The State University of New York requires that all full-time permanent employees participate in the New York State Employees' Retirement System (ERS).
If you are part-time, you are not required to join the retirement system, but you may do so if you wish. Part-time employees may join ERS at any time.
The New York State Employees' Retirement System (ERS) is a defined benefit plan. With a defined benefit plan, your retirement income is guaranteed by New York State law and comes in the form of a monthly annuity payment which is determined by your final average salary (the average of your highest five consecutive years of salary), years of service and your age at retirement. You can estimate this pension by visiting the ERS web site found below. Benefits vary by tier with your date of membership determining the tier you belong to. Those joining ERS on or after April 1, 2012, belong to Tier 6. Information on Tier 6 benefits can be found at www.osc.state.ny.us/retire/members/tier-6/index.php.
New York State Employees' Retirement System (ERS)
110 State Street
Albany, NY 12244
Vesting: What is it and when am I vested?
When you are vested, you have ownership of the assets held in your retirement account. Vesting does not mean that you have an immediate right to withdraw these assets, but simply that you would retain these assets upon termination of employment.
The vesting period for the NYS Employees’ Retirement System (ERS) is ten years of full-time credited service.
If you leave State service prior to becoming a vested member you will have the option of withdrawing your membership. If you choose to do that, your contributions plus interest will be refunded.
What are the employer and employee contributions?
Employer Contribution Rate: Based on actuarial recommendations, New York State contributes an amount necessary to satisfy present and future pension payments.
Employee Contribution Rate: Contribution rates are based on a member's salary:
3% for $45,000 or less
3.5% for $45,001 - $55,000
4.5% for $55,001 - $75,000
5.75% for $75,001 - $100,000
6% for $100,001 or more
Your contributions will be made on a before-tax basis (federal taxes only) through payroll deduction, throughout your active membership.
How do I enroll in my primary retirement plan?
You will need to complete an enrollment application. Applications are available in the Employee Benefits Office, Cleveland Hall 410, or you may download the application from the NYS Employees' Retirement System.