Whether you’re 22 or 52, you should be planning for retirement. Your NYSLRS retirement benefits will be based on your tier, years of service and final average earnings. For most members, age is also an important factor in your NYSLRS benefits and it’s a factor for Social Security and retirement savings strategies as well. So, […]
If you joined the Employees’ Retirement System (ERS) on or after April 1, 2012, you are a Tier 6 member. Let’s look at the milestones you will reach over the course of your public service career and how they will affect your benefits. Why Milestones Matter As a NYSLRS member, you earn service credit for […]
NYSLRS, which administers the Employees’ Retirement System (ERS) and the Police and Fire Retirement System (PFRS), had 685,450 members as of March 31, 2022. Our members are State government, local government, school district and other public-sector employees from across New York — 650,251 in ERS and 35,199 in PFRS. About 74 percent of our members were […]
Knowing your member milestones can help you plan for your retirement. Most Employees’ Retirement System (ERS) Tier 3 and Tier 4 members (unless they are in special retirement plans) retire under the Article 15 retirement plan. If you’re covered by this retirement plan, you have a set of member milestones that affect how your pension […]
Financial advisers say you will need to replace between 70 and 80 percent of your salary to maintain your lifestyle after retirement. Your NYSLRS pension could go a long way in helping you reach that goal, especially when combined with your Social Security benefit and your own retirement savings. Here’s a look at how Employees’ […]
Tier 3 and 4 members in the Article 15 retirement plan qualify for retirement benefits after they’ve earned five years of credited service. Once you’re vested, you have a right to a NYSLRS retirement benefit — even if you leave public employment. Though your pension is guaranteed, the amount of your pension depends on several […]
If you joined the Employees’ Retirement System (ERS) on or after January 1, 2010, but before April 1, 2012, you are a Tier 5 member. Let’s look at the milestones you will pass over the course of your public service career and how they will affect your benefits. Why Milestones Matter As a NYSLRS member, […]
When Tier 6 NYSLRS members think about retirement, their final average salary (FAS) is a significant consideration. In the Employees’ Retirement System (ERS), it’s a five-year FAS, which means the pension is based on the average earnings from the highest five consecutive years. However, the law limits the earnings that are included in the […]
When NYSLRS formed in 1921, it started with a total of 4,721 participants (4,672 members and 43 retirees). Today, NYSLRS provides retirement security to 643,178 members and 430,308 retirees and beneficiaries (the most recent data available). To say we’ve grown would be an understatement. But no matter how large we get, NYSLRS will continue to […]
April is National Financial Literacy Month, a time dedicated to helping people make informed financial decisions and manage money effectively. Financial literacy means understanding and using skills such as budgeting, investing and managing your personal finances. Greater financial literacy generally translates into greater financial well-being, according to a recent report from the TIAA Institute-GFLEC […]