For ERS Tier 2 Members
(Sections 70-a, 71-a and 75)
There is a post-retirement death benefit if you:
- Retire directly from service; or
- Are a vested member and file for retirement within one year of leaving public employment in New York State.
The post-retirement death benefit is calculated at 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 after 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