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NYS Retirement System

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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