ERS-PFRS Transfer

December 31st Deadline for SUNY Police to Transfer from ERS to PFRS

On December 18, 2015, Governor Andrew Cuomo approved Bill S03221, which changes certain sections of Retirement and Social Security Law. The changes now allow for SUNY police to become members of the NYS Police and Fire Retirement System (PFRS). As a result of this law, SUNY police hired on or after December 18, 2015 must be offered enrollment in PFRS. Additionally, through December 31, 2015, active SUNY police who are enrolled in the NYS Employees Retirement System (ERS) have the option of irrevocably transferring their ERS memberships to PFRS by filing a completed, notarized Member Registration and Transfer of Membership in Accordance with Chapter 561 form according to the instructions posted on the ERS web site at http://www.osc.state.ny.us/retire/members/suny_police_transfers.php.

SUNY police making such a transfer would be shifting into a PFRS plan that allows retirement upon completion of 25 years of service. PFRS tier status will be determined by ERS tier status, and is detailed on the Member Registration and Transfer of Membership in Accordance with Chapter 561 form. While it may be beneficial for some SUNY police to transfer their existing ERS memberships to PFRS, it may not be beneficial for all. SUNY police considering such a transfer should thoroughly weigh the advantages and disadvantages associated with a transfer before filing the required documents to do so, with consideration given to individual factors such as age, years of creditable service, future career plans, and the difference in pension benefits between their current ERS membership vs. PFRS membership via this special transfer opportunity.

The below resources may be useful in assisting SUNY police in making decisions that will best serve them in their individual careers:


SUNY police who are currently enrolled in ERS and have determined that it is in their best personal interest to irrevocably transfer their ERS memberships to PFRS may do so by filing a completed and notarized Member Registration and Transfer of Membership in Accordance with Chapter 561 form by email at sunypoliceregistration@osc.state.ny.us or by fax at 518.486.4382 by December 31, 2015, BOTH methods by which must be followed up with a hardcopy by mail to: NYSLRS - Registrations Unit, 110 State Street, Albany, NY 12244-0001. More detailed filing instructions are posted on the ERS web site at http://www.osc.state.ny.us/retire/members/suny_police_transfers.php.



 

For further information and/or assistance, please contact the Benefits Office at your State-Operated College or Community College campus.

Benefits