All About ERS Tier 6

hen you joined the New York State and Local Retirement System, which administers the Employees’ Retirement System, you were assigned a tier based on your date of membership. Your tier determines your eligibility for benefits and how they are calculated. If you joined ERS on or after April 1, 2012, you are a Tier 6 member.

Most ERS Tier 6 members are in the Article 15 retirement plan (named for a section of the New York State Retirement and Social Security Law). If you see Plan A15 listed in the ‘My Account Summary’ section of your Retirement Online account (bit.ly/RO-sign-in), you’re in this plan. Visit osc.ny.gov/retirement/publications/1530 for comprehensive information about your benefits.

Important ERS Tier 6 milestones

• With five years of service, you are vested and eligible for a pension once you reach your plan’s minimum age requirements.
• You are eligible to retire once you are age 55 and have at least five years of service. However, for most Tier 6 members, there would be reductions to your benefit if you retire before age 63.
• You can retire with full benefits at age 63.
• If you retire with fewer than 20 years of service, your pension will equal 1.66 percent of your Final Average Earnings for each year of service.
• If you retire with 20 years of service, your pension will equal 1.75 percent of your FAE for each year of service.
• For each year of service beyond 20 years, you will receive 2 percent of your FAE.

Note: A new law improves your pension benefits. When you retire, your FAE will be based on the average of your three highest consecutive years of earnings, the same as members in other tiers. Learn more at bit.ly/final-average-earnings.

Find your account information in Retirement Online

Most members can estimate their pension in Retirement Online. You can fine tune your estimate by entering your annual earnings and expected pay increases. Retirement Online is also the fastest, most convenient way to manage your retirement account. You can update your contact and beneficiary information, apply for a loan and more. Sign in today at bit.ly/RO-sign-in.