What Every Employer Should Know
Why offer a Retirement System plan to your employees? Because by doing so, you’re offering them a plan that will help ensure their financial security.
In today’s employment landscape, a retirement plan that provides a guaranteed benefit helps attract and retain qualified workers interested in career-long employment. The plans administered by the New York State and Local Retirement System:
- Provide public employees the prospect of retiring with a guaranteed lifetime benefit;
- Favor long-term employment because pension amounts are related to years of service;
- Offer a pension that is based on salary and years of service;
- Provide a right to pension benefits (vesting) after accruing five years of service credit (ten for Tier 5 and 6 members);
- Build a Cost-of-Living Adjustment (COLA) into pensions to partially offset the effect of inflation after retirement;
- Include disability and death benefits.
Perhaps most important, you can be confident that Retirement System plans are managed and administered with quality and integrity. That is due, in large part, to the dedicated and experienced employees of the Retirement System, a staff you and your employees can rely on for excellent customer service.