Online Benefits Orientation for Graduate Assistants

 

Friday, February 10, 2012
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Benefits at a Glance
Checklist
Health Care:
Health Insurance
Prescription Drugs
Dental and Vision Care

Retirement & Savings Plans:

Retirement Plan
Tax Deferred Annuities
College Savings Program

Other Benefits:

Flex Spending Accounts
Sick Leave

Insurances:

Long-Term Care Insurance

Miscellaneous:

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Retirement Plan


Graduate Assistants on the New York State payroll are eligible for membership in the NYS Employees’ Retirement System. 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 three consecutive years of salary), years of service and your age at retirement. You can estimate this pension and get more information by visiting the ERS website. Benefits under this plan vary by tier with your date of membership determining the tier you belong to. Those joining ERS on or after January 1, 2010, belong to Tier 5.

Membership in the NYS Employees’ Retirement System (ERS) is optional, and is effective the date your application is received by the retirement system. Once you have joined, you may not withdraw your membership as long as you remain on the payroll of an employer who participates in ERS.

If you are already a member of ERS, we must have your membership number so that your service at Buffalo State College can be properly reported.


VESTING: WHAT IS IT AND WHEN AM I VESTED?

Employees are vested (entitled to a pension at retirement) upon completing 10 years of full-time service. Employees who do not vest, as well as those with less than 10 years of service, may withdraw their contributions, plus interest, at the time they leave service.


WHAT ARE THE EMPLOYER AND EMPLOYEE CONTRIBUTIONS?

If you elect to join the retirement system, you will be required to contribute 3% of gross salary (through payroll deduction) throughout your active membership. Contributions are deducted on a pre-tax basis. Subject to certain restrictions, members may borrow up to 75% of their contributions, plus interest.

The employer contribution rate is based on actuarial recommendations, New York State contributes an amount necessary to satisfy present and future pension payments.


HOW DO I ENROLL IN THE 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 it at NYS Employees’ Retirement System Application (ERS).
 

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