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Out-of-Service Death Benefit – Article 14 Benefits
… 50 percent of the ordinary death benefit may still be payable. This vested benefit may also be payable if you die within one year of leaving covered service …
https://www.osc.ny.gov/retirement/publications/1644/out-service-death-benefitOrdinary Death Benefit – Article 14 Benefits
… you are on the payroll; or While you are on an authorized medical leave for up to two years (which may be extended for … provided you were not otherwise gainfully employed during that period. The Benefit Your ordinary death benefit would equal three times your salary raised to the next …
https://www.osc.ny.gov/retirement/publications/1644/ordinary-death-benefitAvailable Options – Article 14 Benefits
… Allowance (Option 0) This is the basic retirement benefit. It provides for the maximum benefit payment to you each month … amount (without COLA) for life. If your beneficiary dies before you, all benefit payments will stop at your … 25 percent) for his or her lifetime. If your beneficiary dies before you, all payments will cease upon your death. …
https://www.osc.ny.gov/retirement/publications/1644/available-optionsReceiving Your Benefit and Filing Your Option Election – Article 14 Benefits
… Receiving Your Benefit At retirement, you must decide how you want your retirement benefit paid. You can choose … amount payable during your lifetime, with nothing payable to a beneficiary upon your death. Or, you may elect to … beneficiary after your death. Filing Your Option Election You must file your Option Election form (unless …
https://www.osc.ny.gov/retirement/publications/1644/receiving-your-benefit-and-filing-your-option-electionSocial Security Adjustment – Article 14 Benefits
… 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 part of your Social Security benefit …
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 … at a rate equal to the increase or decrease in the cost-of-living index or 3 percent, whichever is less. However, a …
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. The early retirement benefit equals 42 percent of your FAS for 20 years … exceed 50 percent of your FAS. When you turn 62, the early retirement benefit is reduced by 50 percent of your primary …
https://www.osc.ny.gov/retirement/publications/1644/early-retirementNormal 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 benefit, based on the cost-of-living index. Some benefits are eligible for full escalation, while others are …
https://www.osc.ny.gov/retirement/publications/1644/normal-retirementAdditional Service Credit for Sick Leave (Section 341[j]) – Article 14 Benefits
… Section 341(j) of the Retirement and Social Security Law (RSSL) provides an optional sick leave benefit. … cannot exceed 165 (200 days for some members), by 260. Contact your employer or refer to your Member Annual …
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 public employment as early in your career …
https://www.osc.ny.gov/retirement/publications/1644/applying-previous-or-military-service-creditPayment for 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/payment-service-creditCredit for Previous or Military Service – Article 14 Benefits
… You may be able to obtain credit for your previous public employment or military service. It is very important that you claim all … because records documenting your previous service may be lost or destroyed with the passage of time. Prior Service …
https://www.osc.ny.gov/retirement/publications/1644/credit-previous-or-military-serviceLeaves 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-absenceFull- and Part-Time Service Credit – Article 14 Benefits
… service credit by subtracting your beginning date of employment from the date you actually leave paid … basis; and You earn at least the annual equivalent of New York State’s annual minimum wage for your full career … Employment Part-time employment is credited as the lesser of: number of days worked ÷ 260 days or annual salary …
https://www.osc.ny.gov/retirement/publications/1644/full-and-part-time-service-creditEnding 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
… 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
… contributions, you will have earned the right to receive a pension once you meet the minimum requirement of five years … may leave public employment and, at a later date, apply for and receive a vested retirement benefit . You can choose … Article 14 information for PFRS Tier 3 members Covers pension disability and death …
https://www.osc.ny.gov/retirement/publications/1644/becoming-eligible-benefitContributing Toward Your Retirement – Article 14 Benefits
… You are required to contribute 3 percent of your gross earnings toward your retirement benefits for 25 … and Local Retirement System, and used in the calculation of all benefits paid by the Retirement System; and Calculated … to October 1, 2013 and is not retroactive. Page updated as of 11/13 …
https://www.osc.ny.gov/retirement/publications/1644/contributing-toward-your-retirementStay Informed – Article 14 Benefits
… part of a solid financial plan. They can help you and your beneficiaries achieve financial security in … death. Use these tips to help you understand your benefits and stay informed. Register for Retirement Online , a convenient and secure way to review your benefits and conduct …
https://www.osc.ny.gov/retirement/publications/1644/stay-informed