What is Tier 6 retirement in NY?
Tier 6 Basic Plan members may retire as early as age 55 with at least 10 years of Credited Service provided that they file their service retirement application while still on active payroll.
What is a Tier 6?
Tier 6 members (those who joined NYSLRS since April 1, 2012) are eligible for a lifetime pension benefit once they’ve earned 10 years of credited service. And that pension can replace a portion of your salary throughout your retirement.
When can Tier 6 retire NYS?
63
Benefit Reduction for Early Retirement
| Retirement System and Tier | Retirement Age for Full Benefit |
|---|---|
| ERS Tiers 2, 3, 4 and 5 | 62 |
| ERS Tier 6 | 63 |
| PFRS Tiers 2, 3 and 5 | 62 |
| PFRS Tier 6 | 62 for service retirement benefit 63 for vested retirement benefit |
What is the difference between Tier 5 and Tier 6?
Tier 5 members are required by law to contribute 3.5% of their salary throughout their active membership. Tier 6 members are required to contribute a percentage of their salary throughout their active membership. Eligible members who have made member contributions may borrow from those funds.
Is Tier 6 a pension?
Tier 6 is a “defined benefit” plan that provides pension benefits based upon final average pay and years of service. This plan provides service, disability and survivor pension benefits as well as retiree health insurance subsidies to eligible sworn members and certain qualified survivors.
How is NYS retirement calculated Tier 6?
Tier 6 ERS and Tier 6 PFRS Your FAE is based on the average of your highest five consecutive years of earnings. Earnings in any 12-month period cannot exceed the average of the previous four years by more than 10 percent. Any amount over the 10 percent will be excluded from your FAE calculation.
How many years do you have to work for NY state to get a pension?
five years
Members are considered “vested” when they have earned enough service credit to qualify for a pension. Tier 1, 2, 3 or 4 members who have at least five years of credited service are vested. Tier 5 and 6 members must have ten years of credited service to be vested.
At what age can you retire in NY?
62 years old
For the full retirement benefit, you must be 62 years old at retirement or, if you have 30 years of credited service, you may retire as early as age 55. With less than 30 years of service, you may retire as early as age 55, but you will receive a reduced benefit.
What is a Tier 6 pension?
Can you lose your NYS pension?
Under the Public Integrity Reform Act* members convicted of a felony related to their public service may have their retirement benefits reduced or revoked. The law became effective on November 13, 2011, and affects members who join the Employees’ Retirement System on or after this date.