In this periodic column, the Office of the Comptroller provides information on the New York State and Local Employees' Retirement System, which delivers retirement benefits to many NYSUT School-Related Professionals and other support staff. If you are an ERS member with a question of general interest, e-mail nyteach@nysutmail.org. For immediate assistance, contact the ERS call center toll-free at (866) 805-0990, or (518) 474-7736 in the Albany area.

It's never too early to begin planning for the "big day." Here are some steps you, as an Employees' Retirement System member, can take now to maximize your retirement benefit.

Two major sources of information are your:

• n Plan Booklet — includes information about benefits you are eligible to receive and how and when to apply. Booklets are available at www.osc.state.ny.us/retire, from our Call Center — toll-free (866) 805-0990 or (518) 474-7736 in the Albany area — and from your employer.
• n Member Annual Statement — has details of your ERS membership, including service and salary, beneficiaries, loan accounts and, in most cases, a projection of retirement benefit.

Get the credit you deserve

When you joined ERS, you began earning service credit with participating public employers. Generally, the more service credit you have at retirement, the greater your benefit. If you worked for a participating employer before joining ERS, you may be able to get credit for that service. You can also receive credit if you were a member of another public retirement system in New York state and, in some cases, for military service. For information on previous service credit, see the ERS booklet Getting Credit for Your Service. For information on military service credit, visit the Web site.

Final Average Salary

FAS is the average of your highest 36 consecutive months of earnings in public employment. Usually, that's the last three years of employment, but it can be anytime in your career. Increase your FAS and you increase your retirement benefit. There may be payments you receive from your employer that can be included in your FAS, such as overtime, longevity pay and holiday pay. If you joined before April 1, 1972, or after July 26, 1976, and your FAS is based on your last 36 months of salary, ERS can include up to 30 days of vacation pay. For details, consult your plan booklet.

If you have borrowed against your member contributions, be sure to repay in full any outstanding loans before you retire to avoid taxes and a permanent reduction in your pension. You can either increase your payroll deduction or send in lump sum payments. Check out "Loans: Getting One and Paying it Back" on the Web site.

Consider working longer

If you are in Tier 2, 3 or 4 you receive full retirement benefits if you retire at age 62 or between the ages of 55 and 62 with at least 30 years of service credit. If you retire before 62 without at least 30 years, your benefit will be reduced. At age 55, that's a 27 percent reduction. The closer your retirement date is to your 62nd birthday, the smaller the reduction. Tier 1 members can retire with full benefits at age 55, regardless of service credit. Consult plan booklet for details.

Check your Member Annual Statement or contact the Call Center to see if you can apply unused, unpaid sick leave to increase your service credit at retirement. If your employer offers this benefit and you retire within one year of leaving the payroll, ERS can convert up to 165 days (in some cases, 200 days) of eligible sick leave to service credit. Note, however, that you can't use the additional credit to meet eligibility requirements for retirement, an improved benefit calculation or to eliminate an age reduction.

Know the whole story

If you have questions, e-mail ERS via the Web site, contact the Call Center or meet with an ERS representative at one of 16 sites around the state. Locations and schedules are on the Web site, www.osc.state.ny.us/retire.