What are the different types of retirement plans offered by the system?
Asked a year ago
The New York State Local Retirement System offers three types of retirement plans: 1) The Employees' Retirement System (ERS) is the main plan for most local government employees and provides a defined benefit pension. It offers various tiers based on date of membership, with different benefit calculations and retirement ages. 2) The Police and Fire Retirement System (PFRS) serves police officers and firefighters, providing enhanced benefits. Similar to ERS, it also has multiple tiers. 3) The Optional Retirement Program (ORP) is available for certain employees in higher education institutions, allowing them to choose between a defined benefit or defined contribution plan. Members can decide which plan suits their preferences and needs. As such, the local retirement system ensures flexibility and tailored options for various public servants in New York State.
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