Skip to Content

New York State and Local Retirement SystemOffice of the State Comptroller - Home

Tier 5 Benefit Information

Key Tier 5 Benefits Compared to Current Benefits

  Current Benefits Tier 5 Benefits
Vesting
Both systems 5 Years 10 Years
Overtime Cap
ERS No cap Beginning in 2010, $15,000 per year with a 3% inflation factor each year thereafter
PFRS No cap 15% per year of regular salary
Member Contributions
ERS 3% for 10 years 3% for entire career*
PFRS None, if employer offers non-contributory plan 3% for entire career**
Full Retirement
ERS & PFRS in regular plans Age 62 with 5 years of service credit or Age 62 with 10 years of service credit
ERS members can retire with full benefits at age 55 with 30 years of service credit Eliminated***
Early Retirement
ERS Can retire with a reduction for early retirement between age 55 and 62 with less than 30 years of service credit Can retire between age 55 and 62 with an increased reduction for early retirement
PFRS Can retire with a reduction for early retirement between age 55 and 62 Can retire with a reduction for early retirement between age 55 and 62

* Correction Officers contributions cease with 30 years of service credit. Uniformed Court Officers and Peace Officers employed by the Unified Court System contribute 4% for all years of public service.

** This does not apply to all PFRS members. For example, members are not required to contribute after accruing the maximum amount of service allowed in their retirement plan.

*** Except for Uniformed Court Officers and Peace Officers employed by the Unified Court System.

(Rev. 1/13)