New York—When a retired public employee’s pension is rolled over to a self-employed pension plan, it is not a legal obligation.
But what if that pension has been rolled over for more than five years and is worth more than $25,000?
That is the case with the New York State Public Employee Retirement System’s self-employment pension.
If you have been self- employed for at least five years, you have the right to receive your pension from the PERS system.
But you do not need to apply for your pension to be rolled over if it has been a lump sum payment for five years.
If it is rolled under the same plan that you are now a member of, you can receive it under the Self-Employment Pension.
However, the state requires you to file a claim with the PER system and pay it in full if it is a lump-sum payment.
This means you have to submit a form to the state’s Pension Administration Office (PAO) and send it to the PEDS administrator.
The PAO then issues a Form 1040.
This forms is what is used to pay your pension if you roll over your PERS plan to a PERS retirement account.
You must include all of the information required by the PERT Act, which is a federal law that requires pension funds to report any money that they receive as a pension.
You can learn more about the Pert Act by visiting the PEST Act website.
You are not required to report money received as a lump amount payment to the PAO and PERS.
If the state doesn’t want you to pay in full, the PAOs pension administrator can pay it directly to you or to a designated custodian.
You should also report the lump sum amount to the NYS Pension Administrators office, which will take a check to pay the money to you.
If your pension is a self employed pension and you are entitled to the pension, the PES system does not require you to roll it over to an eligible retirement plan.
But if you are self- Employed and are self employed, the self-Employers pension is available to you under the PEEs law, which has been updated since 2000.
Self-employed PERS retirees have a right to a pension rollover if their pension is subject to a “self-employed” designation.
If self- employment is the sole source of your pension, you should have no problem finding a self employer that can provide you with a pension and pay you directly.
The self-employers pension benefits include benefits for life.
However for people who are retired and do not have a disability, the pension is not an option.
In some states, the states Pension Administration can help you get a pension for your state and other states.
You may also be able to find out more about self- and self-sustaining pensions by visiting www.pension.state.ny.us.
Contact the Pension Administration for information about self and self employed PERS pension plans.
You also have the option of getting a PEE or self-Sustaining pension.
The Self-Sustainability Pension Program is a new pension program for self- or self employed retirees who were employed prior to the end of the calendar year in which the pension was rolled over.
The PERS self-funded plan is available only to members of the PSE program and those retirees who have been active members of PSE for five or more years.
You cannot qualify for a PREE if you were retired from the military or in the Reserve.
Self Sustaining PERS is available for those who are currently active members and retirees in the military, National Guard or Reserves.
You will need to pay a monthly contribution for the Self Sustainability Plan, and it is based on your age.
You do not qualify for the self sustainment program if you have a physical disability or are receiving a disability pension, or if you had any of the following conditions when you were in the service: A diagnosis of chronic physical illness.
Your spouse was diagnosed with chronic physical illnesses during the six-month period immediately prior to your retirement.
You have an immediate family member who was diagnosed as having chronic physical ailments during the same six-months period.
You were a participant in a Veterans Benefits Administration program or a State Veterans Benefit program.
You had an injury during the preceding six months that prevented you from participating in the Veterans Benefits program or the State Veterans Benefits Program.
If that condition was aggravated during the five years prior to retirement, you may be eligible for the Sustainment Program.
The Sustainable Retirement Program is the PPE program.
PPE is a benefit that can be purchased for self and/or self- Sustain, which means