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Eligible retirees will receive an extra $45 monthly beginning with the September 30 pension payment under New York’s legislated cost-of-living adjustment (COLA).

Legislation enacted as part of the state budget now allows Tier 5 and 6 members to vest with five years of service credit, makes changes to Tier 6 member contribution calculations, and extends the suspension of the cap on earnings in retirement for work at a school district or BOCES.

Defined benefit (DB) pension plans, such as your NYSTRS plan, deliver retirement benefits at half the cost of 401(k)-style defined contribution (DC) plans, according to a new national study.