VESTING PERIOD CHANGES

For all State Employees Enrolled in the NYS Teachers’ Retirement System

Tier 5 and Tier 6 only

New Legislation Changes Vesting Requirements for Tier 5 and 6 Members

As of April 9, 2022, Tier 5 and 6 members will only need five years of service credit to be vested. This affects members of the Teachers’ Retirement System (TRS). Previously, Tier 5 and 6 members needed 10 years of service to be eligible for a service retirement benefit. This legislation did not change benefit rules such as how long you must contribute, your pension benefit calculation, your full retirement age, reductions to retire early or the cost to purchase previous service.

Vesting is automatic. You do not need to file any paperwork to become vested.

Effective immediately, if you are a Tier 5 or 6 member with five or more years of service and you meet the minimum age requirements for your retirement plan, you can apply for a service retirement benefit if you wish.  Please note, the years of service requirement remains 10 years to retire with the NYS Health Insurance plan.

Please follow the link to read the full press release and learn more about this significant change:

Nystrs.org

Employees with questions related to their NYS TRS pension plan can contact the NYS Teachers’ Retirement System at 1-800-348-7298.

 

Employees with questions about their health insurance or other benefits can contact our Benefits office at 632-6180 or by email to hrs_benefits@stonybrook.edu.