Any Employees’ Retirement System (ERS) member who joined NYSLRS on or after January 1, 2010 but before April 1, 2012 is a member of Tier 5. There are currently 53,123 ERS Tier 5 members who make up 8.7 percent of ERS.
ERS Tier 5 Membership Milestones
As a Tier 5 member earns service credit over their career, they become eligible for certain benefits in their retirement plan. Here are some important milestones for Tier 5 members:
ERS Tier 5 Contributions
Most Tier 5 members must contribute 3 percent of their salary for all their years of service, except Uniformed Court and Peace Officers employed by the Unified Court System, who must contribute 4 percent for all their years of public service. State Correction Officers contribute 3 percent for no more than 30 years.
With the exception of those retiring under special retirement plans, Tier 5 members must have 10 or more years of service to be vested (eligible for a retirement benefit). They can retire as early as age 55 with reduced benefits. The full benefit age for Tier 5 is 62.
The Final Average Salary (FAS) Calculation
The retirement benefit for Tier 5 members is 1.66 percent of their final average salary (FAS) for each year of service if the member retires with less than 20 years. FAS is the average of the wages earned in the three highest consecutive years of employment. For Tier 5 members, each year’s compensation used in the FAS calculation is limited to no more than 10 percent above the average of the previous two years.
If a Tier 5 member retires with between 20 and 30 years of service, the benefit is two percent of their FAS for each year of service. If a Tier 5 member retires with more than 30 years of service, the benefit is 1.5 percent of their FAS for each year of service over 30 years.
You can find out more info about Tier 5 retirement benefits on our website.
What’s the death benefit per chart above
Most NYSLRS members are eligible for a death benefit if they die while still in public service. If they retire directly from payroll or within one year of leaving covered employment, most members are also eligible for a post-retirement death benefit. The post-retirement benefit is a percentage of the benefit available during your working years.
You can find more information on our Member Death Benefits page. For account-specific questions about death benefits, please email our customer service representatives using our secure email form. Filling out the secure form allows them to safely contact you about your personal account information.
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