October 2017 Issue
October 25, 2017

ERS: How much will my pension be?

Source: NYSUT United

For most New York State and Local Employees' Retirement System (ERS) members, your pension is based on four things: your tier, your age, the amount of service credit you have and your final average salary (FAS). Whether you are just beginning your career, or are close to retirement, we have tools to help you prepare.

Where to start

A good place to start is your Member Annual Statement, which is provided to you every year. This gives you personalized information about your ERS account, including the salary and service credit we have on file and benefit projections under the different pension payment options.

Most ERS members in Tiers 1 through 4 can project what their pension will be by using our online Benefit Projection Calculator, www.osc.state.ny.us/retire/members/projecting-your-pension.php. This tool enables you to enter different service credit totals or FAS amounts to see how working longer may impact your pension. Tier 5 and 6 members can find out about their pension benefits by reviewing their plan booklet, available on our publications page at www.osc.state.ny.us/retire/publications/index.php.

A bit further down the road

Most Tier 2, 3 and 4 members with five or more years of service credit are eligible to request a benefit projection. Actively employed members age 50 or older can also request a projection that adds additional service credit based on a date of retirement up to five years into the future. In most cases, we'll mail these on the next business day.

To request your benefit projection, call the ERS Contact Center toll-free at 866-805-0990 or 518- 474-7736 in the Albany area. You can also send us a Request for Estimate form (RS6030) or write or email us. For more information, visit www.contactNYSLRS.com.

Stay connected

Retirement Online, our online self-service tool, is a safe and secure way to conduct everyday transactions. You can update your contact information, view or update your beneficiaries or apply for a loan. We will introduce additional features that allow you to estimate your projected pension benefit, purchase service credit and more. Register or sign in today from our homepage at www.osc.state.ny.us/retire/index.php.

For more information on retirement planning, read our publication, How Do I Prepare to Retire? at www.osc.state.ny.us/retire/publications/vo1709.php.

In every issue, state Comptroller Thomas P. DiNapoli, administrative head of the New York State and Local Employees' Retirement System (ERS) and trustee of the Common Retirement Fund, provides information on the 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, email united@nysutmail.org.

For immediate assistance, call the ERS Contact Center toll-free at 866-805-0990 or 518-474-7736 in the Capital District.