As a New York State and Local Retirement System (NYSLRS) member, you’re either part of the Employees’ Retirement System (ERS) or the Police and Fire Retirement System (PFRS). In some cases, however, it’s possible to have a dual membership, or be a member of both systems. As of last year, 3,392 members had memberships in both ERS and PFRS.
How Does Dual Membership Work?
You can be a member of more than one retirement system if you hold a different position in each system. Let’s say you work as a fire fighter—this would mean that you’re already a member of PFRS. One day, you decide to take on a part-time job as a bus driver for your local school district. Your school district participates in ERS, so you’re eligible for ERS membership. After you fill out the membership application, you’re now an ERS member, while at the same time being a PFRS member.
As a member of both systems, you’d have separate membership accounts in those systems. Let’s look again at our fire-fighting bus driver example. While working as a fire fighter, you’d make any required contributions and earn service credit toward your PFRS pension. The PFRS contributions and service credit wouldn’t go toward your ERS pension. The same goes when you’d work as a bus driver—your required contributions and earned service credit would go toward your ERS pension and not PFRS.
There are other implications to dual membership as well. Assuming you met the service credit and age requirements, you could retire from both systems. You’d need to file a separate retirement application for ERS and PFRS, and we’d work on calculating each pension. We’d calculate your ERS pension using the final average salary (FAS) you earned while working as a bus driver. We’d then use the FAS you earned as a fire fighter to calculate your PFRS pension.
And, since you’d have an ERS pension and a PFRS pension, you would need to choose a beneficiary for each in the event of your death.
Dual membership in NYSLRS is nothing fancy—just make sure to follow your retirement plan in each system.
If you have any questions about dual membership, please contact us.