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Ordinary Disability – Article 14 Benefits
… Eligibility To qualify for the ordinary disability retirement benefit, you must: Be unable to perform your duties because of a permanent physical or … benefits. The Benefit If approved, this is a benefit equal to the greater of: One-third of your FAS or 2 percent of …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-disabilityAccidental Death Benefit – Article 14 Benefits
… should notify us of your death as soon as possible so we can forward the appropriate forms to your beneficiary. If you …
https://www.osc.ny.gov/retirement/publications/1644/accidental-death-benefitOut-of-Service Death Benefit – Article 14 Benefits
… but were gainfully employed during that time. Filing Your family or employer should notify us of your death as soon as possible so we can send the appropriate forms to your beneficiary. … Article 14 information for PFRS Tier 3 …
https://www.osc.ny.gov/retirement/publications/1644/out-service-death-benefitOrdinary 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-benefitAvailable Options – Article 14 Benefits
… beneficiary will receive the same monthly amount (without COLA) for life. If your beneficiary dies before you, all … receive a specific percentage of your benefit (without COLA) which you select (either 75, 50 or 25 percent) for his … the same monthly amount or one-half that amount (without COLA), depending on which option you elect, to your …
https://www.osc.ny.gov/retirement/publications/1644/available-optionsReceiving Your Benefit and Filing Your Option Election – Article 14 Benefits
… Election form (unless notified otherwise, as in the case of disability retirement) before the first day of the …
https://www.osc.ny.gov/retirement/publications/1644/receiving-your-benefit-and-filing-your-option-electionEscalation – 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. … date, the rate of increase or decrease will be reduced by 1/36th. If you retire more than three years prior to the …
https://www.osc.ny.gov/retirement/publications/1644/escalationRetirement at Age 62 With Less Than 20 Years of Service – Article 14 Benefits
… benefit is reduced by 50 percent of your primary Social Security benefit. Example: Retiring with 18 years of credited … service and a $60,000 FAS Estimated primary Social Security benefit = $12,000 2.1 percent × 18 = 37.8 percent × … = $22,680 $12,000 × 50 percent = $6,000 Primary Social Security Benefit Reduction $22,680 − $6,000 = $16,680 Total …
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 of the month following the month you … … Article 14 information for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/normal-retirementAdditional Service Credit for Sick Leave (Section 341[j]) – Article 14 Benefits
… optional sick leave benefit. If your employer has chosen to offer this benefit, you may receive service credit for your unused, unpaid sick leave days at retirement. To be eligible for this benefit, you must retire directly … for some members), by 260. Contact your employer or refer to your Member Annual Statement to determine if this benefit …
https://www.osc.ny.gov/retirement/publications/1644/additional-service-credit-sick-leave-section-341jApplying for Previous or Military Service Credit – Article 14 Benefits
… To receive credit for previous or military service, send a written request … much information as you can about the period of employment for which you are seeking credit. We will determine your eligibility and any cost involved. Requesting credit for your previous …
https://www.osc.ny.gov/retirement/publications/1644/applying-previous-or-military-service-creditPayment for Service Credit – Article 14 Benefits
… member covered by Article 14, you will usually be required to pay for service currently not credited to you. There are two kinds of past service costs — mandatory … contributions. Optional costs are payments you choose to make to purchase credit for a period of previous or …
https://www.osc.ny.gov/retirement/publications/1644/payment-service-creditCredit for Previous or Military Service – Article 14 Benefits
… You may be able to obtain credit for your previous public employment or … that you claim all the service credit you are entitled to receive as early as possible, because records documenting … from a participating employer before that employer elected to participate in the Retirement System. To receive this …
https://www.osc.ny.gov/retirement/publications/1644/credit-previous-or-military-serviceLeaves of Absence – Article 14 Benefits
… Half credit is given for sick leave at half pay. Since service is usually not credited for any …
https://www.osc.ny.gov/retirement/publications/1644/leaves-absenceWithdrawing 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 … you do not withdraw your membership, make sure to apply for a retirement benefit when you become eligible. Once you …
https://www.osc.ny.gov/retirement/publications/1644/withdrawing-your-contributions-andor-your-membershipBecoming Eligible for a Benefit – Article 14 Benefits
… five years of service credit, even if you discontinue your public employment. Vesting is automatic — you do not have to … to become vested. As a vested member, you may leave public employment and, at a later date, apply for and receive …
https://www.osc.ny.gov/retirement/publications/1644/becoming-eligible-benefitTier Status – Article 14 Benefits
… their retirement plan election. There is no Tier 4 in the New York State and Local Police and Fire Retirement System. … …
https://www.osc.ny.gov/retirement/publications/1644/tier-statusStay Informed – Article 14 Benefits
… or in the event of disability or death. Use these tips to help you understand your benefits and stay informed. … Retirement Online , a convenient and secure way to review your benefits and conduct transactions in real … Visit our website frequently to learn about your benefits, download forms , read informative booklets and brochures , …
https://www.osc.ny.gov/retirement/publications/1644/stay-informedReceiving Your Benefits – Article 14 Benefits
Article 14 information for PFRS Tier 3 members Covers pension disability and death benefits
https://www.osc.ny.gov/retirement/publications/1644/receiving-your-benefits