Special 20- and 25-Year Plans
For PFRS Tier 2, 3 (Article 11), 5 and 6 Members, (Sections 383-e and 383-f)

Partial Lump Sum Payment

Special 20- and 25-Year Plans
For PFRS Tier 2, 3 (Article 11), 5 and 6 Members, (Sections 383-e and 383-f)

Are members covered under Section 383-e or 383-f eligible for a partial lump sum payment at retirement?

Yes, eligible members can choose to receive a partial lump sum payment (PLS) at retirement. To be eligible, you must:

  • Retire under a special 20- or 25-year plan;
  • Have been eligible to retire with a service retirement benefit for at least one year before your date of retirement; and
  • Retire with a service retirement benefit (not a disability benefit).

The amount of a PLS payment is a percentage of the total actuarial value of your retirement benefit at the time you retire. The percentages available to you are based on the number of years you have been eligible to retire.

If you choose to receive a PLS payment, your lifetime monthly pension benefit will be permanently reduced. You cannot repay the PLS payment in the future to increase your monthly pension benefit. And once eligible, your cost-of-living adjustment (COLA) will be based on the amount of your reduced pension benefit.

For more information, including the taxability of a PLS payment, read Partial Lump Sum (PLS) Payment at Retirement — For Eligible NYSLRS Members.

 

Rev. 10/25