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Tier 6 is a “defined benefit” plan that provides pension benefits based upon final average 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.

If you retire with exactly 20 years of service, the benefit is 1.75 percent of your FAE for each year of service (35 percent of your FAE). If you retire with more than 20 years of service, you'll receive 35 percent for the first 20 years, plus 2 percent for each additional year. NYSLRS – One Tier at a Time: ERS Tier 6 - New York Retirement News nyretirementnews.com https://nyretirementnews.com › nyslrs-one-tier-at-a-time-... nyretirementnews.com https://nyretirementnews.com › nyslrs-one-tier-at-a-time-...

Tier 4 has better reduction factors if you retire before age 62 with less than 30 years of service; and, Your maximum pension factor is unlimited under Tier 4, but is limited to 60% under Tier 3. Service Retirement Benefits | NYSTRS Benefit Eligibility New York State Teachers' Retirement System https://.nystrs.org › Benefits › Service-Retirement New York State Teachers' Retirement System https://.nystrs.org › Benefits › Service-Retirement

For Tier 1, 2, 3, 4 and 5 members, it is the average of your highest three consecutive years of earnings. For Tier 6 members, it is the average of your highest five consecutive years of earnings. These are usually your years of employment immediately before retirement.

Tier 6 members who become vested-deferred before age 55 cannot retire until age 63 – unless they reactivate their membership by earning at least one month of service credit in a position reportable to NYSTRS.)

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. What Tier am I? - New York City Employees' Retirement System nycers.org https://.nycers.org › pod › what-tier-am-i nycers.org https://.nycers.org › pod › what-tier-am-i

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.