Coordinated Plan for ERS Tier 6 Members

(Article 15)

Eligibility, the Benefit and Filing

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Eligibility

You will be eligible for a service retirement benefit when you reach age 55 and have ten or more years of credited service. For the full retirement benefit, you must be 63 years old at retirement. You may retire as early as age 55, but you will receive a reduced benefit.

The Benefit

  • If you retire with less than 20 years of service credit, your benefit will equal 1.66 percent of your Final Average Salary (FAS) for each year of service credit.
  • With 20 years of service credit, your benefit will equal 1.75 percent of your FAS for each year of service credit (35 percent of your FAS).
  • If you retire with more than 20 years of service credit, you will receive an additional 2 percent of your FAS for each year of service credit in excess of 20 years.

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Examples:

At age 63, with 19 years of service and an FAS of $35,000:
$35,000 × 1.66% × 19 years = $11,039 per year
$920 per month
At age 63, with 20 years of service and an FAS of $35,000:
$35,000 × 1.75% × 20 years = $12,250 per year
$1,021 per month
At age 63, with 32 years of service and an FAS of $35,000:
$35,000 × 1.75% × 20 years = $12,250 per year
  plus
$35,000 × 2% × 12 years = $8,400 per year
$20,650 per year
$1,721 per month

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Estimate Your Pension

Most members can estimate their pension using the benefit calculator in Retirement Online. The calculator uses your salary and service credit information to create an estimate. You can fine-tune your estimate by entering different retirement dates, beneficiaries, earnings, and service credit amounts to see how they affect your potential benefit, and then save or print it. Sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click the “Estimate my Pension Benefit” button.

Members in certain circumstances (for example, members who have recently transferred a membership to NYSLRS) are not able to use the Retirement Online calculator at this time. These members should contact us to request an estimate.

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Filing

Your service retirement application 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.

To apply for retirement, sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click “Apply for Retirement.” You can also apply by mail by submitting the Application for Service Retirement (RS6037).

Read the Receiving Your Benefits section for more information about filing.