Retirement Age Matters
If you’re thinking about retiring before age 62 (63 for Tier 6 members), you should know that early retirement can have a significant impact on the benefit you receive. Be sure to check out our early retirement benefit reductions page before choosing your retirement date.
What is a Tier Reinstatement?
A tier reinstatement restores a membership from any of the eight New York public retirement systems that was previously terminated. With reinstatement, your service is recredited, and your date of membership and tier restored, but your benefit may be different. Find out more about transferring or terminating your membership.
IRS Ruling Gives Tax-Deferred Status to PFRS Contributions
Effective October 1, 2013, the mandatory 3 percent contributions made by PFRS Tier 3 (Article 14) and 5 members, and the variable mandatory contributions made by PFRS Tier 6 members are tax deferred for federal income tax purposes. This means no federal taxes are owed on these contributions until they are actually distributed to you in retirement or if you withdraw your membership. This new IRS ruling does not affect ERS members in Tiers 3 through 6 as those mandatory contributions are already tax deferred.
Welcome, New Members
Are you new to the Retirement System? Knowing about your membership is an important part of planning for a financially secure future. Read more about Tier 6 benefit information.