Retirement- ERS

RETIREMENT PLAN

Plan	Contact	Description	Eligibility	Plan Type	Employee Contribution	University Contribution	Vesting	Date	Age	Additional Information
ERS	NYS ERS 866-805-0990	Employees’ Retirement System (NYS and Local)	Available to all State employees.	*Defined Benefit Plan – (guaranteed pension) is based on your final average salary, years of service, age at retirement and a percentage.	Employee contribution for the duration of employment	Contribution limit is based on maximum annual earnings of $225,000.	Vested in pension after 10 full-time equivalent years of service.	State pension provided on retirement after vesting.	Full retirement benefits at age 63.	ERS for Tier 6 Members

*Contribution & vesting details applicable to employees enrolling on or after 4/1/12 (under Tier 6 provisions).

ELIGIBILITY

Eligibility

Enrollment in a retirement plan is mandatory for most full-time employees, but voluntary for part-time employees.

This does notapply to employees who have retired from a state or a participating agency.
You must enroll to be eligible for retirement benefits.

Effective Date

Under the ERS plan, employees have 30 days to enroll online and submit their paper application for membership to be effective from date of appointment; if the employee enrolls after the 30 day period, membership is as of the date of enrollment.

SIGNING UP

This is an irrevocable decision!

Enroll within 30 days of your hire date. Enrollment is not finalized until you complete both your electronic and paper enrollment.
Visit Retirement@Work to elect your plan electronically. For live assistance with Retirement@Work, call 866.271.0960.
Complete the ERS Paper Application Formand send it to our HR Office for processing.
Again, this is an irrevocable decision.