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Cost-of-Living Adjustment – Article 14 Benefits
… permanently increase each year. You will begin receiving COLA when you are: 62 or older and retired for five or more … death, he or she will be eligible to receive half of the COLA amount you would have been entitled to receive. Once you … adjustment, your benefit will include either the COLA or escalation (if eligible), whichever adjustment …
https://www.osc.ny.gov/retirement/publications/1644/cost-living-adjustmentBorrowing Against Your Contributions – Article 14 Benefits
… 75 percent of your contributions. Each loan must be for a minimum of $1,000, so you must have an account balance of at … balance when you retire will permanently reduce your pension. You cannot pay off your loan once you retire. The … at retirement, and type of retirement (regular service or disability). These are examples of how your service …
https://www.osc.ny.gov/retirement/publications/1644/borrowing-against-your-contributionsIRS Pension Limitation – Article 14 Benefits
… fiscal year (April 1st – March 31st). The amount is set by federal law and is periodically adjusted for inflation. … …
https://www.osc.ny.gov/retirement/publications/1644/irs-pension-limitationChallenging a Determination – Article 14 Benefits
… denied or improperly calculated, you may request a hearing and redetermination to be held before a hearing officer. Your request must be in writing and filed with the Hearing Administration Bureau within four months of the …
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 Retirement and Social Security Law (RSSL) as enacted … and Local Retirement System, headed by the Comptroller of the State of New York, administers this plan. Our main …
https://www.osc.ny.gov/retirement/publications/1644/more-about-retirement-planAccidental Disability – Article 14 Benefits
… caused by your own willful negligence. There is no minimum service requirement for an accidental disability retirement … application should be filed while you are still in active service. Active service is defined as: Service while on your employer’s payroll; or When you are on an authorized medical leave of …
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 unable to perform your duties because of a … 2 percent of your FAS for each year of credited service, up to 25 years. It is reduced by 100 percent of any Workers’ …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-disabilityAccidental Death Benefit – Article 14 Benefits
… escalation. ) The benefit is paid to your beneficiaries, in this order: To your surviving spouse, provided he or she … than one child, parent or other dependent. If the total of all the accidental death benefit payments is not more than … had to be filed within two years of your date of death). *All beneficiaries would be eligible for annual COLAs after …
https://www.osc.ny.gov/retirement/publications/1644/accidental-death-benefitOut-of-Service Death Benefit – Article 14 Benefits
… If you are a vested member with at least ten years of credited service, have not retired and you die more than one year after leaving public employment, 50 percent of the ordinary death benefit may still be payable. This … … Article 14 information for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/out-service-death-benefitOrdinary Death Benefit – Article 14 Benefits
… or Within 12 months of the last date you were receiving salary, provided you were not otherwise gainfully employed … … Article 14 information for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-death-benefitAvailable Options – Article 14 Benefits
… payment methods. These requests must be outlined in detail by you and then approved by us for legal and actuarial soundness. *If you elect this …
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 … may elect to receive a smaller monthly benefit to provide for a possible payment to a designated beneficiary after your … Single Life Allowance (Option 0). … Article 14 information for PFRS Tier 3 members Covers pension disability and death …
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 … for service with a public employer for which you received retirement credit. The primary Social Security benefit may …
https://www.osc.ny.gov/retirement/publications/1644/social-security-adjustmentEscalation – Article 14 Benefits
… each April at a rate equal to the increase or decrease in the cost-of-living index or 3 percent, whichever is less. …
https://www.osc.ny.gov/retirement/publications/1644/escalationRetirement at Age 62 With Less Than 20 Years of Service – Article 14 Benefits
… Security Benefit Reduction $22,680 − $6,000 = $16,680 Total Annual Benefit — No Escalation Filing Your Application … 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) beyond …
https://www.osc.ny.gov/retirement/publications/1644/early-retirementNormal Retirement – Article 14 Benefits
… You can choose normal retirement or early retirement, but must be separated from service on the first … least 22 years of service credit, you can apply for normal retirement regardless of your age. The normal retirement …
https://www.osc.ny.gov/retirement/publications/1644/normal-retirementLeaves of Absence – Article 14 Benefits
… Medical Leave Act. Workers’ Compensation You may be able to receive credit for some or all of your Workers’ Compensation leave. To determine your eligibility and the cost (if any), please send a request to the Retirement System for review. State Police employees …
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
… you left public employment. Public employment means paid service as an officer or employee of an employer that … and Local Retirement System; Have less than ten years of service credit, leave public employment for at least 15 days …
https://www.osc.ny.gov/retirement/publications/1644/ending-your-membership