The State University of New York requires that all full-time permanent CSEA
employees participate in the New York State Employees' Retirement
System (ERS).
If you are part-time, you are not required to join the retirement system, but
you may do so if you wish. Part-time CSEA employees may join ERS at any
time.
The New York State Employees' Retirement System (ERS) is a defined benefit plan.
With a defined benefit plan, your retirement income is guaranteed by New York
State law and comes in the form of a monthly annuity payment which is determined
by your final average salary (the average of your highest five consecutive
years of salary), years of service and your age at retirement. You can estimate
this pension by visiting the ERS web site found below. Benefits vary by tier
with your date of membership determining the tier you belong to. Those joining
ERS on or after April 1, 2012, belong to Tier 6. Information on Tier 6 benefits
can be found at
www.osc.state.ny.us/retire/members/tier-6/index.php. |
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VESTING: WHAT IS IT AND WHEN AM I VESTED?
When you are vested, you have ownership of the assets
held in your retirement account. Vesting does not mean that you
have an immediate right to withdraw these assets, but simply
that you would retain these assets upon termination of
employment.
The vesting period for the NYS Employees’ Retirement System
(ERS) is ten years of full-time credited service.
If you leave State service prior to becoming a vested member you
will have the option of withdrawing your membership. If you
choose to do that, your contributions plus interest will be
refunded.
WHAT ARE THE EMPLOYER AND EMPLOYEE CONTRIBUTIONS?
Employer Contribution Rate:
Based on actuarial recommendations, New York State contributes an amount necessary to satisfy
present and future pension payments.
Employee Contribution
Rate: Prior to April 1, 2013, 3% of salary is
required. Beginning April 1, 2013, contribution rates are
based on a member's salary:
| 3% for $45,000 or less |
| 3.5% for $45,001 - $55,000 |
| 4.5% for $55,001 - $75,000 |
| 5.75% for $75,001 - $100,000 |
| 6% for $100,001 or more |
Your contributions will be made on a before-tax basis (federal
taxes only) through payroll deduction, throughout your active
membership.
HOW DO I ENROLL IN MY PRIMARY RETIREMENT PLAN?
You will need
to complete an enrollment application. Applications are
available in the Employee Benefits Office, Cleveland Hall 410,
or you may download the application from the
NYS Employees' Retirement System. |
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