How Retirement Age Can Affect Your NYSLRS Retirement Benefit

Only you can decide when it’s the right time to retire from public service, but keep in mind that your age at retirement can affect your retirement benefit. If you’re a New York State and Local Retirement System (NYSLRS) member in a regular retirement plan, you can retire with full benefits at the age specified by your plan. You have the option to retire as early as age 55, but you’d receive a permanently reduced benefit.

Full Retirement Ages

Most retirement plans have an age requirement you’d have to meet to retire with full benefits. For Employees’ Retirement System (ERS) members in Tiers 2, 3, 4 and 5 and Police and Fire Retirement System (PFRS) members in Tiers 2, 3, 5 and 6, the full retirement age is 62. ERS Tier 6 members can retire with full benefits at age 63. PFRS Tier 6 members who have left the payroll are eligible to apply for their benefit at age 63.

Service Credit Exceptions

For some retirement plans, if you have a certain amount of service credit, benefit reductions don’t apply to you. Benefit reductions don’t apply to ERS Tier 2, 3 or 4 members who retire between 55 and 62 with 30 or more years of service credit. Tier 5 Uniformed Court Officers and Peace Officers employed by the Unified Court System with 30 or more years of service can also retire between 55 and 62 with an unreduced benefit.

Retirement benefits for all other ERS Tier 5 and Tier 6 members and PFRS Tier 2, 3, 5 and 6 members not in a special 20- or 25-year plan will be reduced for early retirement — even if they have 30 years of service credit.

Benefit Reductions

If you’re thinking about retiring early, it’s important to know that the benefit reductions are prorated by month, so the closer you are to your full retirement age, the less the reduction will be. It’s also important to know that once you retire with a reduced benefit, that reduction is permanent.

The following tables break down the reductions by membership tiers:

ERS Tiers 2, 3 and 4 / PFRS Tiers 2, 3 (Article 11), 5 and 6

Age at Retirement Percentage of Reduction
62 0
61 6.00
60 12.00
59 15.00
58 18.00
57 21.00
56 24.00
55 27.00

ERS Tier 3 State Correction Officers and
Security Hospital Treatment Assistants (SHTA)

Age at Retirement Percentage of Reduction
62 0
61 6.67
60 13.33
59 16.67
58 20.00
57 23.33
56 26.67
55 30.00

ERS Tier 5

Age at Retirement Percentage of Reduction
62 0
61 6.67
60 13.33
59 18.33
58 23.33
57 28.33
56 33.33
55 38.33

ERS Tier 6

Age at Retirement Percentage of Reduction
63 0
62 6.50
61 13.00
60 19.50
59 26.00
58 32.50
57 39.00
56 45.50
55 52.00

Contact us if you have any questions about benefit reductions or any other retirement-related topics. Please be sure to review your online retirement plan booklet for a full description of the benefits you’re entitled to as well as the reductions and restrictions you should be aware of.

12 thoughts on “How Retirement Age Can Affect Your NYSLRS Retirement Benefit

  1. Esther G. Spielman-Pollak

    Hi, as a Senior court Reporter, if I have 32 years and I’m approximately 58, do I get a reduction under tier 3 or 4? I never heard that we do.
    Esther G. Spielman-Pollak

    Reply
    1. NYSLRS

      The full benefit age for ERS members in Tiers 2, 3, and 4 is 62. However, benefit reductions do not apply to ERS Tier 2, 3 or 4 members who retire between 55 and 62 with 30 or more years of service credit.

      We hope this information proves helpful to you.

      NYSLRS.

      Reply
  2. Sterling Orr

    Need to discuss my wife’s Medicare options. She 62+ now. When and what does retirement system do for her. Please.

    Reply
    1. NYSLRS

      NYSLRS does not administer health insurance programs for its members and retirees. If you or your wife are still employed, your employer’s health benefits administrator will be able to provide information regarding Medicare options.

      You may also call the Employee Benefits Division of the Governor’s Office of Employee Relations at 518-457-5754 (Albany area), or at 1-800-833-4344.

      We hope this information proves useful to you.

      NYSLRS

      Reply
      1. Sterling K Orr

        My wife is now 62+.When can she get Medicare and does she need to go thru my retirement system as I did ? Preparing for her retirement also. RSVP. S.K.Orr

        Reply
        1. NYSLRS

          Sterling,

          We’re glad to hear that your wife is preparing for retirement. You both may find our Life Changes: How Do I Prepare to Retire? publication helpful. It helps outline what steps to take when preparing to retire. Here’s a link to our web version: http://www.osc.state.ny.us/retire/publications/vo1709.php

          However, NYSLRS doesn’t administer health insurance programs for its members and retirees. If your wife is still employed, her employer’s health benefits administrator will be able to provide information regarding Medicare options. She can also contact the New York State Department of Civil Service at 1-800-833-4344 or 518-457-5754 (Albany area).

          We hope this helps,

          NYSLRS

          Reply
  3. M. A. Pelletier

    How do my part-time years factor in to total years of service? About 1/3 of my 25+ years were part time.

    Reply
    1. NYSLRS

      The rules for crediting service vary by tier. Service credit can be prorated if the service is less than full-time. In most cases, we credit part-time employment as the lesser of:

      • number of days worked ÷ 260 days, or
      • annual earnings reported ÷ (State’s hourly minimum wage X 2,000)

      You can find your latest service credit total on your Member Annual Statement. It includes all unaudited service credit (part-time included) that is currently on file with NYSLRS as of March 31, 2015.

      Reply
  4. Karen Bernstein's

    I’m s nyc correction officer due to retire in July 2017. I need information to begin the process. Please contact me at 917-592-4306

    Reply

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