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NYS Employees' Retirement System (ERS)
» NYS Employees' Retirement System (ERS)
All full-time faculty and professional employees of the college may elect to join the New York State Employees' Retirement System (ERS), a contributory, 'defined benefit' system. You contribute 3% of your gross salary on a pre-tax basis and the State makes contributions based upon your salary. Your retirement benefit is determined by the number of years of service and your final 'average' salary according to a prescribed formula.
The system is divided into 'tiers' with the level of state contribution, minimum age for receipt of retirement benefits and death benefit determined by your membership 'tier'. 'Tiers' are determined by your date of appointment to State service. For example, as a Tier 4 member (hired on or after July 17, 1992), a member with ten (10) or more years service is entitled to a retirement allowance at age 62. In the event an employee terminates employment prior to ten (10) years of service they are not vested. Their 3% contribution, plus accumulated interest, will be refunded upon request.
A representative from ERS is on campus the first Thursday of every month. To make an appointment, call 866-805-0990.