Tag Archives: request an estimate

Creditable Service for Police & Fire Members

The New York State and Local Police and Fire Retirement System (PFRS) provides service and disability retirement benefits, as well as death benefits to more than 35,000 police officers and firefighters.

Most PFRS members are covered by a plan that allows for retirement after 20 or 25 years, regardless of age, without penalty. As a member, you earn credit toward that requirement through paid public employment with participating employers. However, not all public service counts toward your 20 or 25 years.

What Credit Counts Towards Retirement?

The public service that can be used toward your 20 or 25 years is determined by the specific retirement plan under which you’re covered. Check your retirement plan booklet for details.

There are booklets for state police , forest rangers , regional state park police , state university police , EnCon police and members covered under Sections 384, 384-d and 384-e of Retirement and Social Security Law (RSSL). More plan booklets are available on our Publications page.

The most common PFRS plan, which covers nearly 50 percent of PFRS members, was established by Section 384-e of RSSL. With this plan, you earn creditable service:

  • As a firefighter or police officer under the 384-e plan;
  • As a member or officer of the New York State Police; or
  • In the military, as specified by law.

In the 384-e retirement plan, civilian service, as well as service as a sheriff, corrections officer or volunteer firefighter, is not creditable.

creditable service for police and fire retirement system members

Transferring Membership or Purchasing Service Credit — Contact Us First

If you have worked for multiple New York State public employers and are unsure if all of your service is creditable towards your 20 or 25 year plan, contact us before transferring membership or purchasing service credit . Please note: the public service that can be used toward your 20 or 25 years is determined by legislation and differs among plans offered to PFRS members. You should also be sure to request an estimate from us well before your planned date of retirement if there is any question about your creditable service.

Get an Estimate

PFRS members should request an estimate from us as early as 18 months before you plan to retire. It’s the best way to make sure you have all the credit you’re entitled to. Simply fill out and return a Request for Estimate (RS6030) form.

Tier 3 & 4 Members: When Is The Right Time To Retire?

Tier 3 and 4 members qualify for retirement benefits after they’ve earned five years of credited service. Once you’re vested, you have a right to a NYSLRS retirement benefit — even if you leave public employment. Though guaranteed, the size of that benefit can vary.

Three Reasons to Keep Working

  1. Age 55 is the earliest that Tier 3 and 4 members can claim their benefits. However, unless you have 30 years of service, a significant penalty for such an early retirement is imposed — a 27-percent reduction. The longer you wait to retire, the greater your benefit will be. At age 62, you can retire with your full benefits.
  2. Your final average salary (FAS) is a significant factor in the calculation of your pension benefit. Since working longer usually means a higher FAS, continued public employment can increase your pension.
  3. The other part of your retirement calculation is your service credit. More service credit obviously earns you a larger pension benefit, but after 20 years, it also gets you a better pension formula. For Tier 3 and 4 members, if you retire with less than 20 years of service, the formula is FAS × 1.66% × years of service; between 20 and 30 years, the formula becomes FAS × 2.00% × years of service.

When is the Right Time to Retire?

If You’re Not Working, Here’s Something to Consider

Everyone’s situation is unique. For example, if you’re vested, you no longer work for a public employer and you don’t think you will again, retiring at 55 might make sense. When you do the math, full benefits at age 62 will take 19 years to match the money you’d have received retiring at age 55 — even with the reduction.

Tools To Help Make Your Decision

Here are two ways to decide what makes sense for you:

  1. Our online retirement benefit calculator allows most members to estimate their benefit with different retirement dates, FAS and service credit totals. By changing each variable, you can see the impact it may have on your benefit.
  2. If you’re a Tier 3 or 4 member with five or more years of service credit, you can request an estimate based on your actual salary and service reported to date. If you’re age 50 or older, we can include additional, projected service credit based on a date of retirement up to five years in the future.

To request your estimate, contact our Call Center toll-free at 1-866-805-0990 or 518-474-7736 in the Albany, New York area. You can also send us a Request for Estimate (RS6030) form.

This post has focused on Tier 3 and 4 members. To see how early retirement affects members in other tiers, visit our About Benefit Reductions page.