[ Your ERS Pension ]

How Tier 6 NYSLRS benefits work

W

hen you join the New York State and Local Retirement System, you are assigned to a tier. If you joined on or after April 1, 2012, you are in Tier 6. Your tier — along with your retirement plan — determines your eligibility for benefits and how they are calculated.

Your retirement plan

Most Tier 6 members are in the Article 15 retirement plan. Sign in to your Retirement Online account (www.bit.ly/RO-sign-in) and look under My Account Summary. Your benefit plan will be listed as a code, for example, A15 for the Article 15 plan. Use this code to find your plan publication (www.bit.ly/plan-publication) for comprehensive information about your retirement benefits, including service credit, loans, disability and death benefits.

Your pension benefit milestones

With five years of service, you are vested and eligible for a lifetime pension benefit as early as age 55.

You can retire with full benefits at age 63.

If you retire with less than 20 years of service, your pension will equal 1.66 percent of your final average earnings for each year of service.

With 20 years of service, your pension will equal 1.75 percent of your FAE for each year of service (35 percent of your FAE).

For each year of service beyond 20 years, you will receive 2 percent of your FAE plus 35 percent for your first 20 years of service.

If you retire before age 63, your pension will be permanently reduced. Reductions are prorated by month. The closer you are to your full retirement age at retirement, the less the reduction will be.

Your next steps

Request Additional Service Credit: If you worked for a public employer before joining NYSLRS or if you served in the U.S. Armed Forces and received an honorable discharge from active military duty. Service credit is a major factor in calculating your pension benefit. The sooner you purchase your credit, the less it will generally cost (www.bit.ly/additional-service-credit).

Estimate your pension benefit: Most members can estimate their pension using Retirement Online in just a few quick and easy steps (www.bit.ly/estimate-pension). Retirement Online uses your current earnings and service information to calculate your estimate.

headshot of Thomas DiNapoli

In every issue, State Comptroller Thomas P. DiNapoli, administrator of the New York State and Local Retirement System, provides information on the retirement benefits received by many NYSUT SRPs and support staff. If you are a NYSLRS member with a question of general interest, email united@nysut.org.

With 20 years of service, your pension will equal 1.75 percent of your FAE for each year of service (35 percent of your FAE).

For each year of service beyond 20 years, you will receive 2 percent of your FAE plus 35 percent for your first 20 years of service.

If you retire before age 63, your pension will be permanently reduced. Reductions are prorated by month. The closer you are to your full retirement age at retirement, the less the reduction will be.

Your next steps

Request Additional Service Credit: If you worked for a public employer before joining NYSLRS or if you served in the U.S. Armed Forces and received an honorable discharge from active military duty. Service credit is a major factor in calculating your pension benefit. The sooner you purchase your credit, the less it will generally cost (www.bit.ly/additional-service-credit).

Estimate your pension benefit: Most members can estimate their pension using Retirement Online in just a few quick and easy steps (www.bit.ly/estimate-pension). Retirement Online uses your current earnings and service information to calculate your estimate.

headshot of Thomas DiNapoli

In every issue, State Comptroller Thomas P. DiNapoli, administrator of the New York State and Local Retirement System, provides information on the retirement benefits received by many NYSUT SRPs and support staff. If you are a NYSLRS member with a question of general interest, email united@nysut.org.

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