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Cost-of-Living Adjustment – Article 14 Benefits
… Once you meet the eligibility requirements, including age and number of years retired, your retirement benefit will … begin receiving COLA when you are: 62 or older and retired for five or more years; or 55 or older and retired for ten or more years; or Receiving a disability pension for …
https://www.osc.ny.gov/retirement/publications/1644/cost-living-adjustmentBorrowing Against Your Contributions – Article 14 Benefits
… If you meet eligibility requirements, you may take a loan … loan balances when you retire or withdraw. If your loan is taxable, or becomes taxable as described above, you must … year the loan is granted or becomes taxable. If you are under 59½ at the time, you may be required to pay a 10 …
https://www.osc.ny.gov/retirement/publications/1644/borrowing-against-your-contributionsIRS Pension Limitation – Article 14 Benefits
… for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/irs-pension-limitationChallenging a Determination – Article 14 Benefits
… calculated, you may request a hearing and redetermination to be held before a hearing officer. Your request must be in …
https://www.osc.ny.gov/retirement/publications/1644/challenging-determinationMore About This Retirement Plan – Article 14 Benefits
… and Social Security Law (RSSL) as enacted by the New York State Legislature. These benefits are available to Tier 3 New …
https://www.osc.ny.gov/retirement/publications/1644/more-about-retirement-planAccidental Disability – Article 14 Benefits
… and It is determined that the disability is the natural and proximate result of an accident sustained in the … benefits and It is determined that the disability is the natural and proximate result of an accident sustained in the …
https://www.osc.ny.gov/retirement/publications/1644/accidental-disabilityOrdinary 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 mental incapacity; Have five years of credited service; and Be eligible for …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-disabilityAccidental Death Benefit – Article 14 Benefits
… equal to one-half (50 percent) of your FAS and is eligible for full escalation. ( Learn more about escalation. ) The … as a dependent on your final federal income tax return for the year preceding death, until that person reaches age … If you die on or after January 1, 2020, the application for the accidental death benefit must be filed within five …
https://www.osc.ny.gov/retirement/publications/1644/accidental-death-benefitOut-of-Service Death Benefit – Article 14 Benefits
… leaving public employment, 50 percent of the ordinary death benefit may still be payable. This vested benefit may … Filing Your family or employer should notify us of your death as soon as possible so we can send the appropriate … for PFRS Tier 3 members Covers pension disability and death benefits …
https://www.osc.ny.gov/retirement/publications/1644/out-service-death-benefitOrdinary Death Benefit – Article 14 Benefits
… are also payable to your beneficiary. Filing Your family or employer should notify us of your death as soon as …
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 payment to you each month for the rest of your life. Under this selection, all payments cease upon your … dies before you, all benefit payments will stop at your death. Joint Allowance — Partial* This option will …
https://www.osc.ny.gov/retirement/publications/1644/available-optionsSocial Security Adjustment – Article 14 Benefits
… will be reduced by one-half (50 percent) of the primary Social Security benefit — regardless of whether you are actually collecting a benefit from Social Security. The primary Social Security benefit is the …
https://www.osc.ny.gov/retirement/publications/1644/social-security-adjustmentEscalation – 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. …
https://www.osc.ny.gov/retirement/publications/1644/escalationRetirement 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 … 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-serviceEarly Retirement – Article 14 Benefits
… With 20 years of service credit, you can apply for early retirement regardless of your age. … Your total benefit cannot exceed 50 percent of your FAS. When you turn 62, the early retirement benefit is reduced by 50 …
https://www.osc.ny.gov/retirement/publications/1644/early-retirementNormal Retirement – Article 14 Benefits
… the month you reach 62. With at least 22 years of service credit, you can apply for normal retirement regardless of your age. The normal retirement benefit equals 50 percent of … for escalation — the annual increase or decrease of a benefit, based on the cost-of-living index. Some benefits …
https://www.osc.ny.gov/retirement/publications/1644/normal-retirementLeaves of Absence – Article 14 Benefits
… Half credit is given for sick leave at half pay. Since service is usually not credited for any period of time you do not receive a salary, credit is … of absence; or Unpaid leave under the federal Family and Medical Leave Act. Workers’ Compensation You may be able …
https://www.osc.ny.gov/retirement/publications/1644/leaves-absenceEnding Your Membership – Article 14 Benefits
… your membership cannot end unless you: Are not vested and seven years have elapsed since you left public … of an employer that participates in the New York State and Local Retirement System; Have less than ten years of … credit, leave public employment for at least 15 days and voluntarily withdraw your membership ; Transfer your …
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 ten, years of credited service, you may choose to: End your membership and withdraw your accumulated …
https://www.osc.ny.gov/retirement/publications/1644/withdrawing-your-contributions-andor-your-membershipContributing Toward Your Retirement – Article 14 Benefits
… You are required to contribute 3 percent of your gross earnings toward your retirement benefits for 25 years or until retirement, … for any other tax-deferred plan. *IRC Section 414(h) does not apply to PFRS member contributions made prior to …
https://www.osc.ny.gov/retirement/publications/1644/contributing-toward-your-retirement