Member News
The Deficit Reduction Plan and Your Final Average Salary
Final Average Salary (FAS) is the average of your three highest consecutive years of earnings, subject to limitations, and are usually your last three years prior to retirement.
CSEA Members: FY 2011–12 Deficit Reduction Plan Reduced earnings and five fewer days worked will be reported to us for fiscal year 2011–2012. If this year falls within your FAS calculation, we will take five days and the equivalent salary from the prior year, so we have an entire year of salary and days worked. There will be little or no impact on your FAS.
FY 2012–13 Deficit Reduction Plan Since the salary reduction in fiscal year 2012–2013 will be repaid beginning in 2016 or upon separation, your days worked will not be reduced when reported. If your FAS falls within this year, the reduction will have no impact.
PEF and M/C Members: FY 2011–12 and FY 2012–13 Deficit Reduction Plans Although reduced earnings will be reported to us for fiscal years 2011–2012 and 2012–2013, since the salary will be repaid beginning in 2015 or upon separation, your days worked will not be reduced when reported. If the reduction or repayment periods fall within your FAS calculation, we will attribute the repaid salary to the appropriate time period. There will be no impact on your FAS.
New Law to Help Protect Pension Fund from Abuse
The Public Integrity Reform Act includes provisions for holding government officials who violate the public trust accountable for their actions. It affects public officials who join the Employees’ Retirement System (ERS) on or after November 13, 2011. Under certain circumstances, officials convicted of a felony related to their public office will either receive a reduced pension, or forfeit their pension. Read more about the Public Integrity Reform Act.
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This Public Pension System Works
Comptroller DiNapoli sets the record straight about New York’s pension system, making it clear that all public pension systems are not equal. More...
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