The creation of a new Tier 6 for New York State Public Employee Retirement Systems was signed into law on March 16. This Tier has a new benefit structure.
Just a few examples:
- 3.5% contribution regardless of salary prior to 4/1/13
- After 4/1/13 a percent of contribution is based upon regular compensation earned in the previous 2 years.
- Increases the retirement age to 63
If you are interested in joining a NYS system prior to the Tier 6 effective date, Human Resources will need your application for membership signed and notarized prior to this Friday, March 30, 2012.
Unfortunately, Human Resources cannot accept a FAX — the application with your original signature and the notary’s is required. These pre-Tier 6 membership applications must be processed through our office to expedite enrollment.
Here are the membership forms:
Employee Retirement System
Teachers’ Retirement System
(Please note: the Teachers’ Retirement System membership is for faculty only.)
If you have any questions about any of this, please contact me at ext. 4552.
Deborah Richey
Assistant Director of Human Resources
Published: Fri, 30 Mar 2012 11:40:04 +0000 by d.gardner