By Crystal Macias and Michael Michaud, Member Services Division
ERB’s Member Services Division would like to share answers to the most commonly asked questions and provide you with important information related to your retirement and benefits as an ERB Member.
Question 1: When am I eligible to retire?
Answer 1: Retirement eligibility depends on the date you started working for an ERB employer and your years of service credit. Your start date will fall within one of the four retirement tiers listed below.
- Tier 1: Membership Prior to July 1, 2010
- Tier 2: Membership on or after July 1, 2010, but prior to July 1, 2013
- Tier 3: Membership beginning on or after July 1, 2013 but prior to July 1, 2019.
- Tier 4: Tiered Multipliers – Membership Beginning on or after July 1, 2019
When you are vested (meaning you have five years of qualified service credit), you are eligible for retirement on the earliest date you meet one of the following criteria:
- Tier 1: there are three ways to qualify: 25 and Out, Rule of 75, or 65 and 5.
- Tiers 2, 3, & 4: there are also three ways to qualify; 30 and Out, Rule of 80, or 67 and 5. Please note, Tiered Multiplier applies to all members in Tier 4.
Cost of Living Adjustment (COLA) eligibility begins at age 65 for Tiers 1 and 2, and at age 67 for Tiers 3 and 4.
A Call Center Representative can guide you to the tier and category that applies to you.
ERB Web Resources: Retirement Eligibility page
Question 2: How much will I earn in retirement?
Answer 2: ERB does not provide exact benefit estimates or specific pension amounts by telephone or email. Detailed estimates based on your official retirement date will be provided when you initiate the retirement process. When you are within one year of your planned retirement date, we encourage you to request an audited estimate. The request for an estimate form can be found on the Forms page of the ERB website. For an unofficial estimate, we encourage you to take advantage of the benefit estimator found in the Member Portal. ERB Team Members are available to help you set up an ERB account and can show you how to use the Benefit Estimators.
ERB Web Resources:
Question 3: How do I refund and/or roll-over my benefits? How much will I get?
Answer 3:
Part One: How do I refund and/or rollover my benefits?
To refund and/or rollover your benefits, you will need to complete a Request for Refund and/or Rollover Form. The necessary information is contained in your MyNMERB account under your statement of accounts tab. This form can be found on the Forms page of the ERB website. You have the option to complete either a Request for Refund and/or Rollover Form in either a PDF format or by using DocuSign. If you need assistance locating your statement of account in the Member Portal or help completing the forms, please call 1-866-691-2345
Part Two: How much will I get?
The amount of your benefits depends on the contributions made during active employment. Please call 1-866-691-4345 to obtain an estimate.
ERB Web Resources:
We look forward to assisting you regarding the above questions and any other retirement questions you may have. You can reach us by phone at 1-866-691-2345 or by completing a Contact ERB Member Services form