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Retirement Option Election Form - NYSNA Pension Plan and Benefits

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The document is a Retirement Option Election Form for the New York State Nurses Association Pension Plan. It outlines the process for members to select their pension payment options, including normal and optional forms of payment, beneficiary designations, and spousal consent requirements. Members must complete the form accurately to avoid processing delays.

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Is New York State offering a retirement incentive 2023?

2023-S5529 (ACTIVE) - Summary Enables public employers to offer an age fifty-five with ten years of service or age fifty with twenty-five years of service temporary retirement incentives for certain public employees.

What are the retirement incentives in NY State?

The Benefit If you retire with 20 or more years of service credit, your retirement benefit will be 2 percent of your Final Average Salary (FAS) for each year of service credit. With less than 20 years of service credit, your benefit will be 1.66 percent of your FAS for each year of service credit.

What is Nyslrs pension?

The New York State Common Retirement Fund is one of the largest public pension plans in the United States, providing retirement security for over one million New York State and Local Retirement System (NYSLRS) members, retirees and beneficiaries.

What is fae in retirement?

Your Final Average Earnings (FAE) are one of three main components (along with your plan and service credit) that will determine your New York State and Local Retirement System (NYSLRS) pension benefit. For Tier 1, 2, 3, 4 and 5 members, it is the average of your highest three consecutive years of earnings.

What is the NYS early retirement incentive 55 25?

Members in the 55/25 Plan employed in such positions are required to contribute more for the right to retire as early as age 50 provided they have 25 years of Credited Service in a Physically Taxing Position.

How do I change my NYS retirement direct deposit?

Use Retirement Online Retirement Online is the fastest way to update your direct deposit information. Your changes will generally be applied within one or two payments. Sign in to your Retirement Online account. From the top of your Account Homepage, in the I want to section, click the Update Direct Deposit link.

What is the early retirement incentive in NY State?

The early retirement benefit equals 42 percent of your FAS for 20 years of service credit plus an additional 4 percent of your FAS for each year of service (or prorated portion thereof) beyond 20 years. Your total benefit cannot exceed 50 percent of your FAS.

What is a typical early retirement incentive?

While the specifics vary, the heart of an early retirement package is invariably a severance payment comprising weeks, months, or even years of wages. That sum may be sweetened by such additions as paid insurance and outplacement services to aid your transition to a new job.

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