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Eligibility, Your Vested Benefit and Filing – Article 14 Benefits
… age or when you reach age 55. Your early retirement age is the age at which you would have completed 20 years of service credit. The amount of your vested benefit will be based on your service, age at retirement and the salary you earned when you were an active member. Your …
https://www.osc.ny.gov/retirement/publications/1644/eligibility-your-vested-benefit-and-filingDivorce – Article 14 Benefits
… The New York State Court of Appeals has determined that …
https://www.osc.ny.gov/retirement/publications/1644/divorceCost-of-Living Adjustment – Article 14 Benefits
… including age and number of years retired, your retirement benefit will permanently increase each year. You will begin … the greater benefit. … Article 14 information for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/cost-living-adjustmentBorrowing Against Your Contributions – Article 14 Benefits
… balance when you retire will permanently reduce your pension. You cannot pay off your loan once you retire. The amount of your pension reduction will be based on your age, the loan balance at …
https://www.osc.ny.gov/retirement/publications/1644/borrowing-against-your-contributionsIRS Pension Limitation – Article 14 Benefits
… The Internal Revenue Code limits the amount of salary that qualified pension plans, including the New …
https://www.osc.ny.gov/retirement/publications/1644/irs-pension-limitationChallenging a Determination – Article 14 Benefits
… in the Albany, New York area. … Article 14 information for PFRS Tier 3 members Covers pension disability and death …
https://www.osc.ny.gov/retirement/publications/1644/challenging-determinationMore About This Retirement Plan – Article 14 Benefits
… This retirement plan summary describes benefits provided by Article 14 of the … the Comptroller of the State of New York, administers this plan. Our main office is in Albany, New York. This …
https://www.osc.ny.gov/retirement/publications/1644/more-about-retirement-planAccidental Disability – Article 14 Benefits
… retirement benefit. The Benefit This benefit is a pension equal to one-half (50 percent) of your FAS and is … Social Security disability benefits, the Social Security reduction begins immediately. If you are not receiving Social … … Article 14 information for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/accidental-disabilityOrdinary Disability – Article 14 Benefits
… Eligibility To qualify for the ordinary disability retirement benefit, you must: Be … Have five years of credited service; and Be eligible for primary Social Security disability benefits. The Benefit … of: One-third of your FAS or 2 percent of your FAS for each year of credited service, up to 25 years. It is …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-disabilityAccidental Death Benefit – Article 14 Benefits
… Eligibility Regardless of your years of service credit, if you die as the natural … ( Learn more about escalation. ) The benefit is paid to your beneficiaries, in this order: To your surviving … the accidental death benefit payments is not more than the amount of the ordinary death benefit, the difference will be …
https://www.osc.ny.gov/retirement/publications/1644/accidental-death-benefitOut-of-Service Death Benefit – Article 14 Benefits
… one year after leaving public employment, 50 percent of the ordinary death benefit may still be payable. This vested … notify us of your death as soon as possible so we can send the appropriate forms to your beneficiary. … Article 14 information for PFRS Tier 3 …
https://www.osc.ny.gov/retirement/publications/1644/out-service-death-benefitOrdinary Death Benefit – Article 14 Benefits
… to your designated beneficiary if you have 90 days of service and your death occurs: While you are on the payroll; … of $1,000. The salary is limited by Section 130 of the Civil Service law. The first $50,000 of this benefit is paid … contributions are also payable to your beneficiary. Filing Your family or employer should notify us of your death …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-death-benefitAvailable Options – Article 14 Benefits
… Single Life Allowance (Option 0) This is the basic retirement benefit. It provides for the maximum benefit … you with a reduced monthly benefit for your lifetime, and is based on your birth date and that of your beneficiary. … … Article 14 information for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/available-optionsReceiving Your Benefit and Filing Your Option Election – Article 14 Benefits
… you must decide how you want your retirement benefit paid. You can choose from several options, all of which will provide you with a monthly benefit for life. … the Single Life Allowance, which provides the maximum amount payable during your lifetime, with nothing payable to …
https://www.osc.ny.gov/retirement/publications/1644/receiving-your-benefit-and-filing-your-option-electionSocial Security Adjustment – Article 14 Benefits
… by one-half (50 percent) of the primary Social Security benefit — regardless of whether you are actually collecting a … for service with a public employer for which you received retirement credit. The primary Social Security benefit may … disability retirements. … Article 14 information for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/social-security-adjustmentEscalation – Article 14 Benefits
… Escalation is the annual increase or decrease of a benefit, based on the cost-of-living index. Service … However, a benefit will never decrease below the original amount paid. The full escalation date for a service retirement is …
https://www.osc.ny.gov/retirement/publications/1644/escalationRetirement at Age 62 With Less Than 20 Years of Service – Article 14 Benefits
… service retirement benefit equals 2.1 percent of your FAS for each year of service credit. The benefit is reduced by 50 … Annual Benefit — No Escalation Filing Your Application for Service Retirement (RS6037) must be on file with the … which your retirement will occur. … Article 14 information for PFRS Tier 3 members Covers pension disability and death …
https://www.osc.ny.gov/retirement/publications/1644/retirement-age-62-less-20-years-serviceEarly Retirement – Article 14 Benefits
… With 20 years of service credit, you can apply for early retirement regardless of your age. The early retirement benefit equals 42 percent of your FAS for 20 years of service credit plus an additional 4 percent of your FAS for each year of service (or prorated portion thereof) beyond …
https://www.osc.ny.gov/retirement/publications/1644/early-retirementNormal Retirement – Article 14 Benefits
… or early retirement, but must be separated from service on the first of the month following the month you reach 62. … — the annual increase or decrease of a benefit, based on the cost-of-living index. Some benefits are eligible for … Your Application for Service Retirement (RS6037) must be on file with the Office of the State Comptroller at least 15 …
https://www.osc.ny.gov/retirement/publications/1644/normal-retirementLeaves of Absence – Article 14 Benefits
… … Article 14 information for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/leaves-absence