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Eligibility
To be eligible for a retirement benefit, you must have at least five years of service.
The Benefit
With 25 years of creditable service, you may retire at any age with full benefits, equal to one-half (50 percent) of your Final Average Salary (FAS), if you retire directly from an institution under the jurisdiction of the New York State Department of Corrections or the New York State Office of Mental Health.
With less than 25 years of creditable service, you may retire as early as age 55, however there would be a reduction for retiring before age 62 (age 63 for Tier 6 members).
- With less than 20 years of creditable service, you will receive 1.66 percent of your FAS for each year of service.
- With 20 or more years of creditable service, you will receive 2 percent of your FAS for each year of service.
With 25 or more years of service, if you retire before the age of 55, you will receive one-half of your FAS. If you retire between the ages of 55 and 62 (or between the ages of 55 and 63 for Tier 6 members), you will receive the better benefit provided by either:
- One-half of your FAS; or
- 2 percent of your FAS for each year of service (maximum of 30 years), less a reduction for retiring before age 62 (age 63 for Tier 6 members).
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| Age at Retirement | Percentage of Reduction | ||
|---|---|---|---|
| Tier 3 | Tier 5 | Tier 6 | |
| 55 | 30.00 | 38.33 | 52.00 |
| 56 | 26.67 | 33.33 | 45.50 |
| 57 | 23.33 | 28.33 | 39.00 |
| 58 | 20.00 | 23.33 | 32.50 |
| 59 | 16.67 | 18.33 | 26.00 |
| 60 | 13.33 | 13.33 | 19.50 |
| 61 | 6.67 | 6.67 | 13.00 |
| 62 | 0 | 0 | 6.50 |
| 63 | 0 | 0 | 0 |
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Depending on your Tier, if you retire at age 62 or 63 (or older), the maximum benefit payable is 60 percent of your FAS.
It is important to know that once you retire with a reduced benefit, the reduction is permanent — it does not end when you turn 62 or 63.
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Estimate Your Pension
Most members can estimate their pension using the benefit calculator in Retirement Online. The calculator uses your salary and service credit information to create an estimate. You can fine-tune your estimate by entering different retirement dates, beneficiaries, earnings, and service credit amounts to see how they affect your potential benefit, and then save or print it. Sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click the “Estimate my Pension Benefit” button.
Members in certain circumstances (for example, members who have recently transferred a membership to NYSLRS) are not able to use the Retirement Online calculator at this time. These members should contact us to request an estimate.
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Filing
Your service retirement application must be on file with the Office of the State Comptroller at least 15 days, but not more than 90 days, before the date on which your retirement will occur. The 15-day filing requirement is waived if you are over age 70 at retirement.
To apply for retirement, sign in to your Retirement Online account, go to the ‘My Account Summary’ area of your Account Homepage and click “Apply for Retirement.” You can also apply by mail by submitting the Application for Service Retirement (RS6037).
Read the Receiving Your Benefits section for more information about filing.
Page Updated 10/22 - ERS Matrix
Updated 10/22