unreduced benefits as early as age 55, provided they meet applicable Total Service Credit requirements. The Age 55 Retirement Program was established for employees of the Department of Education (DOE) or participating Charter Schools only, and it is no longer available for members to opt in. 

Under the “55/25” provisions of the Program, participants may retire as early as age 55 if they have at least 25 years of Total Service Credit as of their retirement date. Under the “55/27” provisions, participants must have at least 27 years of Total Service Credit as of their retirement date. The provisions that apply generally depend on participants' TRS membership date:

• Members whose TRS membership began on or before February 27, 2008 and who opted into the program are covered by the “55/25” provisions.
• Members whose TRS membership began after February 27, 2008 and on or before December 10, 2009 are automatically covered by the “55/27” provisions. (Also, certain members whose TRS membership began on or before February 27, 2008 were eligible to opt into the program under the “55/27” provisions.)
• Members whose TRS membership began after December 10, 2009 and before April 1, 2012 (sometimes known as “Chapter 504” participants) are automatically covered by the “55/27” provisions. Prior to Chapter 56 of the Laws of 2022, participants under Chapter 504 needed 10 years of Total Service Credit to become vested.

Age 55 Retirement Program participants who retire before reaching 25 or 27 years of Total Service Credit (as applicable) may retire with reduced benefits. Those who retire at age 62 or older may be eligible for a refund of half of their AMCs after they retire.