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Borrowing Against Your Contributions – Article 14 Benefits
… and 30 days after issuance, loans are fully insured in case you die before repaying them. To apply, you must file a …
https://www.osc.ny.gov/retirement/publications/1644/borrowing-against-your-contributionsIRS Pension Limitation – Article 14 Benefits
… the New York State and Local Retirement System, may use in calculating benefits. Section 401(a)(17) affects members … excludes earnings over $245,000 (effective April 1, 2011) in the State’s fiscal year (April 1st – March 31st). The …
https://www.osc.ny.gov/retirement/publications/1644/irs-pension-limitationChallenging a Determination – Article 14 Benefits
… We can pay only those benefits authorized by law, and cannot pay you any benefits if you do not meet all the eligibility requirements established by law. If you believe that your benefit has been incorrectly …
https://www.osc.ny.gov/retirement/publications/1644/challenging-determinationMore About This Retirement Plan – Article 14 Benefits
… of New York, administers this plan. Our main office is in Albany, New York. This publication is a general summary of …
https://www.osc.ny.gov/retirement/publications/1644/more-about-retirement-planAccidental Disability – Article 14 Benefits
… accident sustained in the performance of duties not caused by your own willful negligence. or You are awarded primary … accident sustained in the performance of duties not caused by your own willful negligence. There is no minimum service … equal to one-half (50 percent) of your FAS and is reduced by 100 percent of any Workers’ Compensation benefit payable …
https://www.osc.ny.gov/retirement/publications/1644/accidental-disabilityOrdinary Disability – Article 14 Benefits
… To qualify for the ordinary disability retirement benefit, you must: Be unable to perform your duties because of a … the primary Social Security benefit beginning on the date you first become eligible for primary Social Security … to full escalation. Learn more about escalation. Filing You, your employer, or someone authorized with your power of …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-disabilityAccidental Death Benefit – Article 14 Benefits
… if you die as the natural 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 … equal to one-half (50 percent) of your FAS and is eligible for full escalation. ( Learn more about escalation. ) The …
https://www.osc.ny.gov/retirement/publications/1644/accidental-death-benefitOut-of-Service Death Benefit – Article 14 Benefits
… and you die more than one year after leaving public employment, 50 percent of the ordinary death benefit may …
https://www.osc.ny.gov/retirement/publications/1644/out-service-death-benefitOrdinary Death Benefit – Article 14 Benefits
… The first $50,000 of this benefit is paid in the form of group term life insurance, which is currently exempt from …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-death-benefitAvailable Options – Article 14 Benefits
… This is the basic retirement benefit. It provides for the maximum benefit payment to you each month for the … life. Under this selection, all payments cease upon your death. When you die (even if it is only one year, or sooner, … a reduced monthly benefit for your lifetime, and is based on your birth date and that of your beneficiary. After your …
https://www.osc.ny.gov/retirement/publications/1644/available-optionsReceiving Your Benefit and Filing Your Option Election – Article 14 Benefits
… your Option Election form (unless notified otherwise, as in the case of disability retirement) before the first day of …
https://www.osc.ny.gov/retirement/publications/1644/receiving-your-benefit-and-filing-your-option-electionSocial Security Adjustment – Article 14 Benefits
… of your Social Security benefit based on public employment in New York State. It is determined using your wages for …
https://www.osc.ny.gov/retirement/publications/1644/social-security-adjustmentEscalation – Article 14 Benefits
… is the first day of the month following the date you complete or would have completed 25 years of service credit. If you begin collecting your service retirement benefit prior to … rate of increase or decrease will be reduced by 1/36th. If you retire more than three years prior to the full escalation …
https://www.osc.ny.gov/retirement/publications/1644/escalationRetirement at Age 62 With Less Than 20 Years of Service – Article 14 Benefits
… 37.8 percent × $60,000 = $22,680 $12,000 × 50 percent = $6,000 Primary Social Security Benefit Reduction $22,680 − $6,000 = $16,680 Total Annual Benefit — No Escalation Filing … on file with the Office of the State Comptroller at least 15 days, but not more than 90 days, before the date on which …
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 … Your Application for Service Retirement (RS6037) must be on file with the Office of the State Comptroller at least 15 … for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/early-retirementNormal Retirement – Article 14 Benefits
… Total Annual Benefit At Age 62: $12,000 × 50 percent = $6,000 Primary Social Security Benefit Reduction $30,000 − $6,000 = $24,000 Total Annual Benefit + Full Escalation Filing … on file with the Office of the State Comptroller at least 15 days, but not more than 90 days, before the date on which …
https://www.osc.ny.gov/retirement/publications/1644/normal-retirementLeaves of Absence – Article 14 Benefits
… of absence; or Unpaid leave under the federal Family and Medical Leave Act. Workers’ Compensation You may be able … System for review. State Police employees will receive up to one year of service credit per incident while on Workers’ …
https://www.osc.ny.gov/retirement/publications/1644/leaves-absenceFull- and Part-Time Service Credit – Article 14 Benefits
… employer, we calculate your retirement service credit by subtracting your beginning date of employment from the … your full career in public service. “Full-time” is defined by your employer, but must be at least six hours per day, for …
https://www.osc.ny.gov/retirement/publications/1644/full-and-part-time-service-creditEnding Your Membership – Article 14 Benefits
… Retirement System; Have less than ten years of service credit, leave public employment for at least 15 days and voluntarily withdraw your membership ; Transfer your membership to another retirement system; … for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/ending-your-membershipWithdrawing Your Contributions and/or Your Membership – Article 14 Benefits
… 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 … for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/withdrawing-your-contributions-andor-your-membership