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Office of the New York State Comptroller’s Seal

NYS Comptroller

Thomas P. DiNapoli

Special 20- and 25-Year Plans

For PFRS Tier 2, 3, 5 and 6 Members

(Sections 384, 384-d and 384-e)

Available Options

  • 1
  • 2
Single Life Allowance (Option 0)
This option provides the maximum benefit for the rest of your life, but all payments stop when you die.
Cash Refund — Contributions (Option ½)
(Members with annuity savings contributions on deposit only)
This option provides a reduced monthly benefit for your lifetime. When you die, your beneficiary or estate will receive the remaining balance of your voluntary annuity savings. If your accumulated annuity savings contributions have been paid out, all payments will stop when you die. Mandatory contributions made by Tier 5 and 6 members are not annuity savings contributions.
Joint Allowance — Full*
This option provides a reduced benefit for your lifetime that is based on your birth date and that of your beneficiary. When you die, we will pay the same monthly benefit amount you were receiving — without cost-of-living adjustment (COLA) — to your beneficiary for life. If your beneficiary dies before you, all payments will stop when you die.
Joint Allowance — Half*
This option provides a reduced benefit for your lifetime that is based on your birth date and that of your beneficiary. When you die, we will pay one-half of the benefit amount you were receiving — without COLA — to your beneficiary for life. If your beneficiary dies before you, all payments will stop when you die.
Pop-Up/Joint Allowance — Full or Half*
These options provide a reduced benefit for your lifetime. When you die, we will pay your normal benefit amount (without COLA) — or half of that amount, depending on which option you elect — to your beneficiary for life. If your beneficiary dies before you, your monthly payments will “pop up” to the maximum payable under the Single Life Allowance option, and all payments will stop when you die.
Five Year Certain and Ten Year Certain
These options provide a reduced benefit for your lifetime. If you die within five years of retirement — or ten years, depending upon which option you elect — we will pay your normal benefit amount (without COLA) to your beneficiary for the remainder of the five- or ten-year period. You can change your beneficiary within the five- or ten-year period.
Alternative Options
We will consider written requests for customized payment options. You must outline your request, and we will review it for legal and actuarial soundness.

*If you choose this option, you must submit proof of your beneficiary’s birth date. You can only designate one beneficiary, and you cannot change your designation after your retirement. If your beneficiary is your spouse when you die, he or she will be eligible for 50 percent of your COLA. Learn more about COLA on our Cost-of-Living Adjustment page.