Part-time faculty and non-classroom faculty may join one or both of the following retirement plans:
» New York State Teachers' Retirement System (NYSTRS) - Defined Benefit Plan (see below)
» Supplemental Retirement Annuity
NEW YORK STATE TEACHERS’ RETIREMENT SYSTEM (“NYSTRS”) - Defined Benefit Plan
FIT is required by New York State legislation to obtain from all new part-time faculty members, in writing, whether they wish to join or not join the New York State Teachers’ Retirement System. It is mandatory that you indicate your decision, sign, and return a NYSTRS Retirement Option form to Human Resources as soon as possible.
Note to faculty: A decision not to enroll will not disqualify you from enrolling at a future date. However, you must complete the Retirement Option form indicating whether you are electing to join the New York State Teachers’ Retirement System as a new employee.
If you join the NYSTRS, your salary will be reduced based on earnings as follows:
Wages of $44,999 or less - 3%
Wages between $45,000 and $54,999 - 3.5%
Wages between $55,000 and $74,999 - 4.5%
Wages between $75,000 and $99,999 - 5.75%
Wages of more than $100,000 but less than $179,000 - 6%As your employer, FIT also makes a contribution to the plan on your behalf. A booklet from the NYSTRS describing membership, benefits, and plan guidelines is available in Human Resources.
You may also obtain additional information from the NYSTRS web site www.nystrs.org. The Membership Enrollment Form is available at http://nystrs.org/main/forms/net-2.pdf. The enrollment form must be notarized.
» Universal Availability Notice (.pdf)
» Salary Reduction Agreement Form (.pdf)