| Common Questions & Answers |
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What does vesting mean? |
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Vesting means you have at least five years of credit and you’ll be
eligible for a retirement benefit at age 55, even if you leave New York State teaching, as long as you have not transferred or withdrawn from this System.
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As a Tier 1 member, if the two additional years of credit under the Benefit Enhancement legislation brings my total to 35, can I retire before age 55?
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Yes. With the 35 or more years of service credit, a Tier 1 member can retire at any age. |
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If I earn extra salary during the school year or for teaching summer school, do I earn more service credit?
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If you earn a full year of credit for your regular employment, you will not increase your credit. One year of credit is the most you can receive in a school year. However, the extra salary earned in your FAS years could increase your retirement benefit.
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Does retirement begin automatically?
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No. You must file a retirement application with the System. Your effective date of retirement can be the same day you file, but you can not apply any sooner than 90 days prior to your retirement date.
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Can I get a NYSTRS loan if I have never made contributions?
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No. You must have member contributions in the System to be
eligible to borrow.
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How long will it take to get a loan check after I file a
loan application?
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Currently, it takes approximately four to six weeks to process a valid loan application. The payment will be mailed once the processing is
complete. |
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If I’m in Tier 2, 3 or 4 with 30 years of service, can I retire at age 55 without any reductions to my pension or do I have to wait until age 62? |
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Tier 2, 3 or 4 members who are 55 years of age or older and credited with 30 years of service may retire before age 62 without any reductions.
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Can I receive credit for private school teaching, working for the federal government, or while on maternity leave?
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No. There is no provision in the law to allow you to get such credit. |
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Does a local retirement incentive payment or payment for unused leave affect my retirement benefit? |
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If your date of membership is prior to June 17, 1971, you are eligible for a five-year FAS that can include such payments and will increase your benefit, if higher than your three-year FAS.
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I was eligible to collect my retirement benefit three years ago. If I file now, will I receive retroactive payments?
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No. Retirement benefits are not retroactive. If you are not working in NYS public employment, you may collect your benefit even if you are in private, out-of-state or federal employment.
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How is my retirement benefit paid?
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Your retirement benefit is paid in 12 monthly payments, directly deposited into your checking or savings account on the last business day of each month.
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Does the final average salary used in the calculation of my retirement benefit have to be the average of my last three years?
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No. Although in most cases it is the last three, it will be the average of the highest three consecutive years whenever they occurred in your salary history.
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What if laws or NYSTRS' rules change after I retire or my membership rights cease? Am I able to benefit from these changes?
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Unless the amended law or rule specifically states otherwise, you cannot benefit from the changes. You are subject to the rules in effect at the time of your active membership. Generally, benefit improvements and changes are prospective in nature, meaning they only impact current (and, potentially, future) members. For example, when Chapter 389 of the Laws of 1998 changed the vesting requirement for members from 10 years to five years of service, those whose membership rights expired before the legislation took effect on July 17, 1998 were not eligible to vest with less than 10 years of credit. |
