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NYS Comptroller

Thomas P. DiNapoli

Article 14 Benefits

For PFRS Tier 3 Members

Eligibility, Your Vested Benefit and Filing

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Eligibility

You are eligible for a vested retirement benefit if you leave public employment and have five or more years of credited service. You can choose to begin receiving your vested benefit at your early retirement age or when you reach age 55. Your early retirement age is the age at which you would have completed 20 years of service credit.

The amount of your vested benefit will be based on your service, age at retirement and the salary you earned when you were an active member.

Your Vested Benefit

The vested benefit equals 2.1 percent of your FAS for each year of service.

If you choose to begin receiving your benefit on or after age 55 but before your early retirement age, your benefit will be reduced by the percentages shown:

  • 6.67 percent for each year your early retirement age exceeds 60; and
  • 3.33 percent for each additional year your benefit begins prior to your early retirement age.

If you defer filing for your vested retirement benefit until you have or would have had 22 years and one month of creditable service, your vested retirement benefit will be eligible for escalation. Learn more about escalation.

When you turn 62, the benefit is reduced by 50 percent of your primary Social Security benefit.

Filing

To receive your vested pension at the earliest possible date, file a retirement application within 90 days before you first become eligible. If we receive your retirement application after you first become eligible, your vested retirement is effective the date the application is received.

Remember, it is up to you to file a retirement application when you become eligible and wish to receive your benefit.