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More About This Retirement Plan – Article 14 Benefits
… New York State Legislature. These benefits are available to Tier 3 New York State and Local Police and Fire Retirement … January 9, 2010. Throughout this publication, you will find references to “Sections” and “Articles” that refer to … New York State or federal law. For specific information about your benefits, please contact us . © 2011, New York …
https://www.osc.ny.gov/retirement/publications/1644/more-about-retirement-planAccidental Disability – Article 14 Benefits
… benefit if: You are unable to perform your duties because of a permanent physical or mental incapacity and It is … the natural and proximate result of an accident sustained in the performance of duties not caused by your own willful … the natural and proximate result of an accident sustained in the performance of duties not caused by your own willful …
https://www.osc.ny.gov/retirement/publications/1644/accidental-disabilityOrdinary Disability – Article 14 Benefits
… disability benefits. The benefit is also subject to full escalation. Learn more about escalation. Filing You, your employer, or someone authorized …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-disabilityAccidental Death Benefit – Article 14 Benefits
… Eligibility Regardless of your years of service credit, if you die as the natural and … equal to one-half (50 percent) of your FAS and is eligible for full escalation. ( Learn more about escalation. ) The benefit is paid to your beneficiaries, in this order: To your surviving spouse, …
https://www.osc.ny.gov/retirement/publications/1644/accidental-death-benefitOut-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-benefitOrdinary Death Benefit – Article 14 Benefits
… Service law. The first $50,000 of this benefit is paid in the form of group term life insurance, which is currently …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-death-benefitAvailable Options – Article 14 Benefits
… Single Life Allowance (Option 0) This is the basic retirement benefit. It provides for the maximum benefit payment to you … life. Under this selection, all payments cease upon your death. When you die (even if it is only one year, or sooner, …
https://www.osc.ny.gov/retirement/publications/1644/available-optionsReceiving Your Benefit and Filing Your Option Election – Article 14 Benefits
… to a designated beneficiary after your death. Filing Your Option Election You must file your Option Election form (unless notified otherwise, as in the … If you are a disability retiree, you may change your option selection up to 30 days after your disability …
https://www.osc.ny.gov/retirement/publications/1644/receiving-your-benefit-and-filing-your-option-electionSocial Security Adjustment – Article 14 Benefits
… retirement credit. The primary Social Security benefit may not be the same as your actual Social Security benefit. This …
https://www.osc.ny.gov/retirement/publications/1644/social-security-adjustmentEscalation – Article 14 Benefits
… Escalation is the annual increase or decrease of a benefit, based on the cost-of-living index. Service retirement benefits can be eligible for either full or … 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
… At age 62, your service retirement benefit equals 2.1 percent of … primary Social Security benefit. Example: Retiring with 18 years of credited service and a $60,000 FAS Estimated … must be on file with the Office of the State Comptroller at least 15 days, but not more than 90 days, before the date …
https://www.osc.ny.gov/retirement/publications/1644/retirement-age-62-less-20-years-serviceEarly Retirement – Article 14 Benefits
… 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 … for Service Retirement (RS6037) must be on file with the Office of the State Comptroller at least 15 days, but not …
https://www.osc.ny.gov/retirement/publications/1644/early-retirementNormal Retirement – Article 14 Benefits
… You can choose normal retirement or early retirement, but … you can apply for normal retirement regardless of your age. The normal retirement benefit equals 50 percent of … normal retirement benefit is reduced by 50 percent of your primary Social Security benefit. Your retirement benefit may …
https://www.osc.ny.gov/retirement/publications/1644/normal-retirementLeaves of Absence – Article 14 Benefits
… service is usually not credited for any period of time you do not receive a salary, credit is not given for: Leaves of …
https://www.osc.ny.gov/retirement/publications/1644/leaves-absenceFull- and Part-Time Service Credit – Article 14 Benefits
… Full-Time Employment If you join the Retirement System on the day you begin employment with a participating employer, we calculate your retirement service credit by subtracting your … 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 … employer that participates in the New York State and Local Retirement System; Have less than ten years of service … least 15 days and voluntarily withdraw your membership ; Transfer your membership to another retirement system; …
https://www.osc.ny.gov/retirement/publications/1644/ending-your-membershipWithdrawing Your Contributions and/or Your Membership – Article 14 Benefits
… If you leave public employment with at least five, but less than … 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 not qualify for a retirement benefit, you should file the …
https://www.osc.ny.gov/retirement/publications/1644/withdrawing-your-contributions-andor-your-membershipContributing Toward Your Retirement – Article 14 Benefits
… If you are employed by more than one participating employer, once you join the Retirement System, all salary and … 414(h), effective October 1, 2013, your required 3 percent contributions are tax-deferred until they are distributed to you. These contributions are reportable for federal income tax only when you withdraw or …
https://www.osc.ny.gov/retirement/publications/1644/contributing-toward-your-retirementTier Status – Article 14 Benefits
… System, you are assigned to a tier depending on your date of membership. You are a Tier 3 member covered by Article 14 … for your employee group; or Are employed by the City of Yonkers or the State Police. There are four tiers in PFRS. You are in: If you joined: Tier 1 Before July 31, 1973 Tier 2 July 31, 1973 through June 30, 2009 Tier 3 July …
https://www.osc.ny.gov/retirement/publications/1644/tier-statusRetirement 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