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Borrowing Against Your Contributions – Article 14 Benefits

… that causes your loan to exceed the federal limits for nontaxable loans. Exceeding these limits could result in significant tax consequences for you. You do not make the required payments on your loan … loan balances must be at least 2 percent of your salary. You may borrow only once in any 12-month period. …

https://www.osc.ny.gov/retirement/publications/1644/borrowing-against-your-contributions

Accidental Disability – Article 14 Benefits

… 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 … The application should be filed while you are still in active service. Active service is defined as: Service …

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

Ordinary Disability – Article 14 Benefits

… Eligibility To qualify for the ordinary disability retirement benefit, you must: Be … Have five years of credited service; and Be eligible for primary Social Security disability benefits. The Benefit … of: One-third of your FAS or 2 percent of your FAS for each year of credited service, up to 25 years. It is …

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

Accidental Death Benefit – Article 14 Benefits

… of your years of service credit, if you die as the natural and proximate result of an on-the-job accident, not due to … is a pension equal to one-half (50 percent) of your FAS and is eligible for full escalation. ( Learn more about … for PFRS Tier 3 members Covers pension disability and death benefits …

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

… payroll; or While you are on an authorized medical leave for up to two years (which may be extended for an additional … or Within 12 months of the last date you were receiving salary, provided you were not otherwise gainfully employed … Your ordinary death benefit would equal three times your salary raised to the next highest multiple of $1,000. The …

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

Available Options – Article 14 Benefits

… you with a reduced monthly benefit for your lifetime, and is based on your birth date and that of your beneficiary. After your death, your … you with a reduced monthly benefit for your lifetime, and is based on your birth date and that of your beneficiary. …

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

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

… all of which will provide you with a monthly benefit for life. You may elect the Single Life Allowance, which … may elect to receive a smaller monthly benefit to provide for a possible payment to a designated beneficiary after your … Single Life Allowance (Option 0). … Article 14 information for PFRS Tier 3 members Covers pension disability and death …

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

Escalation – Article 14 Benefits

… index. Service retirement benefits can be eligible for either full or partial escalation. If a benefit is eligible for full escalation, it will increase or decrease each April … below the original amount paid. The full escalation date for a service retirement is the first day of the month …

https://www.osc.ny.gov/retirement/publications/1644/escalation

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

… service retirement benefit equals 2.1 percent of your FAS for each year of service credit. The benefit is reduced by 50 … Annual Benefit — No Escalation Filing Your Application for Service Retirement (RS6037) must be on file with the … which your retirement will occur. … Article 14 information for PFRS Tier 3 members Covers pension disability and death …

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

Early Retirement – Article 14 Benefits

… Example: Retiring with 21 years of credited service and a $60,000 FAS Estimated primary Social Security benefit = … for PFRS Tier 3 members Covers pension disability and death benefits …

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

Normal Retirement – Article 14 Benefits

… With at least 22 years of service credit, you can apply for normal retirement regardless of your age. The normal … Security benefit. Your retirement benefit may be eligible for escalation — the annual increase or decrease of a … on the cost-of-living index. Some benefits are eligible for full escalation, while others are eligible for partial …

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

Additional Service Credit for Sick Leave (Section 341[j]) – Article 14 Benefits

… Section 341(j) of the Retirement and Social Security Law (RSSL) provides an … For example, if you have four years and ten months of service credit and you need five to be vested, your sick … benefit calculation. For example, if you have 19½ years of service credit but your pension will improve substantially …

https://www.osc.ny.gov/retirement/publications/1644/additional-service-credit-sick-leave-section-341j

Applying 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 public employment as early in your career …

https://www.osc.ny.gov/retirement/publications/1644/applying-previous-or-military-service-credit

Payment for Service Credit – Article 14 Benefits

… you. There are two kinds of past service costs — mandatory and optional. Mandatory costs are required for service credit … previous or military service. Once you have made payment and have accrued two years of service credit as a member, you … for PFRS Tier 3 members Covers pension disability and death benefits …

https://www.osc.ny.gov/retirement/publications/1644/payment-service-credit

Leaves of Absence – Article 14 Benefits

… for: Leaves of absence without pay; Authorized, unpaid medical leaves of absence; or Unpaid leave under the federal Family and Medical Leave Act. Workers’ Compensation You may be able to …

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

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

… credited service, you may choose to: End your membership and withdraw your accumulated contributions (with interest … per year); or Leave your contributions in your account and qualify for a retirement benefit when you become … to withdraw, or you have less than five years of service and do not qualify for a retirement benefit, you should file …

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

Becoming Eligible for a Benefit – Article 14 Benefits

… may leave public employment and, at a later date, apply for and receive a vested retirement benefit . You can choose … will be based on your service, age at retirement and the salary you earned when you were an active member. … Article 14 information for PFRS Tier 3 members Covers pension disability and death …

https://www.osc.ny.gov/retirement/publications/1644/becoming-eligible-benefit