Your NYSTRS Pension: What You Need to Know Annual Delegates Meeting
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1 Your NYSTRS Pension: What You Need to Know 2017 Annual Delegates Meeting
2 Today s Agenda Pension benefit formulas by tier Ways to receive service credit Final Average Salary (FAS) Service Retirement vs. Disability Retirement Things to be aware of
3 Tier Structure Tier Membership Date Active Members 1 Prior to 7/1/73 2 7/1/73 to 7/26/76 3 7/27/76 to 8/31/83 4 9/1/83 to 12/31/09 5 1/1/10 to 3/31/12 6 4/1/12 to present As of June 30, 2017
4 Service Retirement Benefit Formula Pension Age Final Factor Factor Average Salary
5 Pension Factor: Tiers 1-2 Generally = 2% per year Pension reduction of 5% for each year under 20 (maximum reduction 50%) Maximum pension factor generally 79% Ex: 24 years at age years Benefit Enhancement = 26 years 26 years x 2% = 52% pension factor
6 Pension Factor: Tiers 3-4 Under 20 years = 1.67% per year 20 to 30 years = 2% for all years 30+ years = 60% + 1.5% for each year beyond 30 Ex: 31 years = 60% + 1.5% = 61.5%
7 Pension Factor: Tier 5 Under 25 years = 1.67% per year 25 to 30 years = 2% for all years 30+ years = 60% + 1.5% for each year beyond 30 Ex: 31 years = 60% + 1.5% = 61.5%
8 Pension Factor: Tier 6 Under 20 years = 1.67% per year 20 years = 1.75% per year 20+ years = 35% + 2% for each year beyond 20 Ex: 21 years = 35% + 2% = 37%
9 Age Factor: Tiers 2 and 4 (Tier 3 members typically retire under Tier 4) Example: $30,000 pension before age factor Age Factor Pension % $30, % $28, % $26, % $25, % $24, % $23, % $22, % $21,900 No Age Factor at 30 years!
10 Age Factor: Tier 5 $30,000 pension before age factor Age Factor Pension % $30, % $27, % $26, % $24, % $23, % $21, % $20, % $18,510 No age factor at 57+ with 30 years Age factor always applies under age 57
11 The age factor always applies if retirement occurs before age 63. The age factor is 6.5% for every full year under 63. Age Factor: Tier 6 $30,000 pension before age factor Age Factor Pension % $30, % $28, % $26, % $24, % $22, % $20, % $18, % $16, % $14,400
12 Types of Service Credit Member Service Prior Service Transferred Service Reinstatement Service Benefit Enhancement - Article 19 Service (Tiers 1-2) Military Service
13 Member Service is credit you earn after your current date of membership with a participating NYSTRS employer. NYS Public Schools outside of NYC BOCES and Community Colleges SUNY Charter Schools that elect NYSTRS coverage
14 Service Credit History (Benefit Profile pg. 5)
15 Prior Service is any NYS public service prior to your current date of membership that was, or could have been, credited to a NYS public retirement system.
16 Prior Service Must submit a claim to NYSTRS and a verification form to employer. If verification forms cannot be completed by a former employer, we will accept W2 forms or an Uncertified Detailed Breakdown of Earnings report from Social Security which you can obtain by submitting form 7050-F4 to the Social Security Administration. Prior service does not change your tier status or membership date. Must have two years of NYS service before you can buy prior service. No cost for Tiers 1-2; cost is calculated for Tiers 3-6.
17 Transfer Service is credit from a membership in another NYS public retirement system. Combines memberships between active NYS public retirement systems and retains earliest membership date. Combines salaries and service, which may lead to a higher benefit. Certain limitations apply. For example, service credit is limited by law to a maximum of one year of credit per school year (i.e., July 1 June 30). Contact both Systems first to make sure a transfer is to your advantage.
18 Reinstatement Service is credit for reinstating your earliest date of membership in a NYS public retirement system. No cost to reinstate to Tiers 1-2. Tiers 3-6 must repay, in a lump sum with interest, the amount refunded from previous membership. Election is irrevocable, so contact a System representative to discuss advantages or disadvantages before applying.
19 Benefit Enhancement - Article 19 Service (Tiers 1-2) is 1/12 of a year of additional credit (to a two-year maximum) for each year of service. Available to eligible Tier 1 and 2 members. Must be credited with at least one month of service in any school year after July 1, If eligible, credited automatically when you receive a benefit.
20 Military Service is credit for active duty military service that (1) interrupted your membership, or (2) preceded it. For verification of military service, please submit a copy of your honorable discharge: Form DD-214.
21 Military Service Prior to NYSTRS Service Maximum possible credit is 3 years. To be eligible, you must have 5 years of NYS service credit. Cost is 3% of salary for Tiers 3-5 and 6% for Tier 6, based on the salary in the year preceding your claim for each full year of credit. The cost is prorated for partial years.
22 Military Service Interrupting NYSTRS Service Maximum possible credit is 5 years. To be eligible, you must have worked under a contract before being called to active duty & must have returned to NYS service within 90 days of discharge (or by September following discharge). There is typically a cost for contributing members unless you were called to active duty between 8/1/1990 and 12/31/1992, or between 9/11/2001 and 12/31/2005. Generally, the cost is based on tier of membership and the salary you would have received for the school years in which the military service occurred (3% for Tiers 3-4; 3.5% for Tier 5; and 3%-6% for Tier 6).
23 Final Average Salary (FAS) Tiers 1-5 The average of the three highest consecutive school years of regular salary. Not necessarily the last three school years. Not necessarily limited to three school years, but three full school years of earnings.
24 But Must Exclude Termination Pay (TP) Local Retirement Incentive Pay for unused sick leave or vacation Non-Regular Compensation Payments in lieu of health insurance One-time bonuses
25 And Also Excludes Tier 1: Increases above 20% over the previous year s salary. Tier 2: Increases above 20% over the average of the two previous years salaries. Tiers 3-5: Increases above 10% over the average of the two previous years salaries.
26 Sample Tier 4 FAS Calculation Date of Retirement - 07/01/2018 School Year Earnings Reported Fraction for FAS $73, $71, $70, $68, $67, FAS=$71,500
27 School Year Sample Tier 4 FAS Calculation Earnings Reported With Limitations Date of Retirement - 07/01/2018 Fraction for FAS $80, $70, $70, FAS= $73, $70, $70,
28 School Year Sample Tier 4 FAS Calculation Earnings Reported Date of Retirement - 07/01/2018 Fraction for FAS $80, With Limitations $70, $70, ,000 x 1.1 = $77, $70, $70,
29 Sample Tier 4 FAS Calculation With Limitations Date of Retirement - 07/01/2018 School Year Earnings Reported Fraction for FAS $80, $70, $70, $70, $70, $77,000 $70,000 $70,000 FAS=$72,333
30 How the FAS is Built for Part-Time Earnings School Year Contract Salary % Worked FAS $74, $37, $73, $36, $73, $73, $36, $72, $36, $72, $72, $36, $70, $35, $71,000 FAS $72,333 Note: These years are tested for salary increase limitations over previous years.
31 5-Year FAS (Tier 1) All Tier 1: Average of five highest consecutive school years of salary, including most non-regular compensation. Tier 1 with Membership Date Prior to 6/17/1971: The 5-year average may also include termination pay and is not subject to salary increase limits. The termination pay must be paid no later than the end of the calendar year of retirement to be included.
32 5-Year FAS (Tier 6) Average of five highest consecutive school years of regular salary. Salary greater than the NYS governor s salary (currently $179,000) cannot be included in the FAS calculation. For those with multiple employers and 200+ days of service with a single employer, pensionable salaries are limited to the two highest-grossing positions per school year. Salary increases exceeding 10% over the average of the previous four years salaries are excluded from the FAS calculation.
33 Disability Benefits If you are critically ill or no longer able to work because of a serious illness or injury, you should contact NYSTRS as soon as possible at (800) , Ext
34 Disability Retirement Eligibility Tiers 1 2 From the point you cease teaching, you must be totally and permanently incapacitated from further teaching. Minimum 10 years of NYS service credit. (If you are Tier 2, at least 5 of the 10 years had to be rendered since last becoming a member.) The NYSTRS Medical and Retirement Boards must approve your retirement.
35 Disability Retirement Eligibility Tier 3 You must be receiving primary Social Security disability benefits. Minimum 5 years of NYS service credit. (Service requirement is waived if the disability occurred as a result of an on-the-job accident.) You must file an Application for Disability Retirement within a year of leaving payroll or (if you are on a medical leave without pay) within a year of the medical leave ending. Tier 3 members can apply for a Tier 4 disability retirement instead.
36 Disability Retirement Eligibility Tiers 4-6 Must be totally and permanently incapacitated from all further gainful employment. Minimum 10 years of NYS service credit. (Service requirement is waived if the disability occurred as a result of an on-the-job accident.) You must file an Application for Disability Retirement within a year of leaving payroll or (if you are on a medical leave without pay) within a year of the medical leave ending. The NYSTRS Medical and Retirement Boards must approve your retirement.
37 Disability Retirement Calculation A disability pension is usually one-third of your FAS. It could be more or less depending on your age, service credit, and eligibility for service retirement.
38 Should I File for Disability Retirement?
39 Benefit Payment Options Example Service Credit: 27 years & 7 months FAS: $72, Year Old Male Member 55-Year Old Female Beneficiary Retirement Type Service Disability Maximum $30,300 $33, % Survivor Option Member $27,590 $21,010 Beneficiary $27,590 $21,010 Note: Actuarial tables differ for service and disability retirements.
40 What If I Am Eligible for Either a Service or Disability Retirement? Service Retirement Can begin right away. Disability Retirement Have to apply and wait for approval, but the benefit would be retroactive. If you are not approved, then apply for service retirement, but it s not retroactive.
41 Filing for Disability Protection If you are critically ill and your life expectancy is less than one year, consider filing for disability immediately and selecting the Largest Non-Declining Lump Sum Option. Can apply at any age. Must have 10+ years of service. Can stay employed while application is on file. Your application must be notarized and on file prior to your date of death.
42 Should I File for Disability Protection? Example: Tiers 2 6; Age 50; 26 years of service; Salary = $70,000 If you die before filing for protection, beneficiary(ies) receives: In-Service Death Benefit = $210,000 + Member Contributions Fund = $ 30,000 Total = $240,000 If you die after filing for protection, beneficiary(ies) receives: Largest Non-Declining Lump Sum = $200,000 + ½ of In-Service Death Benefit = $105,000 Total = $305,000
43 Filing for Disability Protection Must Complete and Submit: Application for Disability Retirement (RET-54.1) Medical Information Summary (RET-54.1B) On the application you must: Write For Protection Only. Leave date of retirement blank. Indicate the medical condition necessitating retirement. Select Largest Non-Declining Lump Sum Option (Tiers 2-6).
44 Things to Be Aware of
45 Service credit in your final year is limited to what is physically possible based on your retirement date.
46 Service Credit Chart 0-19 days days No credit 1 month days 2 months days 3 months days 4 months days 5 months days 6 months days 7 months days 8 months 170 & above 9+ months = 1 year
47 Physically Possible Credit Date of Termination Service Credit in Months 07/01 07/ /27 08/ /15 09/ /15 10/ /15 11/ /15 12/ /15 01/ /15 02/ /15 03/ /15 06/30 9
48 Service Crediting in the Final Year of Service Example: January 1 st Retirement Date Days reported - July: 20 Oct : 20 Aug: 20 Nov: 20 Sept: 20 Dec: 30 Total days reported = 130 (7 months) However, maximum possible credit = 6 months.
49 Additional Earnings at Lower Salary Rate Can Negatively Impact Your FAS Partial years are combined to create full-time equivalent years of earnings in your FAS calculation. If you plan to retire mid-year or you are no longer earning as much service credit per school year as you did in the past, additional earnings at a lower salary rate may negatively impact your FAS.
50 Sample Tier 4 FAS Calculation Retirement Date: 7/1/2018 School Year Earnings $80, $77, $74, $71, $68,000 FAS: $77,000
51 Sample Tier 4 FAS Calculation Retirement Date: 7/1/2018 School Year Earnings $88,000 * $77, $74, $71, $68,000 $80,000 Base Salary plus $8,000 earned for summer school service at the start of the school year * After salary increase limitations are considered, $83,050 was used in the FAS for FAS: $78,017
52 Final Year of Service Working FT Working Summer plus FT Date of Retirement 7/1/2018 7/1/2018 Final Average Salary $77,000 $78,017 Working during the summer can boost your FAS if you then work the full school year. If you retire mid-year after working during the summer, it could negatively impact your FAS.
53 Sample Tier 4 FAS Calculation Retirement Date: 1/1/18 School Year Earnings Reported Fraction for FAS $32, $77, $74, $71, $68, (working.40 of year; no summer school)
54 FAS with Part-Year Earnings; No Lower Rate School Year Contract Salary % Worked FAS $80, $32, $77, $46, $78, $77, $30, $74, $44, $75, $74, $29, $71, $42, $72,200 FAS: $75,200 Note: These years are tested for salary increase limitations over previous years.
55 Sample Tier 4 FAS Calculation Retirement Date: 1/1/18 School Year Earnings Reported Fraction for FAS $40, $77, $74, $71, $68, (working.55 of year, including $8,000 for summer school)
56 FAS with Part-Year Earnings at Lower Rate School Year Contract Salary % Worked FAS $80, $32, Summer School.15 $8, $77, $34, $74, $77, $42, $74, $33, $75, $74, $40, $71, $31, $72,650 FAS $74,317 Note: These years are tested for salary increase limitations over previous years.
57 Final Year of Service Working FT Working Summer plus FT Date of Retirement 1/1/2018 1/1/2018 Final Average Salary $75,200 $74,317 If you retire mid-year, additional earnings at a lower pay rate will dilute your FAS. Contact NYSTRS for comparative estimates.
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