logging in or signing up Retirement Benefits ERS and TRS Bianca Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINTLite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 1024 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: January 16, 2008 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript Retirement Benefits: Retirement Benefits Employees’ Retirement System Teachers’ Retirement System Planning for Retirement - Consultations: Planning for Retirement - Consultations check web sites for times and dates bring last statement, correspondencePlanning for Retirement- Web sites: Planning for Retirement- Web sites ERS - http://www.osc.state.ny.us/retire TRS - http://www.nystrs.orgTIERS: TIERS Tier 1 - prior to 7/1/73 Tier 2 - 7/1/73 - 7/26/76 Tier 3 - 7/27/76 - 8/31/83 Tier 4 - 9/1/83 - presentRecent Legislation: Recent Legislation 5 Year Vesting Tier reinstatement Tier Equity - reductions prior to age 62 the same for tiers 2-4 Prior service - liberalizes rules, tiers 2-4 - credited after 2 yearsRecent Legislation (cont.): Recent Legislation (cont.) Article 19 tier 1 and 2 1 month extra service credit for each year maximum 24 months must be continuously in service 4/1/99- 10/1/00 - ERS 4/1/99 - 6/30/00 - TRS can include 12 weeks LWOP Recent Legislation (cont.): Recent Legislation (cont.) Article 19 (cont) tiers 3 and 4 - 3% contribution ceases after 10 years of membership Military Service designated periods 3 years max. doesn’t adjust cap 3% of last year’s salary for each year bought Recent Legislation (cont.): Recent Legislation (cont.) COLA age 62, retired 5 years annual adjustment = 50% of CPI increase on first $18,000 of pension maximum increase 3%Calculation Formula Tiers 1 and 2: Calculation Formula Tiers 1 and 2 less than 20 years - ERS 1.66% of FAS for each year of service 20 or more years - ERS 2% of FAS for each year of service TRS after 1959 2% of FAS for each year of serviceCalculation Formula - Tiers 1 and 2 (cont.): Calculation Formula - Tiers 1 and 2 (cont.) Cap - 75% 79% with Article 19 ERS prior to 4/1/70 and TRS prior to 7/1/70 ask about alternate calculations Calculation Formula (cont.) Tiers 3 and 4: Calculation Formula (cont.) Tiers 3 and 4 Article 14 - tier 3 only Article 15 - tiers 3 and 4 less than 20 years - 1.66% of FAS/year service 20-30 years - 2% of FAS for each year 30 + years - 60% FAS plus 1.5% FAS for each year over 30 no cap Final Average Salary: Final Average Salary The average of the highest consecutive 36 months Certain limits apply Tier 1 TRS before 6/17/71 can use 5 year average - no limitsFinal Average Salary (cont.): Final Average Salary (cont.) Includes (if in period used) overtime holiday pay pay for unused O.T. comp time (30 days) bonuses such as longevity, $500 pay for unused vacation (30 days) - ERS only tier 1 prior to 4/1/72 tiers 3 and 4Final Average Salary - Limits: Final Average Salary - Limits Tier 1 ERS (after 6/17/71) and TRS (3 yr FAS) any year can’t exceed the previous year by more than 20% Tier 2 any year can’t exceed the average of the previous 2 years by more than 20%FAS Limits (cont.): FAS Limits (cont.) Tiers 3 and 4 any year can’t exceed the average of the previous 2 years by more than 10% need 5 years of consistent salaryService Credit: Service Credit Extra service (ex: article 19, military service) cannot entitle you to a benefit (ex: 5 year vesting) can give you a better benefit level (ex: 2% per year at 20 years, no reduction at 30 years for those under age 62) Service Credit (cont.) : Service Credit (cont.) Unused sick leave - ERS only 165 days can be used to add to service credit 165 days = 7.6 months does not give you a better benefit level 19.75 years + 165 days sick leave does not entitle you to the 2% calculation same sick leave (200 days) may be used to pay for health insuranceAge Reductions Tiers 2-4, < age 62, < 30 years: Age Reductions Tiers 2-4, < age 62, < 30 years 61 6% 60 12% 59 15% 58 18% 57 21% 56 24% 55 27%Options : Options See The Right Decision shows ERS (TRS similar) Or create your own Decide by end of the month in which you retireFiling for Retirement: Filing for Retirement Application must be received at ERS/TRS, or mailed certified ERS – 30-90 days ahead TRS – up to 90 days ahead need proof of date of birth for yourself and lifetime beneficiariesPension Checks: Pension Checks Waiting period ERS - 6-8 weeks TRS - 4-6 weeks Estimated checks ERS 3-5 months TRS 8 monthsPension Checks (cont.): Pension Checks (cont.) Taxes federal only fill out form or they withhold as M-3 Direct Deposit ERS - optional for regular (not advance) checks TRS - standard for all checksReemployment in Public Service: Reemployment in Public Service Section 212 may earn a fixed amount per year ($25,000 in 2003) no approval required no limit age 65 and olderReemployment (cont.): Reemployment (cont.) Section 211 requires special approval limit applies if reemployed with the same employer (all NYS is one employer) limit = the salary that you would have earned if not retired minus your highest possible pension optionQuestions? : Questions? ERS (866) 805-0990 TRS (800) 348-7298 You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
Retirement Benefits ERS and TRS Bianca Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINTLite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 1024 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: January 16, 2008 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript Retirement Benefits: Retirement Benefits Employees’ Retirement System Teachers’ Retirement System Planning for Retirement - Consultations: Planning for Retirement - Consultations check web sites for times and dates bring last statement, correspondencePlanning for Retirement- Web sites: Planning for Retirement- Web sites ERS - http://www.osc.state.ny.us/retire TRS - http://www.nystrs.orgTIERS: TIERS Tier 1 - prior to 7/1/73 Tier 2 - 7/1/73 - 7/26/76 Tier 3 - 7/27/76 - 8/31/83 Tier 4 - 9/1/83 - presentRecent Legislation: Recent Legislation 5 Year Vesting Tier reinstatement Tier Equity - reductions prior to age 62 the same for tiers 2-4 Prior service - liberalizes rules, tiers 2-4 - credited after 2 yearsRecent Legislation (cont.): Recent Legislation (cont.) Article 19 tier 1 and 2 1 month extra service credit for each year maximum 24 months must be continuously in service 4/1/99- 10/1/00 - ERS 4/1/99 - 6/30/00 - TRS can include 12 weeks LWOP Recent Legislation (cont.): Recent Legislation (cont.) Article 19 (cont) tiers 3 and 4 - 3% contribution ceases after 10 years of membership Military Service designated periods 3 years max. doesn’t adjust cap 3% of last year’s salary for each year bought Recent Legislation (cont.): Recent Legislation (cont.) COLA age 62, retired 5 years annual adjustment = 50% of CPI increase on first $18,000 of pension maximum increase 3%Calculation Formula Tiers 1 and 2: Calculation Formula Tiers 1 and 2 less than 20 years - ERS 1.66% of FAS for each year of service 20 or more years - ERS 2% of FAS for each year of service TRS after 1959 2% of FAS for each year of serviceCalculation Formula - Tiers 1 and 2 (cont.): Calculation Formula - Tiers 1 and 2 (cont.) Cap - 75% 79% with Article 19 ERS prior to 4/1/70 and TRS prior to 7/1/70 ask about alternate calculations Calculation Formula (cont.) Tiers 3 and 4: Calculation Formula (cont.) Tiers 3 and 4 Article 14 - tier 3 only Article 15 - tiers 3 and 4 less than 20 years - 1.66% of FAS/year service 20-30 years - 2% of FAS for each year 30 + years - 60% FAS plus 1.5% FAS for each year over 30 no cap Final Average Salary: Final Average Salary The average of the highest consecutive 36 months Certain limits apply Tier 1 TRS before 6/17/71 can use 5 year average - no limitsFinal Average Salary (cont.): Final Average Salary (cont.) Includes (if in period used) overtime holiday pay pay for unused O.T. comp time (30 days) bonuses such as longevity, $500 pay for unused vacation (30 days) - ERS only tier 1 prior to 4/1/72 tiers 3 and 4Final Average Salary - Limits: Final Average Salary - Limits Tier 1 ERS (after 6/17/71) and TRS (3 yr FAS) any year can’t exceed the previous year by more than 20% Tier 2 any year can’t exceed the average of the previous 2 years by more than 20%FAS Limits (cont.): FAS Limits (cont.) Tiers 3 and 4 any year can’t exceed the average of the previous 2 years by more than 10% need 5 years of consistent salaryService Credit: Service Credit Extra service (ex: article 19, military service) cannot entitle you to a benefit (ex: 5 year vesting) can give you a better benefit level (ex: 2% per year at 20 years, no reduction at 30 years for those under age 62) Service Credit (cont.) : Service Credit (cont.) Unused sick leave - ERS only 165 days can be used to add to service credit 165 days = 7.6 months does not give you a better benefit level 19.75 years + 165 days sick leave does not entitle you to the 2% calculation same sick leave (200 days) may be used to pay for health insuranceAge Reductions Tiers 2-4, < age 62, < 30 years: Age Reductions Tiers 2-4, < age 62, < 30 years 61 6% 60 12% 59 15% 58 18% 57 21% 56 24% 55 27%Options : Options See The Right Decision shows ERS (TRS similar) Or create your own Decide by end of the month in which you retireFiling for Retirement: Filing for Retirement Application must be received at ERS/TRS, or mailed certified ERS – 30-90 days ahead TRS – up to 90 days ahead need proof of date of birth for yourself and lifetime beneficiariesPension Checks: Pension Checks Waiting period ERS - 6-8 weeks TRS - 4-6 weeks Estimated checks ERS 3-5 months TRS 8 monthsPension Checks (cont.): Pension Checks (cont.) Taxes federal only fill out form or they withhold as M-3 Direct Deposit ERS - optional for regular (not advance) checks TRS - standard for all checksReemployment in Public Service: Reemployment in Public Service Section 212 may earn a fixed amount per year ($25,000 in 2003) no approval required no limit age 65 and olderReemployment (cont.): Reemployment (cont.) Section 211 requires special approval limit applies if reemployed with the same employer (all NYS is one employer) limit = the salary that you would have earned if not retired minus your highest possible pension optionQuestions? : Questions? ERS (866) 805-0990 TRS (800) 348-7298