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Tiers 3, 4, 5 and 6 Loan Application for Members Covered by Articles 14, 15 or 22 (RS5025-A) For NYS 2025

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The document is a loan application form for members of the New York State and Local Retirement System, specifically for Tiers 3, 4, 5, and 6. It outlines the eligibility criteria, required personal information, loan types available (including multiple and refinanced loans), tax implications, repayment terms, and necessary notarization. The form emphasizes that only one loan can be granted within a 12-month period and details the consequences of defaulting on a loan. Additionally, it provides instructions for completing the application and highlights important federal tax information related to outstanding loans.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How do I find out what tier I am in NYS?

When you join NYSLRS, you are assigned to a tier based on your date of membership. To find out what tier you are in, sign in to Retirement Online and look under My Account Summary. There are six tiers in the Employees Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS).

What is the difference between Tier 5 and Tier 6 in NYS?

Tier 6. Your pension factor equals either: a) 1.67% per year if you have less than 20 years of service, or b) 1.75% per year for all service if credited with 20 years. Under Tier 6, you would receive 35% plus 2% per year beyond 20 years if credited with more than 20 years of service.

What are Tier 6 benefits for NYSTRS?

Tier 6 requires public employees to work until age 63, up to 40 years, in order to retire without penalty. Public employees in Tier 6 can no longer retiree at age 55 with 30 years of service without suffering from significant penalties that reduce their overall pension.

What is the difference between NYSTRs tier 5 and tier 6?

Tier 5 members of TRS are vested in the retirement system after achieving 10 years of service credit and contribute 3.5 percent of their salaries for the life of their employment. Tier 6 members can collect a full pension at age 63 and are vested in the retirement system after achieving 10 years of service credit.

What does tier 6 mean?

How bad is it? Tier 6 will result in significant reductions to employees pensions. Penalties for early retirement, prior to age 63, are devastating to an employees retirement security.

What is the difference between tier 4 and tier 6 in NY?

Tier 6 members must work to age 63, up to 40 years of service, or face heavy penalties. Tier 4 members can retire at 55 with 30 years of service.

What is the Tier 5 contribution rate for NYS?

Tier 5 members are required by law to contribute 3.5% of their salary throughout their active membership. Tier 6 members are required to contribute a variable contribution rate, between 3% to 6% of their salary, throughout their active membership.

Tiers 3, 4, 5 and 6 Loan Application for Members Covered by Articles 14, 15 or 22 (RS5025-A) For NYS 2025

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