Search
Eligibility, the Benefit and Filing – Non-Contributory Plan with Guaranteed Benefits
… Eligibility Tier 1 Members: You are eligible to retire at age … Tier 1 2 3 Article 11 5 and 6 members under Section 375e Eligibility The Benefit and …
https://www.osc.ny.gov/retirement/publications/1513/eligibility-benefit-and-filingEnding Your Membership – Non-Contributory Plan with Guaranteed Benefits
… officer or employee with an employer that participates in the New York State and Local Retirement System. 1 Updated …
https://www.osc.ny.gov/retirement/publications/1513/ending-your-membershipHow Contribution Rates Are Determined – What Every Employer Should Know
… pay benefits as they become due using demographic (rates of employee mortality, disability, turnover and retirement) … rates. The PVB reflects the amount of money needed in the Fund today to pay benefits in the future. NYSLRS … contribution rates, evens out the value of the Fund’s assets. When the present value of benefits and the …
https://www.osc.ny.gov/retirement/employers/partnership/how-contribution-rates-are-determinedAbout Offering a Retirement Plan – What Every Employer Should Know
… accounts that are dependent on the return on investments. In today’s employment landscape, a retirement plan that … credit; Build a Cost-Of-Living Adjustment (COLA) into pensions to partially offset the effect of inflation after … of NYSLRS, a staff you can rely on. Rev. 2/23 … What every employer should know about NYSLRS what it means to …
https://www.osc.ny.gov/retirement/employers/partnership/about-offering-retirement-planFactors Affecting an Employer’s Annual Payment – What Every Employer Should Know
… plans or benefit options results in a higher annual cost. Employers can also choose to offer improved retirement plans …
https://www.osc.ny.gov/retirement/employers/partnership/factors-affecting-employers-annual-paymentRetiring Before Age 62 – Career Plan
… reduced by the percentages shown below. The percentage of the benefit reduction is prorated based on your exact age at retirement. Age at Retirement Percentage of Reduction 55 27 56 24 57 21 58 18 59 15 60 12 61 6 62 0 It is important to know that once you retire with a reduced benefit, the …
https://www.osc.ny.gov/retirement/publications/1642/retiring-age-62Tier 2, 3, 5 and 6 Death Benefits – Career Plan
… active service, your beneficiary will be paid the greater of the two death benefits; if you die after retirement, and … two is equal to your salary multiplied by your years of service, not to exceed three years of salary. For example, if you die after one year of service, …
https://www.osc.ny.gov/retirement/publications/1642/tier-2-3-5-and-6-death-benefitsPerformance of Duty Disability – Career Plan
… Eligibility You may be entitled to this disability benefit if you are … If approved, the benefit would be equal to one-half (50 percent) of your FAS, plus an annuity based on any annuity …
https://www.osc.ny.gov/retirement/publications/1642/performance-duty-disabilityBorrowing Against Your Contributions – Career Plan
… If you meet eligibility requirements, you may take a loan from NYSLRS. Tier 1 and 2 Members The following rules … year of member service credit. You repay each outstanding loan through payroll deductions in an amount sufficient to repay the loan and interest within five years. You may borrow only once …
https://www.osc.ny.gov/retirement/publications/1642/borrowing-against-your-contributionsApplying for Benefits – New Career Plan
… System benefits, you must file the appropriate application form with the Office of the State Comptroller in a timely manner. Forms are available from our … New York State. Filing With the Office of the State Comptroller Many retirement benefit applications and other …
https://www.osc.ny.gov/retirement/publications/1515/applying-benefitsTier 2, 3, 5 and 6 Death Benefits – New Career Plan
… active service, your beneficiary will be paid the greater of the two death benefits; if you die after retirement, and … two is equal to your salary multiplied by your years of service, not to exceed three years of salary. For example, if you die after one year of service, …
https://www.osc.ny.gov/retirement/publications/1515/tier-2-3-5-and-6-death-benefitsBecoming Eligible for a Benefit – Career Plan
… have accrued five years of credited service, you will be vested. This means you have earned the right to receive a retirement benefit, even if you leave public employment. 1 … 3 and 5 members who are off public payroll may collect a vested retirement benefit at age 55. Tier 6 members who are …
https://www.osc.ny.gov/retirement/publications/1642/becoming-eligible-benefitContributing Toward Your Retirement – Career Plan
… elect to make voluntary annuity savings contributions to the Retirement System. These contributions, plus the interest … a Tier 5 member, you are required to contribute 3 percent of your reportable earnings toward your retirement benefits … the employer to offer a non-contributory plan that was in effect on January 9, 2010, and is still in effect on the …
https://www.osc.ny.gov/retirement/publications/1642/contributing-toward-your-retirementApplying for Benefits – Non-Contributory Plan with Guaranteed Benefits
… System benefits, you must file the appropriate application form with the Office of the State Comptroller in a timely manner. Forms are available from our … New York State. Filing with the Office of the State Comptroller Many retirement benefit applications and other …
https://www.osc.ny.gov/retirement/publications/1513/applying-benefitsEnding Your Membership – New Career Plan
… withdraw your membership ; If you transfer your membership to another New York State public retirement system; If you …
https://www.osc.ny.gov/retirement/publications/1515/ending-your-membershipVested Retirement Benefit – New Career Plan
… Eligibility You are eligible for a vested retirement benefit if you leave public employment before …
https://www.osc.ny.gov/retirement/publications/1515/vested-retirement-benefitPreparing for Retirement
… Call 1-866-805-0990, or 518-474-7736 in the Albany, NY area, to request a projection. In most cases, these …
https://www.osc.ny.gov/retirement/members/preparing-retirementViolating the Terms of a DRO – Divorce and Your Benefits
… If NYSLRS has a DRO on file that requires a member to elect a specific pension payment option and name the … discretion , may change the option election or designation to comply with the pre-existing order or agreement (RSSL … benefit will be recalculated. Any overpayments made to the member and ex-spouse (if applicable) prior to the …
https://www.osc.ny.gov/retirement/members/divorce/violating-terms-droRetirement Estimates – Divorce and Your Benefits
… ask for the present or accrued value of the benefits due to a member at retirement. Upon the member’s written request to NYSLRS’ Equitable Distribution Estimates Unit, NYSLRS will … the divorce action in the estimate request, and submit it to: NYSLRS Equitable Distribution Estimates Unit 110 State …
https://www.osc.ny.gov/retirement/members/divorce/retirement-estimatesDisability Retirement – Divorce and Your Benefits
… a member’s disability retirement benefit is subject to equitable distribution is an issue for the Court. Many … by NYSLRS do not use service credit at retirement to determine a member’s pension benefit. Instead, the pension … equitable distribution percentage will be applied to the member’s actual disability retirement. If directed by …
https://www.osc.ny.gov/retirement/members/divorce/disability-retirement