Effective for all employees joining a NYS public retirement system on or after April 1, 2012. Vesting requires 10 years of service credit. Requires 3% (ERS) and 3.5% (TRS) employee contribution, regardless of salary, until April 1, 2013; thereafter, the contribution rate in a given year is based upon regular compensation, as follows:
Retirement age is 63 in order to retire with an unreduced benefit; members retiring between age 55 and age 63 are subject to a reduction of 6.5% for each year retirement precedes age 63. NYSUT-affiliated bargaining units may petition the governor for an unreduced benefit at age 57 with 30 or more years of service, with any additional actuarial costs to be borne by eligible employees.
5-year final average salary (FAS) calculation using regular compensation for determining retirement benefits.
Excludes from the FAS calculation wages exceeding the average of the previous four years by more than 10%.
Pensionable overtime capped at $15,000 plus inflation.
Eliminates use of lump payments for unused vacation accruals in FAS calculations.
100 sick leave days eligible for service credit.
Pensionable salaries limited to regular compensation from only two employers during a given year.
Allowable in a FAS calculation capped at the NYS governor's salary (currently $179,000 - 4/1/2012 ).
6% contribution required to purchase military and prior service.
Pension multiplier for years of service as follows:
New employee/employer contribution rates will apply to all employees joining the SUNY ORP on or after April 1, 2012. Vesting period remains unchanged at 366 days or immediate for employees with vested employer-funded retirement contracts through approved vendors from previous employment. Employee contributions required for the duration of employment. Employee contribution are 3% until April 1, 2013. Thereafter, employee contribution rates in a given calendar year will be based upon their earnings in the second calendar year preceding the current calendar year, as follows:
Employer contribution is 8% of compensable salary for the first 7 years of employment, and 10% thereafter.
Allowable contribution limits follow the definitions contained within §390 of Education Law, §131 of Retirement and Social Security Law, and §415 and §401(a)(17) IRS annual contribution limits; and will not be subject to the newly imposed caps and limitations applicable to Tier VI ERS/TRS members.
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