Retirement Benefits
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Bargining Units: CSEA, MCC, MCU, Police, PEF, Security, UUP: NYSHIP On-line Sick Leave Value Calculator Bargining Units: CSEA, GSEU, MCC, Police, PEF, Security: Membership in the New York State Employees Retirement System (ERS) is mandatory for full-time, permanent employees. Membership is effective on the date of your full-time, permanent appointment. Membership is optional for employees who are part-time, temporary, or both. Membership is effective on the date your application is received by ERS. Once you have joined, you may not withdraw your membership as long as you remain employed by an employer that participates in ERS. Retirement benefits vary by tier. Your date of membership in ERS determines your tier level: Tier 1 - membership prior to July 1, 1973 Tier 3 and 4 employees are required to contribute 3% of salary for the first 10 years of membership. Contributions are deducted prior to the computation of federal income taxes. Subject to certain restrictions, employees may borrow up to 75% of their contributions plus interest. Employees are vested in the retirement system after receiving the equivalent of five full-time years of service credit. Service credit is pro-rated for part-time employees. Vested members are entitled to a pension at retirement. Employees who do not vest, as well as those with less than 10 years of service, may withdraw their contributions, plus interest, at the time they leave service. Membership provides retirement benefits at age 55 (reductions apply to tier 2, 3, and 4 members under age 62 unless they have 30 years of service), disability retirement benefits at any age with 10 years of service (the service requirement is removed for certain on-the-job injuries), and death benefits. For additional information on ERS benefits, contact the New York State and Local Retirement System. Three retirement programs are available to M/C employees:
All employees are eligible for ERS or the ORP. Employees in the titles of Chancellor, President, Vice-President, Provost, Dean, Associate Dean and Assistant Dean are also eligible for TRS. Full-time employees must join a retirement program. Election must be made within the first 30 days of employment and, once made, may not be changed. Part-time employees are not required to join a retirement program, but may do so if they wish. Part-time employees may join a retirement program at any time. Once an employee elects to join a particular retirement program they may not withdraw their membership as long as they remain employed, and they may not switch from one program to another, unless they move from a position where they were ineligible to join TRS to an eligible position. Persons joining any retirement program on or after July 27, 1976 are required to contribute three percent of salary. This is deducted prior to the computation of federal taxes. Members or ERS and TRS will only have to contribute for the first 10 years of membership. Under Internal Revenue Service regulations, employer and employee contributions may only be made on the first $205,000 of salary. (ERS ) and (TRS) are defined benefit retirement programs. The benefits calculation takes into account your final average salary (the average of your highest three consecutive years), your number of years of service, and your age at retirement. Benefits vary by tier. Your date of membership in ERS or TRS determines your tier level: Tier 1 membership prior to July 1, 1973 The ORP is a defined contribution retirement program. Benefits are determined by the amount contributed each year and the success of the investments. The amount of the Universitys contribution is determined by your tier, which is based on your date of membership in the ORP:
All full-time employees are required to join one of three retirement programs:
All full-time employees are required to join one of three retirement programs: All employees are eligible for ERS or the ORP. Employees in faculty, librarian, or coach titles are also eligible for TRS. Election must be made within the first 30 days of employment and, once made, may not be changed. Part-time employees are not required to join a retirement system, but may do so if they wish. All part-time employees may join ERS; part-time employees in faculty, librarian, or coach titles are also eligible for TRS; part-time employees who have term appointments are also eligible for the ORP . Part-time employees may join a retirement program at any time. Once an employee elects to join a particular retirement program they may not withdraw their membership as long as they remain employed, and they may not switch from one program to another, unless they move from a position where they were ineligible to join TRS or the ORP to an eligible position. Persons joining any retirement program on or after July 27, 1976 are required to contribute three percent of salary. This is deducted prior to the computation of federal taxes. Members or ERS and TRS will only have to contribute for the first 10 years of membership. Under Internal Revenue Service regulations, employer and employee contributions may only be made on the first $205,000 of salary. (ERS ) and (TRS) are defined benefit retirement programs. The benefits calculation takes into account your final average salary (the average of your highest three consecutive years), your number of years of service, and your age at retirement. Benefits vary by tier. Your date of membership in ERS or TRS determines your tier level: Tier 1 membership prior to July 1, 1973 The ORP is a defined contribution retirement program. Benefits are determined by the amount contributed each year and the success of the investments. The amount of the Universitys contribution is determined by your tier, which is based on your date of membership in the ORP:
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