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Congratulations! When you became a New York State Teachers' Retirement System
(NYSTRS) member, you took what may have been your first major step
toward retirement planning. Now, you are saving
for your future and working toward a guaranteed pension in retirement.
You help fund your pension by contributing 3% of your salary
until you have been a member for 10 years, or are credited with 10
years of service. These contributions are not subject to federal tax
until they are received as part of a withdrawal or benefit.
When you achieve five years of New York State service
credit, you become vested, which means you will be eligible to receive a pension
when you reach age 55. Your pension is based on your
service credit, age and final average salary. You will become
eligible for additional benefits coverage as you reach other
service milestones.
If you
should leave teaching before you have 10 years of service credit,
you can withdraw your contributions with interest. Doing so
would cancel your membership and forfeit your right to a
future benefit. However, if you work in another
NYSTRS-eligible position in the future, you can reinstate your original
membership by paying back the necessary funds.
For more information about your NYSTRS membership, you can refer to the
Active Members' Handbook
or one of our many other publications,
which are designed to give greater detail to specific topics.
Of course, you can also speak with a NYSTRS representative by calling
(800) 348-7298, Ext. 6250.
Once again, welcome to NYSTRS!
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