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Service Credit – 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/service-creditAbout Your Membership – 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/about-your-membershipA Message From Comptroller Thomas P. DiNapoli – Article 14 Benefits
… As a member of the Retirement System, you are covered by a plan that provides important benefits. … some of those benefits and the services available to you as a member of our system, including: Benefits you will receive at retirement if you meet the service and …
https://www.osc.ny.gov/retirement/publications/1644/message-comptroller-thomas-p-dinapoliAvailable Options – Article 14 Benefits
… This is the basic retirement benefit. It provides for the maximum benefit payment to you each month for the rest of your life. Under this selection, all payments … option will provide you with a reduced monthly benefit for your lifetime, and is based on your birth date and that …
https://www.osc.ny.gov/retirement/publications/1644/available-optionsSocial Security Adjustment – Article 14 Benefits
… pension will be reduced by one-half (50 percent) of the primary Social Security benefit — regardless of whether you … actually collecting a benefit from Social Security. The primary Social Security benefit is the part of your Social … employer for which you received retirement credit. The primary Social Security benefit may not be the same as your …
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/escalationEnding Your Membership – Article 14 Benefits
… employment means paid service as an officer or employee of an employer that participates in the New York State and Local Retirement System; Have less than ten years of service credit, leave public employment for at least 15 …
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 … in your account and qualify for a retirement benefit when you become eligible. If you choose to withdraw, or you have …
https://www.osc.ny.gov/retirement/publications/1644/withdrawing-your-contributions-andor-your-membershipContributing Toward Your Retirement – Article 14 Benefits
… join the Retirement System, all salary and service earned in connection with all employment must be reported to us. … the New York State and Local Retirement System, and used in the calculation of all benefits paid by the Retirement …
https://www.osc.ny.gov/retirement/publications/1644/contributing-toward-your-retirementTier Status – Article 14 Benefits
… When you join the Retirement System, you are assigned to a tier depending on your date of membership. You are a Tier 3 member covered by Article 14 if you joined the Police … 9, 2010, you did not elect to be covered by Article 22 (Tier 5) benefits and you: Elected coverage under your …
https://www.osc.ny.gov/retirement/publications/1644/tier-statusRetirement System Membership – Article 14 Benefits
… (PFRS) must become members of the Retirement System. When you become a Retirement System member, you must complete and file a membership application with the …
https://www.osc.ny.gov/retirement/publications/1644/retirement-system-membershipAccidental Death Benefit – Article 14 Benefits
… Learn more about escalation. ) The benefit is paid to your beneficiaries, in this order: To your surviving spouse, … age 21. The benefit will be divided equally among the beneficiaries in any one category if you have more than one … will be paid to the last eligible beneficiary or beneficiaries. If none exists, the benefit will be paid to …
https://www.osc.ny.gov/retirement/publications/1644/accidental-death-benefitAccidental Disability – Article 14 Benefits
… that the disability is the natural and proximate result of an accident sustained in the performance of duties … caused by your own willful negligence. or You are awarded primary Social Security disability benefits and It is … Compensation benefit payable and 50 percent of the primary Social Security benefit. If you are receiving Social …
https://www.osc.ny.gov/retirement/publications/1644/accidental-disabilityOrdinary Disability – Article 14 Benefits
… up to 25 years. It is reduced by 100 percent of any Workers’ Compensation benefit payable and 50 percent of the primary … for an additional two years); or When you are receiving Workers’ Compensation, or other employer-funded benefits for …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-disabilityOrdinary Death Benefit – Article 14 Benefits
… $50,000 of this benefit is paid in the form of group term life insurance, which is currently exempt from federal income tax. …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-death-benefitOut-of-Service Death Benefit – Article 14 Benefits
… not retired and you die more than one year after leaving public employment, 50 percent of the ordinary death benefit …
https://www.osc.ny.gov/retirement/publications/1644/out-service-death-benefitNormal Retirement – Article 14 Benefits
… You can choose normal retirement or early retirement, but … from service on the first of the month following the month you reach 62. With at least 22 years of service credit, you can apply for normal retirement regardless of your age. …
https://www.osc.ny.gov/retirement/publications/1644/normal-retirementEarly Retirement – Article 14 Benefits
… With 20 years of service credit, you can apply for early retirement regardless of your age. … 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-retirementRetirement at Age 62 With Less Than 20 Years of Service – Article 14 Benefits
… age 62, your service retirement benefit equals 2.1 percent of your FAS for each year of service credit. The benefit is reduced by 50 percent of your primary Social Security benefit. Example: Retiring …
https://www.osc.ny.gov/retirement/publications/1644/retirement-age-62-less-20-years-serviceLeaves of Absence – 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/leaves-absence