Retirement
Benefit Information for Student Assistants and College Work Study
Employees
EMPLOYEES' RETIREMENT SYSTEM
(http://www.osc.state.ny.us/retire/)
All Student Assistants and College Work Study Employees are eligible for membership in the NYS Employees' Retirement System (ERS).
Membership, which is optional, requires a contribution of three
percent of salary that is deducted from your paycheck. Service credit is pro-rated for
part-time employees (all Student Assistants and College Work Study
Employees are part-time). Membership may be transferred to other
public retirement systems in New York State.
- Under current legislation, employees
contribute 3% of salary toward retirement for the first 10 years of
service. Employee's
contributions are deducted prior to the computation of federal
taxes.
- At age 62, with the equivalent of 20 or more
years of full-time service, the benefit is computed at the rate of
2% of the average of the three best consecutive annual salaries,
multiplied by the number of years of service (but not to exceed 30
years). Retirement is
possible at age 55 with certain pension reductions, or with no
reductions at age 55 with 30 years of service.
- The retirement benefit for those with
more than five, but less than the equivalent of 20 years of
full-time service is computed at the rate of 1.66% of final average
salary as described above.
- Members who terminate employment with
the equivalent of at least five years of full-time credited service
are vested in the system and are, therefore, entitled to a
retirement allowance upon reaching age 55. Members who terminate employment
with less than the equivalent of ten years of full-time credited
service may ask for a refund of their own contributions when they
leave State service.
- The State makes appropriate annual
contributions to ERS to provide a pension.
Revised 7/13/2005
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Employee Benefits
Office of Human Resources Management
University at Albany
Albany, NY 12222
(518) 437-4729 (Voice) 437-4731 (Fax)
Office Hours: M-F, 8:30am to 5:00pm, Summers, 8:00am - 4:00pm
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