You may retire at any age after completing 25 years of creditable service, or you may qualify for service retirement if you reach age 60 before having served 25 years of creditable service. If you are a correction lieutenant or above who is age 55 or older at retirement and an alternative regular plan would provide a greater benefit, you will receive the greater benefit.
The 25 Year Benefit
With 25 years of creditable service, your benefit will equal 50 percent of your Final Average Salary (FAS). For each year of service beyond 25 years, including service other than in an eligible title, you will receive an additional 1.66 percent of your FAS.
If you retire on or after age 60 with less than 25 years of service in an eligible title, the benefit is 2 percent of your FAS for each year of service. Other service is included at 1.66 percent of your FAS for each year. The total benefit may not exceed one-half of your FAS.
Members who retire between ages 55 and 60, with less than 25 years of creditable service, will receive a benefit of 1.66 percent of their FAS for each year of total service credit.
If you made any voluntary annuity savings contributions to the Retirement System, your benefit will also include an annuity purchased by your contributions and the interest earned.
Estimate Your Pension
Most members can estimate their pension using the benefit calculator in Retirement Online. The calculator uses your salary and service credit information to create an estimate. You can fine-tune your estimate by entering different retirement dates, beneficiaries, earnings, and service credit amounts to see how they affect your potential benefit, and then save or print it. Sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click the “Estimate my Pension Benefit” button.
Members in certain circumstances (for example, members who have recently transferred a membership to NYSLRS) are not able to use the Retirement Online calculator at this time. These members should contact us to request an estimate.
Your service retirement application must be on file with the Office of the State Comptroller at least 15 days, but not more than 90 days, before the date on which your retirement will occur. The 15-day filing requirement is waived if you are over age 70 at retirement.
To apply for retirement, sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click “Apply for Retirement.” You can also apply by mail by submitting the Application for Service Retirement (RS6037).
Read the Receiving Your Benefits section for more information about filing.