What are the different types of retirement plans offered by the system?

The New York State Local Retirement System offers a variety of retirement plans designed to meet the needs of public employees. The main types of plans include the New York State Retirement Plan, which consists of several tiers based on the employee's date of membership and the specific terms of employment. Tier 1 generally comprises members who joined prior to July 1, 1973, and these members benefit from more generous retirement options, such as a higher pension calculation. Tier 2 includes those who became members from July 1, 1973, to January 1, 1990, which offers a different pension calculation and benefits. Members that belong to Tier 3 and Tier 4 generally joined after January 1, 1990, and include varying benefits based on hire date and plan specifics. Additionally, members may also have access to optional retirement plans, such as the 457 Deferred Compensation Plan, which allows employees to save additional funds for retirement on a tax-deferred basis. This plan can be a beneficial supplement to pensions. Another option is the New York State Teachers' Retirement System, which serves educators and has its own specific benefits structure. It is important for employees to review their individual circumstances, including factors such as their length of service and salary history, to understand which plan or tier applies to them and what benefits they can expect upon retirement. For anyone looking for more detailed information about retirement plans and benefits, the official website may provide comprehensive resources and contact information.