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Retirement Benefits ERS and TRS

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Information about Retirement Benefits ERS and TRS
Education

Published on January 16, 2008

Author: Bianca

Source: authorstream.com

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Retirement Benefits:  Retirement Benefits Employees’ Retirement System Teachers’ Retirement System Planning for Retirement - Consultations:  Planning for Retirement - Consultations check web sites for times and dates bring last statement, correspondence Planning for Retirement- Web sites:  Planning for Retirement- Web sites ERS - http://www.osc.state.ny.us/retire TRS - http://www.nystrs.org TIERS:  TIERS Tier 1 - prior to 7/1/73 Tier 2 - 7/1/73 - 7/26/76 Tier 3 - 7/27/76 - 8/31/83 Tier 4 - 9/1/83 - present Recent Legislation:  Recent Legislation 5 Year Vesting Tier reinstatement Tier Equity - reductions prior to age 62 the same for tiers 2-4 Prior service - liberalizes rules, tiers 2-4 - credited after 2 years Recent Legislation (cont.):  Recent Legislation (cont.) Article 19 tier 1 and 2 1 month extra service credit for each year maximum 24 months must be continuously in service 4/1/99- 10/1/00 - ERS 4/1/99 - 6/30/00 - TRS can include 12 weeks LWOP Recent Legislation (cont.):  Recent Legislation (cont.) Article 19 (cont) tiers 3 and 4 - 3% contribution ceases after 10 years of membership Military Service designated periods 3 years max. doesn’t adjust cap 3% of last year’s salary for each year bought Recent Legislation (cont.):  Recent Legislation (cont.) COLA age 62, retired 5 years annual adjustment = 50% of CPI increase on first $18,000 of pension maximum increase 3% Calculation Formula Tiers 1 and 2:  Calculation Formula Tiers 1 and 2 less than 20 years - ERS 1.66% of FAS for each year of service 20 or more years - ERS 2% of FAS for each year of service TRS after 1959 2% of FAS for each year of service Calculation Formula - Tiers 1 and 2 (cont.):  Calculation Formula - Tiers 1 and 2 (cont.) Cap - 75% 79% with Article 19 ERS prior to 4/1/70 and TRS prior to 7/1/70 ask about alternate calculations Calculation Formula (cont.) Tiers 3 and 4:  Calculation Formula (cont.) Tiers 3 and 4 Article 14 - tier 3 only Article 15 - tiers 3 and 4 less than 20 years - 1.66% of FAS/year service 20-30 years - 2% of FAS for each year 30 + years - 60% FAS plus 1.5% FAS for each year over 30 no cap Final Average Salary:  Final Average Salary The average of the highest consecutive 36 months Certain limits apply Tier 1 TRS before 6/17/71 can use 5 year average - no limits Final Average Salary (cont.):  Final Average Salary (cont.) Includes (if in period used) overtime holiday pay pay for unused O.T. comp time (30 days) bonuses such as longevity, $500 pay for unused vacation (30 days) - ERS only tier 1 prior to 4/1/72 tiers 3 and 4 Final Average Salary - Limits:  Final Average Salary - Limits Tier 1 ERS (after 6/17/71) and TRS (3 yr FAS) any year can’t exceed the previous year by more than 20% Tier 2 any year can’t exceed the average of the previous 2 years by more than 20% FAS Limits (cont.):  FAS Limits (cont.) Tiers 3 and 4 any year can’t exceed the average of the previous 2 years by more than 10% need 5 years of consistent salary Service Credit:  Service Credit Extra service (ex: article 19, military service) cannot entitle you to a benefit (ex: 5 year vesting) can give you a better benefit level (ex: 2% per year at 20 years, no reduction at 30 years for those under age 62) Service Credit (cont.) :  Service Credit (cont.) Unused sick leave - ERS only 165 days can be used to add to service credit 165 days = 7.6 months does not give you a better benefit level 19.75 years + 165 days sick leave does not entitle you to the 2% calculation same sick leave (200 days) may be used to pay for health insurance Age Reductions Tiers 2-4, < age 62, < 30 years:  Age Reductions Tiers 2-4, < age 62, < 30 years 61 6% 60 12% 59 15% 58 18% 57 21% 56 24% 55 27% Options :  Options See The Right Decision shows ERS (TRS similar) Or create your own Decide by end of the month in which you retire Filing for Retirement:  Filing for Retirement Application must be received at ERS/TRS, or mailed certified ERS – 30-90 days ahead TRS – up to 90 days ahead need proof of date of birth for yourself and lifetime beneficiaries Pension Checks:  Pension Checks Waiting period ERS - 6-8 weeks TRS - 4-6 weeks Estimated checks ERS 3-5 months TRS 8 months Pension Checks (cont.):  Pension Checks (cont.) Taxes federal only fill out form or they withhold as M-3 Direct Deposit ERS - optional for regular (not advance) checks TRS - standard for all checks Reemployment in Public Service:  Reemployment in Public Service Section 212 may earn a fixed amount per year ($25,000 in 2003) no approval required no limit age 65 and older Reemployment (cont.):  Reemployment (cont.) Section 211 requires special approval limit applies if reemployed with the same employer (all NYS is one employer) limit = the salary that you would have earned if not retired minus your highest possible pension option Questions? :  Questions? ERS (866) 805-0990 TRS (800) 348-7298

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