Get F521 Application For Service Retirement Tier 2, 3, 4 And 6 ...

Retirement benefit formulas are grouped into first or second tier. • First tier retirement benefit formulas require you to make employee. contributions to CalPERS and provide the highest level of benefit in retirement. • Second tier retirement formulas provide a significantly reduced pension. amount upon retirement.

Tier 5 members of TRS are vested in the retirement system after achieving 10 years of service credit and contribute 3.5 percent of their salaries for the life of their employment. Tier 6 members can collect a full pension at age 63 and are vested in the retirement system after achieving 10 years of service credit.

Tier 2-6 members in active service may retire at age 55 with five years of New York State service credit. (Vested Tier 6 members with an inactive membership – meaning they have not earned NYSTRS service credit for seven years – are considered vested-deferred members.

For current retirees, the tier 2 benefit is equal to seven- tenths of 1 percent of the employee's average monthly earnings in the 60 months of highest earnings, times the total number of years of railroad service, less 25 percent of any employee vested dual benefit also payable.

Tier 1 is the equivalent of Social Security benefits and Tier 2 is like an employer's pension plan. Social Security Benefits: Payments made under Title II of the Social Security Act. They include old- age, survivors, and disability benefits.

Tier 2 is a “defined benefit” plan that provides pension benefits based upon final pay and years of service. This plan provides service, disability, and survivor pension benefits as well as retiree health insurance subsidies to eligible sworn members and certain qualified survivors.

Tier 4 – Members who joined NYCERS between July 27, 1976 and March 31, 2012 except Correction Officers and DA Investigators. Tier 6 – Members who joined NYCERS on or after April 1, 2012 except Correction Force and certain Sanitation Force and DA Investigators.

2023–24 Income thresholds Family statusBase tierTier 2Single$93,000 or less$108,001 – $144,000Family$186,000 or less$216,001 – $288,000