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What is a Defined Benefit Plan?
… by many private employers. Perhaps the greatest benefit is that, once you meet the minimum age and service … However, the biggest contributor to your pension plan is the New York State Common Retirement Fund . Over the past … may pay a set amount; or they may “match” all or part of what an employee contributes. Investments Contributions from …
https://www.osc.ny.gov/retirement/members/defined-benefit-planState Agencies Bulletin No. 2347
… Purpose: The purpose of this bulletin is to provide agency instructions for processing the 2025 Institution Teacher Summer Session … grade of his/her regular position. Effective Date(s): This payment is effective the beginning of Summer Session as … The purpose of this bulletin is to provide agency instructions for …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/2347-procedures-processing-2025-summer-session-payments-institution-teachersRetirement Contribution Borrowing Limits
… Signed into law on September 12, 2017 as Chapter 303 of the Laws of 2017 – A.8093 (Abbate) / S.6391 (Golden) – Establishes a cap on the amount that certain Tier 6 members of the New York State and Local Retirement System may borrow … Establishes a cap on the amount that certain Tier 6 members of the New York State and Local Retirement System may borrow …
https://www.osc.ny.gov/legislation/retirement-contribution-borrowing-limitsContributing Toward Your Retirement – Article 14 Benefits
… contributions are reportable for federal income tax only when you withdraw or retire from the Retirement System. … York State and local income taxes; Reported as wages for Social Security; Reported as wages to the New York State and Local …
https://www.osc.ny.gov/retirement/publications/1644/contributing-toward-your-retirementEstablishing the Standard Work Day – Legacy Reporting
… you must first establish, by board resolution or contract, the number of hours that constitute a standard work day (SWD) … through Retirement Online including their earnings the number of days they worked and more …
https://www.osc.ny.gov/retirement/employers/legacy-reporting/establishing-standard-work-dayState Agencies Bulletin No. 2140
… Summer Session Payments. Affected Employees: Teachers in the Professional, Scientific and Technical Services Unit in BU05 or designated Management or Confidential in BU06 who work Summer Session in 2023 are affected. …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/2140-procedures-processing-2023-summer-session-payments-institution-teachersState Agencies Bulletin No. 2033
… Purpose The purpose of this bulletin is to provide agency instructions for processing the 2022 … rate of pay equal to his/her regular rate of pay when work is performed in his/her regular position and/or in a title … his/her regular position. Effective Date(s) This payment is effective the beginning of Summer Session as determined by …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/2033-procedures-processing-2022-summer-session-payments-institution-teachersState Agencies Bulletin No. 2242
… Summer Session Payments. Affected Employees: Teachers in the Professional, Scientific and Technical Services Unit in BU05 or designated Management or Confidential in BU06 who work Summer Session in 2024 are affected. …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/2242-procedures-processing-2024-summer-session-payments-institution-teachersComparison of ERS Benefits
… years of membership or service credit. 3% of gross salary for all years of public service except: State Correction Officers whose contributions are limited to 30 years. Uniformed Court and Peace Officers (UCPOs) employed … subject to limitations. FAE Limitation The earnings in any year cannot exceed the average of the previous two …
https://www.osc.ny.gov/retirement/employers/comparison-ers-benefitsState Agencies Bulletin No. 1016
… with a new tool to maintain up-to-date employee addresses in the PayServ system. Affected Employees All Effective … the validity of the address. A new report is available in Control-D to enable agencies to obtain the latest … containing the home, mail and check address as recorded in PayServ to be matched to change of address information …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/1016-maintaining-date-employee-addresses-payserv-systemDual Membership in NYSLRS – Divorce and Your Benefits
… NYSLRS pensions are considered marital property and may be divided when a marriage ends Guide to …
https://www.osc.ny.gov/retirement/members/divorce/dual-membership-nyslrsDefinitions – Contribution Stabilization Program
… the Comptroller. The Actuary determines the present value of current and future retirement benefits based on the … Comptroller on Actuarial Assumptions. The present value of benefits is then compared to the value of the Common Retirement Fund’s assets. The difference …
https://www.osc.ny.gov/retirement/employers/csp/definitionsRegulation for Scheduling, Adjourning and Conduct of Administrative Hearings
… rules which shall be followed for the scheduling of and conduct of such hearings. §317.2 Notice of hearings (a) … the course of the proceeding. (Return to Top) §317.3 Conduct of hearings (a) All hearings shall be conducted in an … of the applicant's case that it should be necessary to conduct a subsequent hearing or hearings for the retirement …
https://www.osc.ny.gov/retirement/members/regulation-for-hearingsNew York State Common Retirement Fund
The New York State Common Retirement Fund holds and invests the assets of the New York State and Local Retirement System
https://www.osc.ny.gov/common-retirement-fundAbout Benefit Reductions
… members who retire between 55 and 62 with 30 or more years of service credit. Tier 5 Uniformed Court Officers and Peace … employed by the Unified Court System with 30 or more years of service can also retire between 55 and 62 with an unreduced benefit. Retirement benefits of all other ERS Tier 5 members, ERS Tier 6 members and PFRS …
https://www.osc.ny.gov/retirement/members/about-benefit-reductionsUnified Court System Bulletin No. UCS-327
… Increases. Affected Employees : Eligible employees in the following bargaining units who meet the eligibility … bargaining units (DR, F8, SY, 87) provides for an increase in Senior Officer Series Differential payments effective … the following earnings code on or after 04/01/2021 while in an eligible Bargaining Unit are eligible to receive the …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/unified-court-system/ucs-327-april-2021-april-2022-and-april-2023-state-new-york-unifiedDiNapoli Announces $2B Strategic Partnership With Goldman Sachs Asset Management For Global Equity Investments
… with Goldman Sachs Asset Management (GSAM) to invest in a diverse group of global equity strategies viewed as … initially focus on dynamic manager selection opportunities in global equities to enhance returns in the Fund’s equity portfolio. GSAM will also provide …
https://www.osc.ny.gov/press/releases/2014/09/dinapoli-announces-2b-strategic-partnership-goldman-sachs-asset-management-global-equity-investmentsDiNapoli: NYSLRS Announces Employers' Retirement System Contribution Rates for 2023-2024
… Fiscal Year 2023-24 will increase from 11.6% to 13.1% of payroll for the Employees’ Retirement System (ERS) and from 27.0% to 27.8% of payroll for the Police and Fire Retirement System (PFRS). NYSLRS is made up of these two systems, which pay retirement and disability …
https://www.osc.ny.gov/press/releases/2022/09/dinapoli-nyslrs-announces-employers-retirement-system-contribution-rates-2023-2024State Agencies Bulletin No. 962
… agencies with procedures to populate retirement records in PayServ for employees who enroll in PFRS Affected Employees Employees who first join PFRS on … agencies with procedures to populate retirement records in PayServ for employees who enroll in PFRS …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/962-new-tier-5-benefit-structure-new-york-state-police-and-fire-retirementAbout Filing the Resolution – Reporting Elected and Appointed Officials
… What if I make a mistake in my data entry after I’ve certified it? Do I have to enter the information from the Standard Work Day … your Retirement Online Account Homepage. Then, enter your location code, select a retirement system and click ‘Search.’ …
https://www.osc.ny.gov/retirement/employers/reporting-ea-officials/about-filing-resolution