For ERS Tier 5 Members
Post-Retirement Death Benefit
Your beneficiary may be eligible to receive a post-retirement death benefit if you:
- Retire directly from service; or
- Are a vested member and your date of retirement is within one year of leaving public employment in New York State.
The post-retirement death benefit is calculated at your retirement. During your first year of retirement, the benefit is 50 percent of the ordinary death benefit payable at retirement; during your second year of retirement, the benefit is 25 percent. During your third year and thereafter, the benefit will be 10 percent of the ordinary death benefit that would have been payable at age 60, if any, or at retirement, whichever was earlier.
Retirement at age 62 with a salary of $30,000
|$30,000 × 3||= $90,000|
|(reduction for working until age 62)||− 7,200|
|(ordinary death benefit at retirement)||= $82,800|
1st year of retirement (50 percent of ordinary death benefit): $41,400
2nd year of retirement(25 percent of ordinary death benefit): $20,700
After 2nd year of retirement(10 percent of benefit at age 60): $9,000
Out-of-Service Death Benefit
If you are a vested member with at least ten years of credited service, have not retired and you die more than one year after leaving public employment, 50 percent of the death benefit may still be payable. This vested benefit is also payable if you die within one year of leaving covered service, but were gainfully employed during that time.
Your family or employer should notify us of your death as soon as possible and we will send the appropriate forms to your beneficiary.