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Service Retirement Benefits – Article 14 Benefits
… for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/service-retirement-benefitsFinal Average Salary – Article 14 Benefits
… years of credited service and your final average salary (FAS). FAS is the average of the wages you earned during any 36 … types of payments. In some cases, certain restrictions may apply. Regular salary; Overtime earned in the FAS period; …
https://www.osc.ny.gov/retirement/publications/1644/final-average-salaryService Credit – 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/service-creditAbout Your Membership – Article 14 Benefits
… for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/about-your-membershipA Message From Comptroller Thomas P. DiNapoli – Article 14 Benefits
… System, you are covered by a plan that provides important benefits. This presentation explains some of those benefits and the services available to you as a member of our system, including: Benefits you will receive at retirement if you meet the … PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/message-comptroller-thomas-p-dinapoliAvailable Options – Article 14 Benefits
… Single Life Allowance (Option 0) This is the basic retirement … benefit payment to you each month for the rest of your life. Under this selection, all payments cease upon your … will receive the same monthly amount (without COLA) for life. If your beneficiary dies before you, all benefit …
https://www.osc.ny.gov/retirement/publications/1644/available-optionsReceiving Your Benefit and Filing Your Option Election – Article 14 Benefits
… all of which will provide you with a monthly benefit for life. You may elect the Single Life Allowance, which provides the maximum amount payable … process your retirement as if you had selected the Single Life Allowance (Option 0). …
https://www.osc.ny.gov/retirement/publications/1644/receiving-your-benefit-and-filing-your-option-electionSocial Security Adjustment – Article 14 Benefits
… will be reduced by one-half (50 percent) of the primary Social Security benefit — regardless of whether you are actually collecting a benefit from Social Security. The primary Social Security benefit is the part of your Social Security …
https://www.osc.ny.gov/retirement/publications/1644/social-security-adjustmentEscalation – Article 14 Benefits
… for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/escalationRetirement at Age 62 With Less Than 20 Years of Service – Article 14 Benefits
… Example: Retiring with 18 years of credited service and a $60,000 FAS Estimated primary Social Security benefit = … for PFRS Tier 3 members Covers pension disability and death benefits …
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) …
https://www.osc.ny.gov/retirement/publications/1644/early-retirementNormal Retirement – Article 14 Benefits
… 62. With at least 22 years of service credit, you can apply for normal retirement regardless of your age. The normal retirement benefit equals 50 percent of your FAS. When you turn 62, the normal retirement benefit is … Retiring with 25 years of credited service and a $60,000 FAS Estimated primary Social Security benefit = $12,000 50 …
https://www.osc.ny.gov/retirement/publications/1644/normal-retirementLeaves of Absence – Article 14 Benefits
… PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/leaves-absenceFull- and Part-Time Service Credit – Article 14 Benefits
… as long as: You work on a full-time, continuous basis; and You earn at least the annual equivalent of New York … for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/full-and-part-time-service-creditEnding Your Membership – Article 14 Benefits
… Once you join the Retirement System, your membership cannot end unless you: Are … public employment. Public employment means paid service as an officer or employee of an employer that participates in … public employment for at least 15 days and voluntarily withdraw your membership ; Transfer your membership to …
https://www.osc.ny.gov/retirement/publications/1644/ending-your-membershipWithdrawing Your Contributions and/or Your Membership – Article 14 Benefits
… service, you may choose to: End your membership and withdraw your accumulated contributions (with interest … Leave your contributions in your account and qualify for a retirement benefit when you become eligible. If you choose to withdraw, or you have less than five years of service and do …
https://www.osc.ny.gov/retirement/publications/1644/withdrawing-your-contributions-andor-your-membershipContributing Toward Your Retirement – Article 14 Benefits
… employer, once you join the Retirement System, all salary and service earned in connection with all employment must be … federal income tax; Reported as wages for New York State and local income taxes; Reported as wages for Social Security; Reported as wages to the New York State and Local Retirement System, and used in the calculation of …
https://www.osc.ny.gov/retirement/publications/1644/contributing-toward-your-retirementTier Status – 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/tier-statusRetirement System Membership – Article 14 Benefits
… a Retirement System member, you must complete and file a membership application with the Office of the State …
https://www.osc.ny.gov/retirement/publications/1644/retirement-system-membershipState Agencies Bulletin No. 1574
… for 21P teachers will end on the last day of the academic year as reported in the employee’s Contract Pay page. … agency in which the employee worked during the academic year but is not continuing in the Summer Session agency in … must be terminated effective 09/01/17. 2017-2018 Academic Year All procedures for the 2017-2018 academic year will be …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/1574-2017-summer-session-payments-institution-teachers