General Knowledge NYSTRS Retirement Quiz 2

According to Article 5, Section 7 of the New York State Constitution, what does it provide regarding membership in any pension or retirement system?

• Membership is a contractual relationship, but benefits can be diminished

• Membership is not a contractual relationship

• Membership is not allowed after a certain date

• Membership is a contractual relationship, and benefits cannot be diminished

How many active members are there in Tier 4 as of 6/30/2019?

• 349

• 403

• 178,516

• 67,378

What does the Benefit Profile contain for NYSTRS members?

• Information about membership, service credit, salaries, and more

• Only pension projections

• Information about financial planning

• Only service credit

What is the cost for Tier 4 members to claim prior service?

• No cost

• 3% salary earned and 5% compounded interest

• Only 3% of the salary earned

• Only 5% compounded interest

What is the maximum additional credit of years provided for Transfer-in Credit?

• 3 years

• 4 years

• 1 year

• No Limit

What is the benefit for Tiers 2-6 members if they die in service?

• No benefit provided

• Accidental death benefit for certain beneficiaries

• Lump-sum payment from NYSTRS of member contributions plus interest

• 3-years salary plus payment of member contributions and interest to beneficiary

The pension formula considers multiple things to get to your yearly amount, which are they

Groups:

(a) Pension Formula factors

,

(b) Not a factor

• Loan Defaults

• Months of service

• Age factor

• Final Average Salary

• Years of service

• Tier

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