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Service credit is the number of years earned through contributing service or purchased for certain types of past employment and leaves of absence. Service credit is used to determine a member's eligibility to retire and to calculate the monthly benefit.
A service credit purchase is the purchase of additional time to increase your CalPERS service credit. Your service retirement benefit under CalPERS is based on your total years of service credit (earned and purchased), benefit factor (e.g. 2 percent at 55), age at retirement, and your final compensation.
You can receive the refund directly or roll your contributions over to an Individual Retirement Account (IRA) or other qualified retirement plan. If you do not withdraw your contributions, they will continue to earn 5 percent interest for seven years.
Tier 4: 1.67% x years of NYS service if credited with less than 20 years, or 2% x years of NYS service if credited with 20 to 30 years. 60% plus 1.5% for each year of NYS service beyond 30 years. A prorated reduction of up to 27% when retirement occurs before age 62 with less than 30 years of NYS service.
To earn a full year of service credit during a fiscal year, you must work at least: 1,720 hours (hourly pay employees) 215 days (daily pay employees) 10 months full time (monthly pay employees)
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To earn a full year of service credit during a fiscal year, you must work at least: 1,720 hours (hourly pay employees) 215 days (daily pay employees) 10 months full time (monthly pay employees)
Service credit is the number of years earned through contributing service or purchased for certain types of past employment and leaves of absence. Service credit is used to determine a member's eligibility to retire and to calculate the monthly benefit.
If you accept another position with the City or State of New York (or any of its political subdivisions) that entitles you to membership in another City or State retirement system, you may use this form to transfer your NYCERS membership to that system.
No matter where in the United States you live, your Social Security retirement, disability, family or survivor benefits do not change.
Tier 1 Members: You are eligible to retire at age 55. Tier 2 and 3 Members: You must have at least five years of service credit after July 1, 1973. ... Tier 5 and 6 Members: You must have at least 10 years of service credit.

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