NYS Retirement System

NYS Retirement System

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NYS Retirement System
The NYS retirement system is in place for state and local employees. The system is organized in tiers, each having different benefits and fees associated with that tier. The tier system is based on the length of employment, including start date and the date of retirement.
Tier one of the NYS retirement system includes an individual retirement account for individuals that began working there prior to 1973 and the proceeding tiers include start dates after that time.
Enrollment in the individual retirement system is mandatory for Full time employees. Those that are enrolled, have a portion of their paycheck taken out pre tax, as  a part  of the individual contribution to the retirement plan. Currently, the rate is around three percent of an individuals salary, unless they began employment prior to 1990.
Those that are employed for at least five years are entitled to the retirement benefits, even if they do not remain employees. Those that have at least ten years of service, must leave the money in the retirement account. However, those with less than ten years of service may withdraw their contributions plus five percent, but only if their employment ceases.
Payment from the retirement fund begins immediately at retirement. The amount of payments will vary based on the tier of membership. In addition, the age at which an individual can retire is based on their tier.

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