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Buffalo State has announced participation in three state
retirement incentive programs. The broadest eligibility to
participate is contained in Part A which requires 50 years of
age and 10 years of credible service/retirement system
participation. It is possible that employees may have rendered
qualified service at another SUNY or state agency that would not
be contained in Buffalo State records. Therefore, to
ensure that everyone potentially eligible received the
appropriate information, it has been sent to those who are or
will be age 50 during the open periods.
Eligible employees must be
in active service from February 1, 2010, until commencement of
the open enrollment period.
Those electing to retire under the Part A (Classified Employee) or Part B incentive should be
mindful that the window is already in effect. We encourage you
to move quickly, since members of ERS and TRS must have
retirement applications on file with those systems 14 days prior
to the retirement date.
OPEN PERIODS
Buffalo State has established the following open
periods:
- Part A:
Classified Employee: July 3, 2010
- September 30, 2010
Unclassified Employee: October 3, 2010 - December 31, 2010
- Part B: July 3, 2010, through September 30, 2010
- Chapter 45: (specific to NYSUT/UUP) October 3, 2010, through
December 31, 2010
It is requested that teaching faculty retire at the end of
the fall semester upon completion of all instructional
responsibilities, including the submission of final grades for
all courses.
PROGRAM PROVISIONS
Part A (Chapter 105)
Eligibility for Part A:
Those 50 years or older and with more than 10 years of credited
service or at least 55 years old with 5 years of service (Tier 1
ERS/TRS), or retirement eligible.
ERS/TRS Benefit:
ERS/TRS members would receive one month’s additional retirement
service credit for each year of credited service to a maximum of
36 months. ERS/TRS members who are under the age of 55 would see
a reduction in their pension benefits of 5 percent for every
year prior to 55. Those with 30 years of service credit with the
incentive who are at least 55 years of age will see no penalty.
Those with less than 30 years of service and at least 55 years
old but less than 62 years of age will see a 6 percent reduction
for each year that precedes age 62 and a 3 percent reduction for
each year that precedes age 60. The additional service credit
(as well as other service credit i.e. Article 19 for Tier 1 and
Tier 2 members, veterans credits, etc.) could allow the member
to reach his or her 30-year mark and avoid penalty if under age
62. Additional service credit will also allow some members to
reach the 20-year mark to receive a higher pension calculation
of 2 percent.
TIAA (ORP) Benefit:
ORP members would receive an employer contribution to the
member’s retirement account of one-twelfth for each year of
service in the SUNY Optional Retirement Program (TIAA-CREF) multiplied by 15 percent multiplied by their salary as
of March 31,2010, not to exceed 45 percent of salary. ORP
members would need to verify with their investment
representatives or tax advisors when a distribution may be taken
without IRS penalty.
Part B (Chapter 105)
Eligibility for Part B:
ERS/TRS only Tiers 2, 3, and 4. Those between 55 and less than
62 years old and with 25 and less than 30 years of credited
service. Eligible Tier 2 members can use Article 19 credit to
get to 25 years.
Part B Benefit:
Eligible employees can retire without penalty or benefit
reduction if under age 62 and less than 30 years of credited
service.
Chapter 45 (specific to NYSUT/UUP)
Eligibility for Chapter 45: (specific to NYSUT/UUP): ERS/TRS
only Tiers 2, 3, and 4:
Those between 55 and less than 62 years old and with at least 25
and less than 30 years of credited service who are in a
UUP-represented position.
Chapter 45 Benefit:
Eligible employees can retire without penalty or benefit
reduction if under age 62 and less than 30 years of credited
service.
IMPORTANT DATES AND
DEADLINES
Part A
Open Period:
Classified Employee: July 3, 2010 - September 30,
2010
Final Commitment Deadline: At least 21 days prior to retirement
date
Last possible day on the payroll: Wednesday, September 29,
2010
Unclassified Employee: October 3, 2010 - December 31, 2010
Final Commitment Deadline: At least 21 days prior to your
retirement date
Last possible day on the payroll: Thursday, December 30, 2010,
close of business
Part B
Open Period: July 3, 2010, through September 30, 2010
Final Commitment Deadline: At least 21 days prior to your
retirement date
Last possible day on the payroll: Wednesday, September 29, 2010
Chapter 45
Open Period: October 3, 2010, through December 31, 2010
Final Commitment Deadline: At least 21 days prior to your
retirement date
Last possible day on the payroll: Thursday, December 30, 2010
FORMS AND DOCUMENTS
Steps to Retirement ERS/TRS
Steps to Retirement ORP
Application for 2010 Retirement Incentive ERS/TRS
Application for 2010 Retirement Incentive ORP
NYSHIP 2009 Planning for Retirement Booklet (health insurance
coverage and related benefits)
NYSHIP
2010 Rates and Information for Retirees
HELPFUL RESOURCES
Social
Security Administration | 1-800-772-1213
Medicare
Sick Leave Credit Calculator
NYSHIP Health Insurance Resources
Self-Help Guide to Pre-Retirement Planning
Retirement Checklist
NYS Employees' Retirement System (ERS)
Call (866) 805-0990 for information or to schedule an individual
meeting with an ERS representative.
NYS Employees' Retirement System Pension Calculator
How to apply
for estimate or retirement
NYS Teachers' Retirement System (TRS)
Call (518) 447-2666 for information or to schedule an individual
meeting with a TRS representative.
NYS Teachers' Retirement System Pension Calculator
How to apply
for estimate or retirement
Optional Retirement Systems:
Early Retirement Incentive ORP FAQ'S
TIAA-CREF
Benefits can begin at any time.
Call (800) 842-2776 for a retirement package or to schedule an
on-campus appointment with a consultant.
ING
Call (800) 677-4636 or your individual consultant.
MetLife
Call (866) 294-0807 or your individual consultant.
VALIC
Call (800) 448-2542 or your individual consultant.
Tax Deferred Plans:
New York State Deferred Compensation
Call (800) 422-8463, extension 44383
Fidelity
Call (800) 343-0860
If you
have any questions, please call Human Resource Management at
878-4821. |
