Monthly Archives: February 2018

Tier 6 FAS Limits (ERS)

 

 

First, a year of earnings in the FAS period can’t exceed the average of the previous four year’s earnings by more than 10 percent. Anything beyond that will not be included in the pension calculation.

Additionally, several types of payments will not be part of the FAS calculation for ERS Tier 6 members:

  • Lump-sum vacation pay,
  • Wages from more than two employers,
  • Payment for unused sick leave,
  • Payments for working during a vacation,
  • Any payments that cause your annual salary to exceed that of the Governor (currently $179,000),
  • Termination pay,
  • Payments made in anticipation of retirement,
  • Lump-sum payments for deferred compensation and
  • Any payments made for time not worked.

Generally speaking, here’s what an ERS Tier 6 FAS will include: regular salary, holiday pay, overtime pay (regular and noncompensatory) earned in the FAS period and up to one longevity payment per year, if earned in the FAS period.

Overtime Limits

While overtime pay generally is part of an ERS Tier 6 FAS, the amount that can be included is limited. The limit is adjusted for inflation each year based on the change in the Consumer Price Index over the one-year period ending September 30 of the previous year. Under a new law, beginning January 1, 2018, the Tier 6 limit will be updated on a calendar year basis instead of on a fiscal year basis.

The 2018 calendar year limit for Tier 6 members is $16,406.

For more information about the Tier 6 FAS, find your retirement plan booklet on our Publications page, or check out our Final Average Salary and Overtime Limits for Tier 6 pages.

Designating Beneficiaries: An Important Decision

When you join NYSLRS, we ask you to designate one or more beneficiaries who may receive certain benefits if you die while working. But, don’t forget about your beneficiaries after you turn in your membership application. It’s important to review them periodically to make sure they reflect your current wishes.

Your beneficiaries can be anyone; you don’t need to choose family members. You can even name an organization, such as a charity or religious institution, or your estate. And, did you know there are two types of beneficiary that you can designate?

Types of Beneficiaries

You can name both primary and contingent beneficiaries:

  • Your primary beneficiary will receive any payable benefit. You can list more than one primary beneficiary, and if you do, they will share the benefit equally. You can also choose different percentages for each beneficiary, as long as they total 100 percent. (Example: John Doe, 50 percent; Jane Doe, 25 percent; and Mary Doe, 25 percent.)
  • Your contingent beneficiary will only receive the benefit if all your primary beneficiaries die before you do. Multiple contingent beneficiaries will share the benefit equally, unless you choose to divide the benefit among them differently.

How Do I Designate a Beneficiary?

Even though you designated a beneficiary when you first joined NYSLRS, you can update your beneficiaries any time.

  • The fastest way to view or update your beneficiaries is through Retirement Online. It’s a convenient and secure way to review your personal details, contact information and more. Register and sign in, then click Manage My Beneficiaries on the right, under I want to ….
  • You can also complete and mail us a Designation of Beneficiary form (RS5127). Be sure to sign and date the form, and have your signature notarized. The notary must include his or her notary expiration date, and your notary should not be one of your beneficiaries. We can’t accept a form with any alterations, including erasures or the use of correction fluid. You can name up to four primary and four contingent beneficiaries on the form. Please contact us if you want to designate more, because we cannot accept attachments.

Whether you change your beneficiaries online or by mail, be sure to include all of your beneficiaries. Your new beneficiary designations will replace all of your previously named beneficiaries. The changes will not take effect until we review and approve your designations.

More Information

You can read more about beneficiary designations in our Life Changes: Why Should I Designate a Beneficiary? publication. If you have any other questions, please contact us.

Transferring Your Membership

People make a lot of moves during their working lives. New towns, new jobs and, in some cases, new retirement systems.

Perhaps you were a teacher, but recently began working for New York State. Or maybe you had a job with New York City, but took a position with a municipality outside of the city. If you’ve recently joined NYSLRS and are still an active member of another public retirement system in New York State, you may be able to transfer that membership to NYSLRS.

Transferring to NYSLRS

To request a transfer to NYSLRS, contact the other system while you are still an active or vested member of that system. If you are still employed in a position covered by the other retirement system, or your membership in the other system has been terminated or withdrawn, you are not eligible to transfer.

When we receive your request to transfer from the other retirement system, we will compare your date of membership in NYSLRS with your date of membership in the other system. When the transfer is completed, your date of membership will be the earlier of the two dates. If applicable, your tier will also change.

Transferring from NYSLRS to Another Retirement System

To transfer from NYSLRS to another public pension system in New York State, you must complete and submit an Application for Transfer of Membership (RS5223).

Under certain circumstances, it may not be beneficial to transfer your membership to another retirement system. If you have any questions concerning your transfer, or if you are covered by a special plan, you should contact our Call Center toll-free at 1-866-805-0990 or 518-474-7736 in the Albany, New York area before completing the application.

Whether you are transferring in or out of NYSLRS, the transfer is effective upon receipt of your application and may be irrevocable.

You can find more information about transferring membership on our website.