Questions and Answers about Retirement
Q. How many retirement systems does Nassau BOCES participate in?A. There are two:
- Teachers' Retirement System (TRS), 1-800-356-3128; and
- Employees' Retirement System (ERS), 1-866-805-0990.
Q. How much do I contribute into the retirement system?A.
- Tiers 3 & 4 contribute 3 percent
- Tiers 5 & 6 (ERS) - 3 percent
- Tier 5 (TRS) - 3.5 percent
- Tier 6 (ERS & TRS effective 4/1/13) - see below
Wages Contribution Rate $45,000 or less 3 percent $45,000.01 to $55,000 3.5 percent $55,000.01 to $75,000 4.5 percent $75,000.01 to $100,000 5.75 percent More than $100,000 6 percent
Q. How long do I contribute into the retirement system?A. Tiers 3 & 4 contribute for 10 years. Tier 5 and 6 will contribute throughout active membership.Q. At what age may I begin receiving a pension?A. You may begin receiving a pension at age 55. However, you will incur penalties if you apply for benefits between ages 55 and 61.
- Tiers 2, 3 and 4 are eligible for full pension benefits at age 62
- Tier 5 early retirement penalty percentage is increased over previous tiers prior to age 62.
- Tier 6 early retirement penalty percentage is increased over previous tiers prior to age 63.
Q. When must I file for service retirement?A.
- ERS- No more than 90 days and no less than 15 days prior to the date you intend to retire.
- TRS- No more than 90 days up until application is received.
Note: You should review your current contract before filing your resignation letter with Nassau BOCES.
Q. Will my health benefits continue into retirement?A. Yes, as long as you are enrolled in a health insurance plan at the time of your retirement. If you are 65 or older when you retire, you must contact the Social Security Office by going to www.socialsecurity.gov or calling 1-800-772-1213 and apply for Medicare Part A & B.Q. How long until I am vested?A. Tier 5 & 6 = 10 years of service. All other tiers are 5 years.Q. How do I start the retirement process?A. Call and set up an appointment with your retirement system to receive a general estimate. You may also contact Sue Cohen at 516-396-2342 three months prior to your retirement to discuss your agency benefits.
- ERS members should call 1-866-805-0990.
- TRS members should call 1-800-348-7298 ext. 6100.
Q. Am I allowed to work after retiring?A. Yes. Public Employment earnings are limited but private employment has no limit on earnings. Note: You should consult with your appropriate retirement system to determine how much you are allowed to earn as this amount is subject to change.Q. Can I retire from the agency and not the retirement system?A. Yes. You must be at least 55 years old.Q. What are the requirements if I want to have medical benefits as a retiree?A. Refer to your contract for details regarding retirement.Q. What is prior service?A. Prior service is any time that you worked in public service whether you were a member of a NYS Retirement System or not.Q. How do I buy back prior service?A. Use the following links to determine which form should be completed and return it to the proper retirement system:
Q. What is a Tier Reinstatement? How do I know if I qualify?A. If you have previous service with a public employer and had joined the retirement system, you might qualify for a tier reinstatement and receive prior service credit. You can only qualify for a tier reinstatement if you were a member of a NYS Retirement System during that tiers timeframe.
- TRS service - http://www.nystrs.org/main/active/service-credit.htm
- ERS service - http://www.osc.state.ny.us/retire/forms/index.htm#servicecredit
Q. Am I eligible for dental insurance after I retire?A. When you retire you are eligible to continue participation in the current Duchess Dental Plan via COBRA Insurance for the first 36 months or you may enroll in the Retiree Dental Plan. If you choose COBRA, you may enroll in the Retiree Dental Plan anytime during or at the conclusion of the 36 months.
For retiree dental information and rates, contact Linda Saxby of the CSEA-EBF Retiree Dental Plan at 1-800-323-2732 ext. 803.Q. Am I eligible for life insurance after I retire?A. You are eligible to continue participation in the agency’s term life insurance program through Sobel Affiliates, a Brown & Brown Company. Call (516) 745-0000 for details.
Tier Comparison Chart
Tier 5 - NYSTRS
Tier 5 - NYSERS
Tier 4 Both
Vesting Eligibility 10 years of service 10 years of service 5 years of service Employee Contribution 3.5 % throughout active membership 3.0 % throughout active membership 3.0 % for first 10 years of membership or service Prior Service Cost 3.5 % of salary plus interest 3 % of salary plus
3 % of salary plus
Normal Retirement Eligibility Age 62 with 10 years of service Age 62 with 10 years of service Age 62 with 5 years of service Unreduced Retirement (Prior to age 62) At least 57 with 30 or more years of service None At least 55 with 30 or more years of service Pension Factor 2% begins at 25 years of service credit 2% begins at 20 years of service credit 2% begins at 20 years of service credit Age Reductions (prorated by month-prior to age 62) Age 55: .3833
Age 61: .0667
Age 55: .3833
Age 61: .0667
Age 55: .2700
Age 61: .0600
Tier Effective Dates 1 Before July 1, 1973 2 July 1, 1973 – July 26, 1976 3 July 27, 1976 – August 31, 1983 4 September 1, 1983 – December 31, 2009 5 January 1, 2010 6 April 1, 2012