|
April 10, 2002
Focus on ERS: Retirement credit, like credit card bills, can transfer
See also: New York State Employees Retirement System
This column appears periodically in New York Teacher to supplement information for members of the New York State and Local Employees' Retirement System. State Comptroller Carl McCall, the sole trustee of the state ERS, provides answers to questions. There is also a network of consultants who work out of most of NYSUT's regional offices to provide seminars and answer basic ERS questions.
Service credit is very important in determining your retirement benefit. This month's column addresses some of your questions about service credit and your Retirement System membership.
Back in the 1970s, I became employed through the Comprehensive Employment and Training Act. Though I tried to get retirement credit for this service in the past, it was denied. Has the law changed recently so I can now receive retirement credit for my CETA employment?
Yes. Chapter 522 (Laws of 2000) became effective on Oct. 31, 2000, and allows retirement credit for your CETA service. To apply (or reapply), please complete a Statement of Supplemental Services form (RS 5042) available from your employer, or go to ERS' Web site at www.osc.state.ny.us or phone the call center at (518) 474-7736.
I taught in a number of state institutions over the past few years but recently accepted a teaching position in New York City. I joined the New York City Teachers' Retirement System. Can I transfer my membership in the New York State and Local Employees' Retirement System to NYCTRS? How do I do this?
Yes. To transfer your ERS membership to NYCTRS, complete a Request to Transfer Membership form (RS 5223) also available from the Web site or call center. On completion of the transfer, your date of membership in NYCTRS will become the date of membership that was transferred and you will be given retirement credit for your institutional teaching service. If applicable, your tier will also change.
I'm already a Tier 4 member of ERS and I just started a part-time position in education. How will my service credit be determined?
Your employer determines how many hours constitute a full day, but the minimum is six hours. Each month, your employer reports to ERS how many days you worked. The number of days that constitute a full year varies. If you work for a school district or BOCES, your part-time service credit is prorated by dividing the total days worked for the fiscal year (April 1 through March 31) by 180. If you work for certain New York state institutions, your service credit is prorated by dividing the total days worked by 200. However, if you work for a community college, your service credit is prorated by dividing the total days worked by 170.041.
I was recently reinstated to Tier 1. I understand Tier 1 and 2 members can make voluntary contributions to purchase additional annuity income. How can I have deductions started?
Section 21(l) of the Retirement and Social Security Law allows you to make voluntary contributions in any whole percentage of gross salary from 1 to 10 percent. Your contributions earn 5 percent interest until you retire and you may borrow against them while in active service. At the time you retire, your contributions will provide a monthly annuity to supplement your retirement benefits.
You must complete a Section 21(l) Election form (RS 5379), available from your payroll department. This form can also be used if you wish to change the percentage of voluntary contributions. To cancel these voluntary contributions, a Cancellation of Election to Purchase Additional Annuity form (RS 5378), also available from your payroll department, must be completed. However, you can make only one election, modification or cancellation during a 12-month period.
| 
