LEOPS is a defined benefit plan, like the Employees’ and Teachers’ Pension systems. LEOPS is similar to the other pension systems in most respects (vesting, creditable/eligibility service, unused sick leave credit, etc.), but the following features are different:
- Full retirement benefits are available at either age 50 or upon reaching 25 years of eligibility service.
- There is no early retirement benefit.
- The benefits formula is different for LEOPS than the other pension systems.