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Ending Your Membership – Non-Contributory Plan with Guaranteed Benefits
… withdraw your membership ; If you transfer your membership to another New York State public retirement system; If you … officer or employee with an employer that participates in the New York State and Local Retirement System. 1 Updated …
https://www.osc.ny.gov/retirement/publications/1513/ending-your-membershipHow Contribution Rates Are Determined – What Every Employer Should Know
… NYSLRS’ Actuary ensures that adequate assets are being accumulated to pay benefits as they become due … benefits (actuarial liabilities). Some of the factors used to determine the value of future benefits include: … each plan allows for different benefits. Rev. 2/23 … What every employer should know about NYSLRS what it means to …
https://www.osc.ny.gov/retirement/employers/partnership/how-contribution-rates-are-determinedAbout Offering a Retirement Plan – What Every Employer Should Know
… Why offer a Retirement System plan to your employees? Being part of NYSLRS enables municipal employers, regardless of their size, to offer employees an attractive benefits package, including a defined benefit …
https://www.osc.ny.gov/retirement/employers/partnership/about-offering-retirement-planAbout the Retirement System – What Every Employer Should Know
… The New York State and Local Retirement System (NYSLRS) administers two distinct systems — the Employees’ … and Fire Retirement System (PFRS), created in 1966. NYSLRS is one of the largest public retirement systems in the world. …
https://www.osc.ny.gov/retirement/employers/partnership/about-retirement-systemFactors Affecting an Employer’s Annual Payment – What Every Employer Should Know
… Who Are Members Generally, the more members there are on an employer’s payroll, the higher the employer’s annual …
https://www.osc.ny.gov/retirement/employers/partnership/factors-affecting-employers-annual-paymentLong-Term Expected Contribution Rates – What Every Employer Should Know
… review long-term expected rates by retirement system, tier and plan by clicking on the Final Rates links provided on on … rates from for both Employees’ Retirement System (ERS) and Police and Fire Retirement System (PFRS) employers on the charts …
https://www.osc.ny.gov/retirement/employers/partnership/long-term-expected-contribution-ratesWest Colesville Volunteer Fire Company, Inc. – Board Oversight (2022M-45)
… information to ensure all disbursements were appropriate and necessary. As a result, the Company made unnecessary … Ensure adequate records were maintained. As a result, we and the Board could not determine whether all collections … as required. Develop adequate written financial policies and procedures. Key Recommendations Revise the bylaws or …
https://www.osc.ny.gov/local-government/audits/fire-company-or-department/2022/07/01/west-colesville-volunteer-fire-company-inc-board-oversightAbout Benefit Reductions
… Benefit Reduction for Early Retirement Members in regular retirement plans can retire with full benefits at the age specified by their plan, or choose to retire as early as age 55 with a … ERS Tier 6 members and PFRS Tier 2, 3, 5 and 6 members not in a special 20- or 25-year plan will be reduced for early …
https://www.osc.ny.gov/retirement/members/about-benefit-reductionsDeath Benefits
… report the death of a member using our online death report form or they can call 866-805-0990 and press 3 then 1. We’ll … benefit. Up to $50,000 of this benefit is paid in the form of group term life insurance, which is exempt from … Rev. 3/23 … NYSLRS members who die before retiring may leave their survivors an ordinary death benefit an accidental …
https://www.osc.ny.gov/retirement/members/death-benefitsCity of Troy – Budget Review (B20-5-11)
… review was to determine whether the significant revenue and expenditure projections in the City’s proposed budget for … general fund for the years ending December 31, 1993, 1994 and 1995. New York State Local Finance Law requires all … are outstanding. Key Findings The significant revenue and expenditure projections in the proposed budget are …
https://www.osc.ny.gov/local-government/audits/city/2020/11/06/city-troy-budget-review-b20-5-11Preparing for Retirement
… you’ll need to consider. Step One: Sign up for Retirement Online , our self-service tool that offers an easy and secure … way to review your benefits and conduct transactions in real time. Sign Up or Sign In to update your contact … a budget allows you to decide how you want to spend your money and aids you in keeping your long-term goals in focus. …
https://www.osc.ny.gov/retirement/members/preparing-retirementMember Contributions
… to determine what your annual wage would be if you worked full-time. Once you have been a member for more than two full state fiscal years, your contribution rate is calculated … the Election to Make Voluntary Contributions (RS5379) form . File the election form with your payroll office. …
https://www.osc.ny.gov/retirement/members/member-contributionsPost Retirement Reporting
… NYSLRS retiree exceeds the earnings limit. Annually report all public retirees who were on payroll during the previous … the Post Retirement Reporting Page is available in Retirement Online if you: Still use legacy reporting; or … annual reporting requirement. No action is required. Set Up Your Enhanced Reporting Transition Plan Today All …
https://www.osc.ny.gov/retirement/employers/post-retirement-reportingTown of Addison - Supervisor's Fiscal Responsibilities (2019M-03)
… Recommendations The Supervisor should: Collect, disburse and maintain custody of all Town funds in accordance with policies, procedures and Town Law. Provide proper oversight of the bookkeeper. … Town officials generally agreed with our recommendations and stated they initiated corrective action. Appendix B …
https://www.osc.ny.gov/local-government/audits/town/2019/04/26/town-addison-supervisors-fiscal-responsibilities-2019m-03Otselic Valley Central School District – Procurement (2022M-58)
… officials used a competitive process to procure goods and services not subject to competitive bidding. Key Findings … officials did not always seek competition to procure goods and services not subject to competitive bidding. Out of nine … competitive bidding threshold reviewed totaling $109,671 and two professional service contracts totaling $35,038, …
https://www.osc.ny.gov/local-government/audits/school-district/2022/07/08/otselic-valley-central-school-district-procurement-2022m-58Selected Programs to Assist Businesses in New York City
… Objectives To determine whether the New York City Department of Small Business Services provided …
https://www.osc.ny.gov/state-agencies/audits/2024/03/14/selected-programs-assist-businesses-new-york-cityWarsaw Central School District – Out-of-District Tuition Billing (2021M-140)
… agreed with our recommendations and indicated they have initiated or planned to initiate corrective action. … …
https://www.osc.ny.gov/local-government/audits/school-district/2021/12/03/warsaw-central-school-district-out-district-tuition-billing-2021m-140Town of East Hampton - Budget Review (B21-7-11)
… review was to determine whether the significant revenue and expenditure projections in the Town’s tentative budget … general fund as of December 31, 2007, December 31, 2008 and December 31, 2009. New York State Local Finance Law … of our review, we found that the significant revenue and expenditure projections in the tentative budget are …
https://www.osc.ny.gov/local-government/audits/town/2021/11/08/town-east-hampton-budget-review-b21-7-11Buffalo Academy of Science Charter School - Procurement (2019M-250)
… whether a competitive process is used to procure goods and services. Key Findings The School’s procurement policy is … as required by the School’s policy. Seek competition and obtain quotes for purchases, as required by the policy and as recommended in the procurement procedures. School …
https://www.osc.ny.gov/local-government/audits/charter-school/2020/03/13/buffalo-academy-science-charter-school-procurement-2019m-250Oversight of New York State Forest Tax Programs
… Objective To determine if the Department of Environmental Conservation (Department) is adequately … in the protection of the environmental benefits of the State’s forest resources. The audit covers properties that … million acres, about 14 million acres (74%) are privately owned. To encourage the long-term management of privately …
https://www.osc.ny.gov/state-agencies/audits/2022/04/20/oversight-new-york-state-forest-tax-programs