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Opinion 92-1
… or statutory amendments that bear on the issues discussed in the opinion. PUBLIC CONTRACTS -- Retained Percentages … (collection of interest on securities deposited in lieu of); (mandatory nature of withdrawal provisions); … of appropriate securities); (submission of securities in excess of amount to be withdrawn); (substitution of …
https://www.osc.ny.gov/legal-opinions/opinion-92-1Transferring or Terminating Your Membership
… or You transfer your membership to another public retirement system in New York State. If you previously were a member of the New York State …
https://www.osc.ny.gov/retirement/members/transferring-or-terminating-your-membershipParticipation in the Program – Contribution Stabilization Program
… you must complete and submit a Participation Request form . Forms can be submitted by: Email as an attachment to … How the Program Works page carefully before you submit a form to participate in this program. Withdrawing from the … the normal rate (not the graded rate) in fiscal year 2025 (for your bill that will be due in February 2025). …
https://www.osc.ny.gov/retirement/employers/csp/participation-programAlternate Contribution Stabilization Program
… of approval. For example, if you withdraw in fiscal year 2024 (April 1, 2023 – March 31, 2024), you will begin paying the normal rate (not the graded … system (ERS or PFRS). Click the “Reserve Fund Balance” link on the Billing Dashboard. Reserve account balances in …
https://www.osc.ny.gov/retirement/employers/alternate-contribution-stabilization-programTips to Help You Keep Your Money
… Keep your accounts active. More than half of unclaimed accounts are dormant savings accounts — accounts …
https://www.osc.ny.gov/unclaimed-funds/claimants/tips-help-you-keep-your-moneyHow Contribution Rates Are Determined – What Every Employer Should Know
… rates. The PVB reflects the amount of money needed in the Fund today to pay benefits in the future. NYSLRS assumes a 5.9 percent rate of return on … is currently 5.9 percent, though this rate could change in the future based on investment returns. This assumed rate …
https://www.osc.ny.gov/retirement/employers/partnership/how-contribution-rates-are-determinedRetirement System Membership – Special 20- and 25-Year Plans
… police officers and paid firefighters working for New York State or any municipal employer in the State, membership in the New York State and Local Police and Fire Retirement System (PFRS) is mandatory. Employers are responsible for …
https://www.osc.ny.gov/retirement/publications/1517/retirement-system-membershipMandatory Membership – Membership and Enrollment
… members are required to join NYSLRS. Beginning July 27, 1976, membership is mandatory for: Employees who work in … part time police officers and firefighters). Before July 27, 1976, membership was mandatory for: Jobs with competitive … 384-d and 384-e PFRS members who are enrolled on or after January 1, 2015 are automatically covered under Section 384-d …
https://www.osc.ny.gov/retirement/employers/membership-enrollment/mandatory-membershipStart Saving for Retirement
… may seem far into the future but the steps you take now to save for retirement can make a huge difference when that … An Important Part of Your Post-Retirement Income Not sure how much you’ll need to save for retirement? It’s helpful to … employer, they may offer other retirement savings plans. Check with your human resources office or benefit …
https://www.osc.ny.gov/retirement/members/saving-for-retirementState Agencies Bulletin No. 1527
… agencies with the steps required to calculate breaks in service for TIAA members (Plan Type 7Z) that appear on the … Date are missing from the TIAA/CREF Suspense/NRI panel in PayServ. The missing completion date(s) could impact TIAA … timely when the suspense period has been completed. Breaks in service could also impact the seven year date, when the …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/1527-calculating-correct-projected-366-day-completion-date-andor-projected-7State Agencies Bulletin No. 1665
… The TIAA/CREF Suspense/NRI panel automatically transfers funds from OSC to the ORP/VDC vendor when the suspense period …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-agencies/1665-calculating-breaks-service-orp-participants-apprear-control-d-nben742Withdrawing Your Contributions and/or Your Membership – State Police Plan
… also apply by mail by submitting a Withdrawal Application (RS5014) . 1 Once you have ten or more years of service …
https://www.osc.ny.gov/retirement/publications/1518/withdrawing-your-contributions-andor-your-membershipWest Ghent Volunteer Fire Company – Treasurer’s Activities (2016M-48)
… did not require multiple signatures when withdrawing funds from its bank accounts. The Board did not establish a credit … card usage, dollar limits for purchases or documentation required to be maintained to support credit card purchases. … that Company officials require multiple signatures for the withdrawal or disbursement of Company funds. Establish a …
https://www.osc.ny.gov/local-government/audits/fire-company-or-department/2017/11/03/west-ghent-volunteer-fire-company-treasurers-activities-2016mSUNY Bulletin No. SU-355
… This payment is authorized in the 09/12/2023 Memorandum from the SUNY Board of Trustees. SUNY System Administration … Actions: Prior to processing the payment, agencies are required to complete a roster identifying eligible employees … on the Job Action Requests page. However, the agency must calculate the monies submitted on the Time Entry page using …
https://www.osc.ny.gov/state-agencies/payroll-bulletins/state-university-new-york/su-355-2024-salary-increase-state-university-new-york-sunyRefunds – Divorce and Your Benefits
… Occasionally, a member may be entitled to a refund of contributions due to tier reinstatement , withdrawal of … file, NYSLRS’ Matrimonial Unit will determine whether the entire refund can be paid to the member or whether a …
https://www.osc.ny.gov/retirement/members/divorce/refundsOpinion 88-58
… for type of improvement) STREETS AND HIGHWAYS -- Highway Garage (referendum requirement) HIGHWAY LAW, §142(5); GENERAL … §6-c(8): An expenditure for the construction of a highway garage made from a capital reserve fund established for the … a capital reserve fund for the construction of a highway garage. You have indicated that the reserve fund was …
https://www.osc.ny.gov/legal-opinions/opinion-88-58Property Tax Cap How to Calculate Retirement Exclusions
Learn How to Calculate Retirement Exclusions From Example
https://www.osc.ny.gov/files/local-government/property-tax-cap/pdf/exclusion_example.pdfRequest for Withdrawal from Section 384 (PF5094)
For NYSLRS PFRS members to withdraw their election to contribute under the provisions of Section 384 of the Retirement and Social Security Law, permitting retirement after 25 years of allowable police or fire service.
https://www.osc.ny.gov/files/retirement/forms/pdf/pf5094.pdfWithdrawing Your Contributions and/or Your Membership – Special 20- and 25-Year Plans
… (including interest compounded at 5 percent per year); or Leave your contributions in your account and … and click “Withdraw My Membership.” You can also apply by mail by submitting a Withdrawal Application (RS5014) . …
https://www.osc.ny.gov/retirement/publications/1517/withdrawing-your-contributions-andor-your-membershipAbout Statement No. 67 – Governmental Accounting Standards Board
… pension systems. Defines the way public pension plans calculate and report the Net Pension Liability. Mandates footnote and required supplementary information disclosures. Has no impact on NYSLRS’ Statement of Plan Net Position or Statement of Changes in Plan Net …
https://www.osc.ny.gov/retirement/employers/gasb/about-statement-no-67