Tag Archives: Sheriffs

NYSLRS’ Partial Lump Sum Payments

When you retire, you’ll choose a payment option for your monthly lifetime benefit. Eligible NYSLRS members may also choose to receive a partial lump sum payment. The payment, which you’ll receive when we finish calculating your pension benefit, is a percentage of the actuarial value of your retirement benefit at the time you retire. By accepting this one-time lump sum payment, your lifetime monthly benefit will be permanently reduced.

Who is Eligible for the Partial Lump Sum Payment?

If you’re a Police and Fire Retirement System (PFRS) member covered by a special 20- or 25-year plan, you may be eligible to choose this payment. Certain Employees’ Retirement System (ERS) members (sheriffs, undersheriffs, deputy sheriffs, and county correction officers) are eligible if their employer offers this benefit. (Read the other eligibility requirements for PFRS members and ERS members.)

Partial Lump Sum PaymentsHow the Partial Lump Sum Payment Works

The percentage amounts you can choose from depend on how long you’ve been eligible to retire. You can choose a lump sum payment that equals 5, 10, 15, 20 or 25 percent of the value of your retirement benefit.

The payment can be made directly to you, or you can also have it paid in a direct rollover to an Individual Retirement Annuity or other plan that accepts rollovers. Before you decide, you may want to speak with a tax advisor to see if the partial lump sum payment is right for you. Certain partial lump sum distributions could be subject to federal income tax.

How Do I Choose the Partial Lump Sum?

If you’re eligible for the partial lump sum, we’ll send you a special option election form when you file for retirement. You can use this form to choose both the partial lump sum and the payment option you want for your continuing lifetime monthly benefit.

Please read Partial Lump Sum (PLS) Payment at Retirement – For Eligible Retirement System Members for more information.

NYSLRS’ Special Retirement Plans

NYSLRSCertain PFRS and ERS members are under Special Retirement Plans manages more than 300 retirement plans for its members. You can group them into two main types: regular plans and special plans. Under a regular plan, you need to reach certain age and service requirements to receive a pension. For instance, if you’re a Tier 4 member in the Employees’ Retirement System (ERS), you’re eligible for a benefit when you’re 55 with five or more years of service credit. Most of our ERS members are in regular plans.

Special plans are a little different. Under a special plan, you can retire at any age if you have the full amount of service credit required. In NYSLRS, special plan members can receive a pension after completing 20 or 25 years of service. Special plans exist in both ERS and the Police and Fire Retirement System (PFRS).

Special Plans for Special Services to the State

As of March 31, 2015, there are 38,687 active ERS members and 30,754 active PFRS members in special plans. These members are part of the uniformed services. They fill titles such as:

  • Police officers
  • Firefighters
  • Correction officers
  • Sheriffs, undersheriffs, and deputy sheriffs
  • Security hospital treatment assistants

Public employees like ones listed above and in other similar titles face dangers and difficulties throughout their careers. They serve unique roles in the State, from fighting fires to patrolling our neighborhoods to assisting ill patients and more. We’d like to take this opportunity to thank this 13 percent of our active membership for the challenging, sometimes life-threatening work they do each day. You render special service to New York and its people, and we are grateful.

If you’d like to learn more about your retirement plan, please review your plan publication on our website.