Retirement Planning Tips for New York State Employees
Tip of the Month
August 2014 - What does it mean to be “vested” in the NYS Employees Retirement System (ERS)?
You are “vested” when you’ve earned enough service credit to qualify for a pension with the NYS Employees Retirement System. Members in Tiers 1 through 4 need five years of service credit to be vested; Tier 5 and 6 members must have ten years. If you leave public employment, you could be eligible for a vested benefit when you reach retirement age. You can learn more about the requirements for vested retirement benefits at: www.osc.state.ny.us/retire/members/vesting.php. For more information on your pension benefits call 866-805-0990 or visit www.osc.state.ny.us/retire.