Coordinated Plan For ERS Tier 3 and 4 Members

(Articles 14 and 15)

Post-Retirement Death Benefit

1-06-death-2019001

Eligibility

There is a post-retirement death benefit if you:

  • Retire directly from service; or
  • Are a vested member and your date of retirement is within one year of leaving public employment in New York State.

1-06-death-2029001

The Benefit

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.

1-06-death-2039001

Example:

Retirement at age 62 with earnings of $45,000

$45,000 × 3 = $135,000
8% reduction for working until age 62: − 10,800
Ordinary death benefit at retirement: $124,200

1st year of retirement
(50 percent of ordinary death benefit): $62,100

2nd year of retirement
(25 percent of ordinary death benefit): $31,050

After 2nd year of retirement
(10 percent of benefit at age 60): $13,500

1-06-death-2049001

Filing

Your family or employer should notify us of your death as soon as possible so we can send the appropriate forms to your beneficiary.