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

Basic Plan

For ERS Tier 1 Members

(Sections 70-a, 71-a and 75)

The Age 60 Plan

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Eligibility

You will be eligible for a service retirement benefit when you reach age 60 and have five or more years of credited service.

The Benefit

Your service retirement benefit will equal:

  • 1/140th (.71 percent) of your FAS for each year of credited service; plus
  • 1/70th (1.42 percent) of your FAS for each year of prior service credit; and
  • An annuity based on your contributions, plus interest.
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.