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Accidental Death Benefit – Article 14 Benefits

… and proximate result of an on-the-job accident, not due to your own willful negligence, an accidental death benefit may be payable on your behalf. The Benefit This is a pension equal to one-half (50 percent) of your FAS and is … children, until they reach age 25; To your dependent parent or parents, as determined under regulations …

https://www.osc.ny.gov/retirement/publications/1644/accidental-death-benefit

Out-of-Service Death Benefit – Article 14 Benefits

… forms to your beneficiary. … Article 14 information for PFRS Tier 3 members Covers pension disability and death …

https://www.osc.ny.gov/retirement/publications/1644/out-service-death-benefit

Ordinary Death Benefit – Article 14 Benefits

… An ordinary death benefit may be payable to your designated beneficiary if you have 90 days of service … or While you are on an authorized medical leave for up to two years (which may be extended for an additional two … Compensation or other employer-funded benefits for up to two years (which may be extended for an additional two …

https://www.osc.ny.gov/retirement/publications/1644/ordinary-death-benefit

Available Options – Article 14 Benefits

… benefit. It provides for the maximum benefit payment to you each month for the rest of your life. Under this selection, all payments cease upon your death. When you die (even if it is only one year, or sooner, after … Joint Allowance — Full* This option will provide you with a reduced monthly benefit for your lifetime, and is …

https://www.osc.ny.gov/retirement/publications/1644/available-options

Receiving Your Benefit and Filing Your Option Election – Article 14 Benefits

… beneficiary after your death. Filing Your Option Election You must file your Option Election form (unless notified otherwise, as in the case of … after your retirement date, whichever is later. If your election is not timely, by law, we must process your …

https://www.osc.ny.gov/retirement/publications/1644/receiving-your-benefit-and-filing-your-option-election

Social Security Adjustment – Article 14 Benefits

… 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 benefit …

https://www.osc.ny.gov/retirement/publications/1644/social-security-adjustment

Escalation – 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/escalation

Retirement at Age 62 With Less Than 20 Years of Service – Article 14 Benefits

… At age 62, your service retirement benefit equals 2.1 percent of your FAS for each … The benefit is reduced by 50 percent of your primary Social Security benefit. Example: Retiring with 18 years of credited …

https://www.osc.ny.gov/retirement/publications/1644/retirement-age-62-less-20-years-service

Early 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 … cannot exceed 50 percent of your FAS. When you turn 62, the early retirement benefit is reduced by 50 percent of your …

https://www.osc.ny.gov/retirement/publications/1644/early-retirement

Normal Retirement – Article 14 Benefits

… but must be separated from service on the first of the month following the month you reach 62. With at least 22 … your FAS. When you turn 62, the normal retirement benefit is reduced by 50 percent of your primary Social Security … for escalation — the annual increase or decrease of a benefit, based on the cost-of-living index. Some benefits …

https://www.osc.ny.gov/retirement/publications/1644/normal-retirement

Leaves of Absence – Article 14 Benefits

… Half credit is given for sick leave at half pay. Since service is usually not credited for any period of time you do not receive a salary, credit is not given for: Leaves of absence without pay; Authorized, unpaid …

https://www.osc.ny.gov/retirement/publications/1644/leaves-absence

Full- and Part-Time Service Credit – Article 14 Benefits

… Employment If you join the Retirement System on the day you begin employment with a participating employer, we … by your employer, but must be at least six hours per day, for a five-day week. Part-Time Employment Part-time employment is credited …

https://www.osc.ny.gov/retirement/publications/1644/full-and-part-time-service-credit

Ending Your Membership – Article 14 Benefits

… than ten years of service credit, leave public employment for at least 15 days and voluntarily withdraw your … system; Retire; or Die. … Article 14 information for PFRS Tier 3 members Covers pension disability and death …

https://www.osc.ny.gov/retirement/publications/1644/ending-your-membership

Withdrawing Your Contributions and/or Your Membership – Article 14 Benefits

… at 5 percent per year); or Leave your contributions in your account and qualify for a retirement benefit when you become eligible. If you … have less than five years of service and do not qualify for a retirement benefit, you should file the Withdrawal …

https://www.osc.ny.gov/retirement/publications/1644/withdrawing-your-contributions-andor-your-membership

Contributing Toward Your Retirement – Article 14 Benefits

… You are required to contribute 3 percent of your gross earnings toward your retirement benefits for 25 … and Local Retirement System, and used in the calculation of all benefits paid by the Retirement System; and Calculated … to October 1, 2013 and is not retroactive. Page updated as of 11/13 … Article 14 information for PFRS Tier 3 members …

https://www.osc.ny.gov/retirement/publications/1644/contributing-toward-your-retirement

Tier Status – Article 14 Benefits

… 14 information for PFRS Tier 3 members Covers pension disability and death benefits …

https://www.osc.ny.gov/retirement/publications/1644/tier-status

Retirement System Membership – Article 14 Benefits

… Police officers and paid firefighters working for employers that participate in the New York State and … Office of the State Comptroller. … Article 14 information for PFRS Tier 3 members Covers pension disability and death …

https://www.osc.ny.gov/retirement/publications/1644/retirement-system-membership

Stay Informed – Article 14 Benefits

… are an important part of a solid financial plan. They can help you and your beneficiaries achieve financial security in … to our blog, New York Retirement News , where you’ll find tools to help you understand your benefits, as well as …

https://www.osc.ny.gov/retirement/publications/1644/stay-informed