Visit the New York State Teachers' Retirement System at Age 65 with five or more years of service credit, or 2. %PDF-1.7 %���� In order to receive any benefit, you must apply for it and provide proof of age. These pension increases are not limited by the 75% maximum. At Age 60: The member’s $1,000 monthly Social Security benefit is discounted to $523.50. If you return to state employment after retirement, you must notify the SERS Claims Division immediately. A Tier II member who is working in covered employment at the time of retirement may: -Retire with full benefits at … This estimator is for Connecticut State Employee Retirement System members who participate in the Tier II and IIA retirement plans in non-hazardous duty employment. Use this calculator to help you create your retirement plan. Your new pension amount will be the total amount before reemployment, plus the amount earned during your reemployment. The retirement benefit is calculated on a maximum salary earned (Social Security wage base). Your agency’s Retirement Coordinator can assist you in filing a benefit claim. 80% x $4,000 = $3,200 per month, or $38,400 annually. Make sure these numbers are correct when filing a claim. Tier 2 members. h�ėkO7���?&���>�J��I%��������]�;�¿�{lÒ���V��}l����ǶVHa��VX/l6�H�B� '��^8%��Q�H(E(5BY:+��(wH̼PA�- �"z�ܓ��"UB{���BG�< 2\oY��r�w�{�����(kě7������n����8�Ÿ��oo�b�}�a���ͻӛ�;�2�=gcߝτڰ��jìX����7d�����p1~�\�7�~���j�~_Ͷ�m��|v�����b��]~I[V�R'�Ƅ�E.��ü��*��q)�0��ݽ������f���j��]�/J�YO��hD�����+���/�1��N���7�X���w��z\��ߛ��e{;i�0t�y,��E��5֟$���y���G>�ݗHabho�,b���jV����]�F�Xkǡ�5��� ܒ�A,�hQ�!�D���RBI�����rm�� ��EՊ�5����(75�#{c��܋|��+s��=��W��`q����ٰ�Y�����Z�{�f��`�_hV.�ϳf���Jt"B>96N!�$w�ҕ8Z��N�E ��.�F{ut�ƛ��q9���ͫ�����5�����W, �?����L�LE�|jq��I��CB�gBbc6\��� A��N���Bja��M��� �bj�IĬ�L�Rtd�W659d�u� 2� Tier 6 members with 20 years of service, who retire after the full retirement age of 63, would receive 35 percent of their final average salary. Unused and sick leave can be used to meet service eligibility requirements and increase your retirement benefit. All benefit claims and appeals are reviewed by the SERS Executive Committee of the Board of Trustees. This repayment may be made in a lump sum, by installments paid within five years after your reemployment, or before your next retirement date, whichever is first. A QILDRO allows for the division of a retirement benefit or a refund of contributions due to divorce. the Teachers’ Retirement System (TRS) Tier 2 Member Handbook. Retirement Planner Calculator Do you know what it takes to work towards a secure retirement? O�o���Ϯ��h���F���r�4����G��ʉ�X��o#��X��q�5�ǹ���_[��e��;]��`�cO-M���$�z�$��6I6?��~$ɷ��7U��� ݪQ?a Under the Level Income Option. If your claim is denied, or you question the payment of any benefit, you or your representative may file a written appeal or request a hearing before the Executive Committee. Visit the New York City Teachers' Retirement System at Members will be able to view estimated retirement income under all survivor options offered by the plan. Tier 2 members are provided retirement income beginning at age 62 with 10 years or more of participating service. h�bbd```b``� "S�d�dS���&0� "Yz@$s ��d������*o���$�?1 �_fЮ- q� �����x�%@� J�N To qualify, you must repay all of the money you received, plus interest. The member’s combined monthly benefit would still total $2,774.38. The reversionary annuity is useful for providing income to a surviving spouse or other dependent who doesn’t work, or worked very little, and won’t receive much retirement or Social Security income.

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