2017 ANNUAL MEETING OF NYSTRS DELEGATES

Dear Colleagues,

​On November 5 and 6, Jen Snyder, Frank Bua, Luci Legotti and Jeff Bernstein joined more than 700  delegates and alternates at the annual NYSTRS conference at the Saratoga Springs City Center. A quick recap:​
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  • Paul J. Farfaglia of the Jordan-Elbridge School District was re-elected to a fourth consecutive three-year term on the 10-member Retirement Board. 
  • Sheila Buck of Rush-Henrietta Central Schools was elected to the Board, replacing Jolene T. DiBrango, who resigned from the Board to focus on her new position as executive vice president of NYSUT. 
  • Ronald Gross of William Floyd Union Free Schools was elected to the Board, replacing Timothy Southerton, who retired from teaching in June 2017. 
  • NYSTRS delegates and alternates attended a variety of seminars that covered topics ranging from NYSTRS’ new online retirement application to an overview of the pension industry nationwide.  
  • Delegates took part in a question-and-answer period with the NYSTRS Board and staff.

Copies of the seminar presentations can be downloaded from the links below:

Delegate Overview―Your Retirement System

Social Security Information

Your NYSTRS Pension: What You Need to Know
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Introducing Our New Online Retirement Application  NEW!

Death and Taxes―We Can’t Escape Them, So We Better Plan for Them!

Pension Industry Update: The Latest News From Across the Nation

What’s New at NYSTRS?​

Remember, the GNTA is your local union -- we are NOT retirement experts.  Develop your own NYSTRS account by using the link below. It's easy; you just need your NYSTRS Employee ID number!

https://secure.nystrs.org/sma/security/RegisterAccount.aspx

Best,

Frank , Jen,  Jeff and Luci

GNTA'S RETIREMENT CHECKLIST

EMPLOYER CONTRIBUTION RATE (ECR)
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The Employer Contribution Rate (ECR) is the percentage of member payroll employers contribute to NYSTRS.  This rate is determined annually through an actuarial valuation of NYSTRS' assets and liabilities. These contributions have been collected without fail throughout the System's history, keeping NYSTRS among the most secure plans in the country.

The 2017-2018 rate charged to districts is 9.8 percent of school year salaries; the ESTIMATED 2018-19 rate will fall between 10.5 and 11 percent.  An Administrative Bulletin will be provided in February 2018 with a more precise estimate of this ECR.

​Take a look below for the history of the Employer Contribution Rate (ECR) in New York State (NYS):
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NYSTRS RETIREMENT
-RELATED FORMS

Download and print NYSTRS forms. Call our Hotline at (800) 782-0289 to request forms be mailed to you.
Service Retirement Application (RET-54)

You can file a service retirement application up until your effective date of retirement, but no sooner than 90 days before your retirement date.
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Proof of Date of Birth (RET-45)

Distribution Election for ASF – Tier 1 and 2 (REF-30)

Direct Rollover of Taxable ASF (REF-30.2)
If filed, must submit with Distribution Election for ASF (REF-30).

Direct Rollover of After-Tax ASF (REF-30.3)
If filed, must submit with Distribution Election for ASF (REF-30).

Disability Retirement Application Package (RET-54.1; RET-54.3A; RET-54.5; RET-54.1B; RET-54.3).
Please refer to NYSTRS' pamphlet If You Are No Longer Able to Work, which offers guidelines for making disability retirement decisions.

Additional Medical Report for Disability Retirement Applicants (RET-54.3)
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Election of Retirement Benefit (RET-54.6).
To change the benefit payment choice you made on your retirement application, you may file this form within 30 days of your retirement date.

SERVICE CREDIT

1 Year of Credit

  • You will be covered by an in-service death benefit.
  • If you are a Tier 3-6 member who dies as the result of an accident sustained while teaching, an accidental death benefit may be payable to your beneficiary instead of the in-service death benefit.
  • If you are a Tier 3-6 member and the balance of your member contributions and interest is at least $1,334, you can take a loan from your funds. If you are a Tier 1 or 2 member, you must have a minimum of $400 in your Annuity Savings Fund to be eligible for a loan. For more information about loans, see our publication Borrowing From Your NYSTRS Contributions.
2 Years of Credit
​You will be eligible to purchase credit for prior service. For more information, see our publication You Deserve the Credit.

5 Years of Credit
If you are a Tier 3 or 4 member, your pension will be vested, and you will be eligible for a NYSTRS service retirement benefit at age 55.

10 Years of Credit
  • If you are a Tier 4 member, you will stop making 3% required contributions when you attain 10 years of credit or membership, whichever occurs first.
  • If you are a Tier 5 or 6 member, your pension is vested (earlier tiers vest at five years) and you likely will be eligible for a service retirement benefit at age 55. (Tier 6 members with an inactive membership must be at least 63 to retire.)
  • You may be eligible for a disability retirement benefit if you cannot continue to work because of an illness or injury.
  • If you leave teaching with at least 10 years of service credit and die before retirement, you will be covered by a vested death benefit of half the in-service death benefit that would have been paid on the last day of working.

20 Years of Credit
  • If you are a Tier 1 or 2 member, the pension factor used in your benefit calculation will no longer include a service-related reduction.
  • If you are a Tier 3 or 4 member, the pension factor used in your benefit calculation will increase from 1.67% per year to 2% per year.
  • If you are a Tier 6 member, the pension factor used in your benefit calculation will increase from 1.67% per year to 1.75% per year (i.e., 35% for your first 20 years) plus 2% for each year beyond 20.

25 Years of Credit
  • If you are a Tier 5 member, the pension factor used in your benefit calculation will increase from 1.67% per year to 2% per year.

30 Years of Credit
  • If you are a Tier 2, 3 or 4 member, you can retire without an age-related reduction to your pension factor when you attain 30 years of credit or reach age 62.
  • If you retire under Tier 4, you will receive an additional 1.5% per year toward your pension factor for each year of credit beyond 30 years.
  • If you are a Tier 5 member, you can retire without an age-related reduction to your pension factor when you retire either at: age 62 or later; or, at age 57 or later with at least 30 years of service credit.
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35 Years of Credit
  • If you are a Tier 1 member, you can retire at any age.

​It is important to HAVE ALL THE CREDIT FOR WHICH YOU ARE ELIGIBLE because your total service credit impacts your eligibility for NYSTRS benefits — and often the amount of those benefits. The following types of service can build your credit and help you reach important service milestones:

This information is meant to serve as a guideline. As always, go to NYSTRS.org for the most current information.