Member News
The Deficit Reduction Plan and Your Final Average Salary
Final Average Salary (FAS) is the average of your three highest consecutive years of earnings, subject to limitations, and are usually your last three years prior to retirement.
The following information only applies to employees of State agencies.
CSEA Members: Reduced earnings and five fewer days worked will be reported to us for fiscal year 2011–2012. If this year falls within your FAS calculation, we will take five days and the equivalent salary from the prior year. As a result, there will be little or no impact on your FAS.
Since the fiscal year 2012–2013 salary reduction will be repaid, if your FAS falls within this year, the reduction will have no impact.
PEF and M/C Members: Although reduced earnings will be reported to us for fiscal years 2011–2012 and 2012–2013, the salary will be repaid. If the reduction or repayment period falls within your FAS calculation, the repaid salary will be included and there will be no impact on your FAS.
Record Keeping Requirements for Newly Elected/Appointed Officials
If you are an elected or appointed official starting a new term, you must keep a record of your activities or certify an existing record. Learn more about your responsibilities as a Retirement System member.
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