Tag Archives: One Tier at a Time

NYSLRS – One Tier at a Time: PFRS Tier 5

When you join the New York State and Local Retirement System (NYSLRS), you’re assigned a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS). Each tier has a different benefit structure established by New York State legislation.

Our series, NYSLRS — One Tier at a Time, walks through each tier to give you a quick look at the benefits in both ERS and PFRS. Today’s post looks at PFRS Tier 5. Anyone who joined PFRS from January 9, 2010 through March 31, 2012 is in Tier 5. There were 1,967 PFRS Tier 5 members as of March 31, 2021, making up 5.6 percent of PFRS membership.

About Special Plans

Under a regular plan, you need to reach certain age and service requirements to receive your NYSLRS pension. If you’re covered by a special plan, there is no age requirement, and you can receive your pension after completing 20 or 25 years of service.

Nearly 80 percent of PFRS members are in plans covered under Sections 384, 384-d, 384-e or 384-f of the Retirement and Social Security Law. Read our Police and Fire Retirement System blog post for information about different PFRS plans.

Check out the graphic below for the basic retirement information for PFRS Tier 5.

PFRS Tier 5

If you’re a PFRS Tier 5 member, you can find detailed information about your benefits in the retirement plan booklets listed below:

For special plans under miscellaneous titles, please visit our Publications page.

Check out other posts in the PFRS series:

NYSLRS – One Tier at a Time: PFRS Tier 6

When you join the New York State and Local Retirement System (NYSLRS), you’re assigned a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS). Your tier determines such things as your eligibility for benefits, the calculation of those benefits, death benefit coverage and whether you need to contribute toward your benefits.

Our series, NYSLRS – One Tier at a Time, walks through each tier to give you a quick look at the benefits in both ERS and PFRS. Today’s post looks at PFRS Tier 6. Anyone who joined PFRS on or after April 1, 2012 is in Tier 6. Tier 6 members currently make up almost 40 percent of PFRS membership, totaling 13,956 members, making it the second largest tier in PFRS.

About Regular Plans and Special Plans

Under a regular plan, you need to reach certain age and service requirements to receive your NYSLRS pension. If you’re covered by a special plan, there is no age requirement, and you can receive your pension after completing 20 or 25 years of service.

Nearly 80 percent of PFRS members are in plans covered under Sections 384, 384-d, 384-e or 384-f of the Retirement and Social Security Law. Read our Police and Fire Retirement System blog post for information about different PFRS plans.

Check out the graphic below for the basic retirement information for PFRS Tier 6 members.

PFRS Tier 6

Where to Find PFRS Tier 6 Information

If you’re a PFRS Tier 6 member, please find your retirement plan publication from the list below for more details about your benefits. If you’re not sure what retirement plan you’re in, you can find that information in the My Account Summary section of your Retirement Online account. You can also check your Member Annual Statement, ask your employer or email us using our secure contact form.

For special plans under miscellaneous titles, please visit our Publications page. Check out other posts in the PFRS series:

NYSLRS – One Tier at a Time: ERS Tier 5

When you joined the New York State and Local Retirement System (NYSLRS), you were assigned a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS). Each tier has a different benefit structure established by State Law. Our series, NYSLRS – One Tier at a Time, walks through each tier to give you a quick look at the benefits in both ERS and PFRS.

Today’s post looks at ERS Tier 5, which covers ERS members who joined from January 1, 2010 through March 31, 2012. There were 37,114 ERS Tier 5 members — 5.8 percent of all ERS members — as of March 31, 2021.

ERS Tier 5 Information

ERS Tier 5 Membership Milestones

ERS Tier 5 members need ten years of service credit to become vested, which means they’ll be eligible for a lifetime pension when they retire.

When a Tier 5 member can retire is based on whether they are in the regular retirement plan (Article 15) or a special plan. Most Tier 5 members are in the regular plan, which means they can retire as early as age 55, but if they retire before age 62, their benefit will be reduced.

Tier 5 members in special plans, such as sheriffs and correction officers, can retire with 20 or 25 years of service (depending on their retirement plan), regardless of age, without penalty.

See your plan booklet (listed below) for details.

The Final Average Earnings (FAE)

An ERS Tier 5 member’s final average earnings is the average of their earnings in the three highest-paid consecutive years of employment. Earnings in any year included in the period cannot exceed the average earnings of the previous two years by more than 10 percent.

Tier 5 Service Retirement Benefit

If an ERS Tier 5 member retires with less than 20 years, the benefit is 1.66 percent of their FAE for each year of service.

If a Tier 5 member in a regular plan retires with 20 to 30 years of service, the benefit is 2 percent of their FAE for each year of service. For each year of service beyond 30 years, they will receive 1.5 percent of their FAE. For example, a Tier 5 member with 35 years of service can retire at 62 with 67.5 percent of their FAE.

For Tier 5 members in special plans, the benefit is generally 50 percent of their FAE with 20 or 25 years of service, depending on their retirement plan.

Where to Find More Information

ERS Tier 5 members can find more details about their benefits in the publications listed below:

For benefit information about special plans for miscellaneous titles, please visit our Publications page. Stay tuned for more NYSLRS – One Tier at a Time posts.

NYSLRS – One Tier at a Time: ERS Tier 6

When you join the New York State and Local Retirement System (NYSLRS), you’re assigned a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS). Each tier has a different benefit structure established by New York State legislation. Our series, NYSLRS – One Tier at a Time, walks through each tier to give you a quick look at the benefits in both ERS and PFRS.

Today’s post looks at ERS Tier 6, which includes anyone who joined ERS since April 1, 2012. There were 311,469 ERS Tier 6 members as of March 31, 2021 making them the largest tier group in ERS.

ERS Tier 6

ERS Tier 6 Membership Milestones

ERS Tier 6 members need ten years of service credit to become vested. Once vested, they’re eligible for a lifetime pension benefit as early as age 55, but if they retire before the full retirement age of 63, their benefit will be reduced. Tier 6 correction officers, however, can retire with 25 years of service, regardless of age, without penalty.

The Final Average Earnings (FAE) Calculation

An ERS Tier 6 member’s final average earnings is the average of their earnings in the five highest-paid consecutive years of employment. Earnings in any year included in the period cannot exceed the average earnings of the previous four years by more than 10 percent.

Tier 6 Service Retirement Benefit

Generally, if an ERS Tier 6 member retires with less than 20 years, the benefit is 1.66 percent of their FAE for each year of service. If a member retires with exactly 20 years of service, the benefit is 1.75 percent of their FAE for each year of service (35 percent of the member’s FAE).

If a member retires with more than 20 years of service, they receive 35 percent for the first 20 years, plus 2 percent for each additional year. For example, a member with 35 years of service can retire at 63 with a pension worth 65 percent of their FAE.

Where to Find More ERS Tier 6 Information

ERS Tier 6 members can find more details about their benefits in the publications listed below:

For benefit information about special plans for other job titles, please visit our Publications page. Stay tuned for more NYSLRS – One Tier at a Time posts.

NYSLRS – One Tier at a Time: PFRS Tier 2

Today’s post looks at Tier 2 in the Police and Fire Retirement System (PFRS). A majority of PFRS members are in Tier 2, which began on July 31, 1973 and ended on June 30, 2009. Most Police and Fire Retirement System members are in “special” retirement plans that allow for retirement after 20 or 25 years, regardless of age, without penalty.

The special plans that cover municipal police officers and firefighters fall under Sections 384, 384(f), 384-d, and 384-e of Retirement and Social Security Law. As of March 31, 2020, there were 15,045 Tier 2 members in these plans; most of whom are covered by either Section 384-d (37.2 percent) or 384-e (62.1 percent).

Check out the graphic below for the basic retirement information for PFRS Tier 2 members.

PFRS Tier 2

 

For more detailed information about your benefits, please review your retirement plan publication:
Special 20- and 25-Year Plans for PFRS Tier 1, 2, 3, 5 and 6 Members (Sections 384, 384-d and 384-e) (VO1517).

NYSLRS – One Tier at a Time: ERS Tier 1

When you joined the New York State and Local Retirement System (NYSLRS), you were assigned to a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS) — so there are many different ways to determine benefits for our members. Our series, NYSLRS – One Tier at a Time, walks through each tier and gives you a quick look at the benefits members are eligible for before and at retirement.

One of our smallest tiers is ERS Tier 1, which represents 0.7 percent of NYSLRS’ total membership. Overall, there are 4,520 ERS Tier 1 members. Today’s post looks at the major Tier 1 retirement plan in ERS – the New Career Plan (Section 75-h or 75-i).
ERS-Tier-1-Benefits_001
If you’re an ERS Tier 1 member in an alternate plan, you can find your retirement plan publication below for more detailed information about your benefits:

Be on the lookout for more NYSLRS – One Tier at a Time posts. Want to learn more about the different NYSLRS retirement tiers? Check out some earlier posts in the series:

NYSLRS – One Tier at a Time: ERS Tier 2

When you joined the New York State and Local Retirement System (NYSLRS), you were assigned to a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS) – so there are many different ways to determine benefits for our members. Our series, NYSLRS – One Tier at a Time, walks through each tier and gives you a quick look at the benefits members are eligible for before and at retirement.

NYSLRS created Tier 2 on July 1, 1973, marking the first time NYSLRS created any new member group. Today’s post looks at one of the major Tier 2 retirement plans in ERS. ERS Tier 2 as a whole represents less than one percent of NYSLRS’ total membership.

ERS-Tier-2-Benefits_001aIf you’re an ERS Tier 2 member in an alternate plan, you can find your retirement plan publication below for more detailed information about your benefits:

Be on the lookout for more NYSLRS – One Tier at a Time posts. Next time, we’ll take a look at another ERS tier. Want to learn more about the different NYSLRS retirement tiers? Check out some earlier posts in the series:

NYSLRS – One Tier at a Time: PFRS Tier 1

When you joined the New York State and Local Retirement System (NYSLRS), you were assigned to a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS) – so there are many different ways to determine benefits for our members. Our series, NYSLRS – One Tier at a Time, walks through each tier and gives you a quick look at the benefits members are eligible for before and at retirement.

Today’s post looks at Tier 1 in the Police and Fire Retirement System, which has only 123 members. PFRS Tier 1 represents the smallest percentage – 0.4 percent – of NYSLRS’ total membership.

PFRS-Tier-1-Benefits_002

If you’re a PFRS Tier 1 member, you can find your retirement plan publication below for more detailed information about your benefits:

Be on the lookout for more NYSLRS – One Tier at a Time posts. Next time, we’ll take a look at another one of our ERS tiers. Want to learn more about the different NYSLRS retirement tiers? Check out some earlier posts in the series:

NYSLRS – One Tier at a Time: ERS Tiers 3 and 4

(We know that’s two, but let us explain)

When you join the New York State and Local Retirement System (NYSLRS), you’re assigned a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS) – so there are many different ways to determine benefits for our members. Our ongoing series, NYSLRS – One Tier at a Time, walks through each tier and gives you a quick look at the benefits the members are eligible for before and at retirement.

Today’s post looks at Tiers 3 and 4 in the Employees’ Retirement System. Now, we know these are technically two tiers, but many of the members in these tiers are eligible to retire under the same retirement plan: Article 14 (for Tier 3 members) or Article 15 (for Tier 3 and 4 members). Of our current 637,746 ERS members, 310,985 are in Tiers 3 and 4, representing 48.8 of ERS membership.

Check out the graphic below for the basic retirement information for Tier 3 and 4 members.

Employees' Retirement System Tiers 3 and 4

If you’re an ERS Tier 3 or 4 member, find your retirement plan publication from the list below for more detailed information about your benefits:

Look for more NYSLRS – One Tier at a Time posts.