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What year did Tier 6 start in NYS?

If you are an ERS Member You are in:If you joined:Tier 3July 27, 1976 through August 31, 1983Tier 4September 1, 1983 through December 31, 2009Tier 5January 1, 2010 through March 31, 2012Tier 6April 1, 2012 or after2 more rows

How does Tier 6 NYS retirement work?

Contribution rates are set on April 1 of each year. As a Tier 6 member, you will be vested once you have five years of credited service. This means you are entitled to a retirement benefit even if you leave public employment before you are old enough to retire.

Who is in Tier 6?

If you have at least 5 years of credited service (and are, hence, vested), you have made all required membership contributions, and you have docHubed age 63, then you are eligible to receive Tier 6 Plan Service Retirement Benefits.

What is a 63 10 retirement plan?

The 63/10 Retirement Plan for Tier 6 members (Tier 6 Basic Plan), allows participants to retire with an unreduced pension at age 63 with at least 10 years of Credited Service, or with a reduced pension earlier than age 63 but no earlier than age 55.

What is tier 6 pension plan?

Tier 6 is a defined benefit plan that provides pension benefits based upon final average pay and years of service. This plan provides service, disability and survivor pension benefits as well as retiree health insurance subsidies to eligible sworn members and certain qualified survivors.

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