If you are not a member of the New York State Retirement System, you need to consider joining by Thursday, December 31. It may be the last opportunity to belong to the Tier IV pension plan. On January 1, Tier V goes into effect. Tier V will require a 3 percent contribution from employees for your entire career, instead of Tier IV’s ten year requirement. Tier V does not allow retirement at age 55 with 30 years of service credit, and it requires you to work ten years to be vested, instead of 5 years. For more information, go to www.osc.state.ny.us/retire/members/index.htm
PEF offices close for New Year’s Day
PEF offices will be closed Friday, January 1 for New Year’s Day. PEF leaders and staff wish members and their families a very happy and safe new year. Offices will reopen for business on Monday, January 4.