Secure Your Future: The Power of NYS Employees Retirement System

Are you worried about your future retirement? Have you been searching for a foolproof investment plan? Look no further than the New York State Employees Retirement System.

With a membership of over one million employees, the NYSERS provides retirement benefits for state and local government employees in New York. The system has a trust fund of over $247 billion, making it one of the largest pension funds in the world.

But what sets NYSERS apart from other retirement plans? For one, it offers a guaranteed return rate each year, ensuring that your investment will continue to grow. In addition, the system provides survivors’ benefits for your loved ones in case of unexpected termination of life.

Not only is the NYSERS a reliable source of income during retirement, but its benefits can also improve your quality of life now. Members are eligible for medical insurance premium assistance, giving them piece of mind with regards to their future health care costs. Plus, did we mention they can retire at any age after 10 years of service?

Joining NYSERS may seem intimidating, but it’s a simple process. After enrolling upon initiation to public service, the system accommodates easy steps to view and manage fund surveys easily. With reasonable monthly contributions, you can rest assured that your retirement savings will be necessary thanks to expert management and proactive investment strategies.

The bottom line: if enduring financial security is a priority, an opportunity in NYSERS is one to seize. The facts speak for themselves; NYSERS steadily exceed benchmarks by over 4% extra, creating unrivaled value than from your average retirement account. Take control of your future today by contacting NYSERS and discover why membership can secure you and your family’s economic wellbeing in life!

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Secure Your Future: The Power of NYS Employees Retirement System

When it comes to retirement, having a solid plan in place can make all the difference. For New York State (NYS) employees, the NYS Employees Retirement System (NYSLRS) is a powerful resource to help ensure a comfortable future. Here we will compare NYSLRS to other retirement plans and explore its benefits.

The Basics of NYSLRS

NYSLRS is a defined benefit plan, which means that employees contribute a portion of their salary while working and then receive a guaranteed retirement benefit based on their years of service and final average salary. The plan also provides death and disability benefits. NYSLRS is one of the largest pension systems in the country, serving more than 1 million members and retirees across various public sectors.

Comparison to 401(k) Plans

While some private sector employees may have 401(k) plans, they typically don't offer the same level of security as NYSLRS. With a 401(k), the amount an individual has saved at retirement depends on several factors, including investment performance and annual contributions. As a result, the employee takes on more risk compared to NYSLRS, leaving many retirees underprepared for unforeseen expenses or events.

NYSLRS	401(k)
Provides a guaranteed retirement benefit based on years of service and salary	Amount at retirement determined by investment returns and individual contributions
No market risk for plan participants	Market fluctuations can cause significant losses
Death/injury benefits included at no extra cost	No additional protection offered unless selected by individual

Flexibility and Portability

Switching jobs is more common now than ever, with an average job tenure of around four years for younger generations. NYSLRS offers flexibility and portability compared to many private plans. Participants who move to another public sector job within the state often won't lose their years of service or retirement benefits. If moving out of state or transitioning to a private company, NYSLRS offers options for withdrawing contributions or rolling over into another qualifying retirement account.

Trustee Stewardship

The Retirement System has millions of members and investments totaling $247 billion as of March 31, 2021. Given that magnitude, prudent decisions when managing assets and investments are critical to maintain the benefit guarantee and deliver the greatest investment return for members with the least amount of risk. To do that, a prudent system relies on knowledgeable Board of Trustees and experienced professional staff with fiduciary obligations to perform duties solely in the best interests of the System's participants and beneficiaries. A prudent system also follows an Investment Strategy designed to earn a stated rate of return over the long term and minimize risk effectively.

Cost Savings to employees through bulk purchashing

NYSLRS utilizes economies of purchase to generate compliance, savings and security through deferred compensation programs; Program Administrators have contracts with major administrators of no-load mutual funds, allowing enrollees to take advantage of lower fund fees on popular, brand recognizable funds such as Vanguard, T. Rowe Price, Fidelity, and many others while competitors charge for similar products upwards of 3.5%.

The savings from purchasing funds targeted allow employees to keep building wealth in their portfolios without realizing such costly drops due to fund administration fees halting their development over time. Thanks to collective spending opportunities via purchases granted by PS/ER and civil Service departments, the Nyers at large lean confidently into NorthStar advisory services onboard guidance for instructions.

In Conclusion

Planning ahead for retirement is something everyone should do, but those in the public sector have a great advantage thanks to the NYSLRS system. By comparison to other retirement plans, NYSLRS offers stability, portability and a sense of confidence that empowers NY State Employees to focus on immediate pressing issues in their careers and mandate communities serviced while securing their pensions beyond a shadow of a doubt.

Secure Your Future: The Power of NYS Employees Retirement System

Overall, the NYS Employees Retirement System offers a powerful tool for securing your financial future as a state employee. With its generous benefits and commitment to sustainability, this retirement system can set you up for success long after you retire. If you're a new or seasoned state employee, make sure that you're taking advantage of everything the retirement system has to offer so that you can enjoy a comfortable retirement. Remember that planning early and being proactive about your retirement will pay dividends down the line, both personally and financially.

Secure your future by taking the necessary steps to maximize your retirement benefits through the NYS Employees Retirement System. By doing this, you can feel comfortable knowing that your financial future is in good hands, and that you'll be able to enjoy your retirement in peace. So don't wait any longer: start planning for your future today!

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Secure Your Future: The Power of NYS Employees Retirement System

What is the NYS Employees Retirement System?

The NYS Employees Retirement System (ERS) is a defined benefit pension plan that provides retirement, disability, and death benefits to eligible New York State public employees. It covers over 500,000 active members and retirees from various state agencies, public authorities, and local governments.

How does the ERS work?

As a member of the ERS, you contribute a percentage of your salary to the plan on a pre-tax basis. The state also makes contributions on your behalf. Your contributions and the state's contributions are invested in a diversified portfolio of stocks, bonds, and other assets to generate returns that fund the plan's benefits. When you retire, you are entitled to a monthly pension based on a formula that takes into account your years of service, final average salary, and other factors.

What are the benefits of joining the ERS?

Joining the ERS can provide you with a secure retirement income, disability protection, and survivor benefits for your loved ones. The ERS offers a range of retirement options, including early retirement, vested retirement, and disability retirement, as well as optional forms of payment and beneficiary designations. You can also participate in the ERS Deferred Compensation Plan, which allows you to save additional money for retirement on a tax-deferred basis.

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