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 518-869-9501 or 800-342-4324 with any questions. You also may email the Plan at pensiondepartment@rnbenefits.org
Download ResourcePlan Basics & Options
Participation
Service credited to date of hire or date the employer began participating in the Plan
Credited Service
Covered employment in a bargaining unit per year:
- 851 hours or more = 1 year of credited service
- 651 – 850 hours = 2/3 year of credited service
- 500 – 650 hours = 1/3 year of credited service
- Less than 500 hours = no credited service
Vesting
Five years of credited service, including at least one year of future service, equals 100% nonforfeitable vested benefit
Portability
Service credit is transferable from one participating employer to another, subject to the break in service rule and employment in a covered position
Earnings
Base compensation plus experience differential
Final Average Earnings
Average earnings of the five highest earning calendar years during the last 10 years immediately prior to the participant’s termination date
Benefits Formula
- 1.6% of final average earnings times years of future service credit, plus
- 1% of the last three years’ average earnings times years of past service credit (if applicable)
Preretirement Survivor Benefit
For spouse or other named beneficiary when death occurs prior to retirement; paid as a Joint & Survivor Benefit at 50%
Administration
The Pension Plan is administered jointly by an equal number of Employer and NYSNA Trustees
Retirement Options
Vested
Lifetime benefit is available starting at age 65
Unreduced Vested
Lifetime benefit is available when the participant retires from active covered employment between the ages of 60 and 64 and has at least 20 years of credited service
Reduced Vested
Lifetime benefit is 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)
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.
Automatic lifetime benefit coverage with no cost or reduction; 60 monthly payments guaranteed so that the beneficiary receives any remaining monthly payments in case of death during the first five years after pension benefits begin.
Provides a reduced lifetime benefit. Automatic for married participants unless waived with the spouse’s written consent. If the participant dies, the surviving spouse receives 50% or 75% of the reduced monthly benefit for his or her life.
Allows a reduced lifetime benefit; 120 monthly payments guaranteed so that the beneficiary receives any remaining monthly payments in case of death during the first 10 years after pension benefits begin
Provides a reduced lifetime benefit with Five Year Certain. Beneficiary then receives payments of 50%, 66 2/3%, 75%, or 100%, as selected at retirement.
