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Office of the New York State Comptroller’s Seal

NYS Comptroller

Thomas P. DiNapoli

Article 14 Benefits

For PFRS Tier 3 Members

Retirement at Age 62 With Less Than 20 Years of Service

At age 62, your service retirement benefit equals 2.1 percent of your FAS for each year of service credit. The benefit is reduced by 50 percent of your primary Social Security benefit.

Example:

Retiring with 18 years of credited service and a $60,000 FAS

Estimated primary Social Security benefit = $12,000

2.1 percent × 18 = 37.8 percent × $60,000 = $22,680  
$12,000 × 50 percent = $6,000 Primary Social Security Benefit Reduction
$22,680 − $6,000 = $16,680 Total Annual Benefit — No Escalation
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.