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

Retirement Plan

For ERS Tier 5 Members

(Article 15)

Eligibility, the Benefit and Filing

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Eligibility

You will be eligible for a service retirement benefit when you reach age 62 and have ten or more years of credited service.

The Benefit
  • If you retire with less than 20 years of service credit, your pension will equal 1/60th (1.66 percent) of your FAS for each year of service.
  • With 20–30 years of service credit, your benefit will equal 1/50th (2 percent) of your FAS, multiplied by your years of credited service.
  • For each year of credited service beyond 30 years, you will receive 3/200ths (1.5 percent) of your FAS.

Examples:

At age 62, with 19 years of service and an FAS of $35,000:
(19 years × $35,000) ÷ 60 = $11,083 per year $924 per month
At age 62, with 20 years of service and an FAS of $35,000:
(20 years × $35,000) ÷ 50 = $14,000 per year $1,167 per month
At age 62, with 31 years of service and an FAS of $35,000:
(30 years × $35,000) ÷ 50 = $21,000 per year
  plus
(1 year × .015) × $35,000 = $525 per year
$21,525 per year $1,794 per month
Filing

Your Application for Service Retirement (RS6037) Adobe pdf must be on file with the Office of the State Comptroller at least 15 days but not more than 90 days before the date on which your retirement will occur. The 15-day filing requirement is waived if you are over age 70 at retirement.