Retirement- ERS - PFRS

RETIREMENT PLAN

Plan	Contact	Description	Eligibility	Plan Type	Employee Contribution	University Contribution	Vesting	Date	Age	Additional Information
Plan PFRS	Contact 1-866-805-0990, or 518-474-7736 in the Albany, NY area	Description New York State and University Police Officers Local Police and Fire Retirement System	Eligibility Available to all APSU & University Police Officers.	Plan Type *Defined Benefit Plan – (guaranteed pension) is based on your earned salary, years of service, age at retirement and a percentage.	Employee Contribution Contribute a specific percentage of your annual salary until you retire or have 32 years of service, whichever comes first.	University Contribution With 25 years of creditable service, your benefit will equal 2% of your final average salary for each year of SUNY police service	Vesting Vested after 10 full-time equivalent years PFRS service	Date State pension provided on retirement after vesting.	Age You may retire at any age after completing 25 years of SUNY police service or you may qualify for a service retirement if you reach age 60 before having served 25 years as a SUNY police officer	Additional Information Membership Book
Plan ERS	Contact NYS ERS 866-805-0990	Description Employees’ Retirement System (NYS and Local)	Eligibility Available to all State employees.	Plan Type *Defined Benefit Plan – (guaranteed pension) is based on your final average salary, years of service, age at retirement and a percentage.	Employee Contribution Employee contribution for the duration of employment	University Contribution Contribution limit is based on maximum annual earnings of $225,000.	Vesting Vested in pension after 10 full-time equivalent years of service.	Date State pension provided on retirement after vesting.	Age Full retirement benefits at age 63.	Additional Information 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 PFRS 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!

Choose one plan within 30 days of your hire date. Enrollment is not finalized until you complete both your electronic and paper enrollment.
Visit Retirement@Workto elect your plan electronically. For live assistance with Retirement@Work, call 866.271.0960.
By selecting ERS/PFRS, you must ALSO complete a paper application form (ERS Formor PFRS Form) and send it to our HR Office for processing.
Again, this is an irrevocable decision.