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The NYSNA Pension Plan Summary of Benefits
This Summary of Benefits is an outline of the pension benefits provided for participants in the New York State Nurses Association Pension Plan. The details are informational in nature and are not intended to imply coverage for a specific individual under the provisions of the Plan. Pension Plan participants should call the Plan toll-free at (877) RN BENEFITS [762-3633] or (800) 342-4324 with any questions. You also may e-mail the Plan at pensions@rnbenefits.org. |
| Participation |
Service credited
to date of hire or date employer became participant in Plan. |
| Credited Service |
Covered
employment in a bargaining unit per year: 851 hours = 1 year of credited service 651 hours = 2/3 year of credited service 501 hours = 1/3 year of credited service Less than 500 hours = no credited service |
| Portability |
Service credit is
transferable from one participation employer to another, subject to
break in service rule and employment in a covered position. |
| Vesting |
Five years of
credited service, including at least one year of future service,
equals 100% nonforfeitable vested benefit. |
| Earnings |
Base compensation
plus experience differential. |
| Benefit Formula |
1.6% of final
average earnings times years of future service credit, plus 1% of last three years' average earnings times years of past service credit. |
| Final Average Earnings |
The highest
average earnings for any five consecutive, complete calendar years
during the last 10 years immediately prior to participant's
termination date. |
|
Normal Retirement (Vested) |
Lifetime benefit available starting at age 65. |
|
Early
Retirement (unreduced) (Vested) |
Lifetime benefit
available when participant retires from active covered employment
between the ages of 60 and 64 and has at least 20 years of credited
service. |
|
Early
Retirement (reduced) (Vested) |
Lifetime benefit
available between the ages of 55 and 64, reduced by 1/2%
per month for each month prior to the normal retirement date (age
65). |
|
Retirement after age 65 (Vested) |
Lifetime benefit
based on final average earnings and accrued credited service as of
the actual retirement date. Payments begin the first of the month
following the actual retirement date. |
|
Disability (Vested) |
Available
starting at age
50 with 15 years of credited service, with no reduction or waiting
period. Must be
receiving Social Security
disability benefits. Transfers to a Normal Retirement benefit at
age 65. |
| Preretirement Survivor |
For
spouse or other named beneficiary, when death occurs prior to
retirement;
paid as a Joint & Survivor Benefit at 50%. |
| Joint and Survivor |
Provides a
reduced lifetime benefit. Automatic for married participants unless
waived with spouse's written consent. If participant dies, surviving
spouse receives 50% of reduced monthly benefit for his or her life. |
|
Five
Year Certain |
Automatic
lifetime benefit coverage with no cost or reduction; 60 monthly
payments guaranteed so that beneficiary receives any remaining monthly
payments in case of death during the first five years after
pension benefits begin. |
| Ten Year Certain |
Allows a reduced
lifetime benefit, 120 monthly payments guaranteed so that
beneficiary receives any remaining monthly payments in case of death
during the first 10 years after pension benefits begin. |
| Contingent Annuitant |
Provides a
reduced lifetime benefit with Five Year Certain. Beneficiary then
receives payments of 50%, 662/3%,
or 100%, as selected at retirement. |
| Administration |
The
Pension Plan is administered jointly by an equal number of
Employer and NYSNA Trustees. |