NYCERS
WWW.CI.NYC.NY.US/HTML/NYCERS/HOME.HTML
All employees who are classified as "probable permanent"
i.e. appointees from a civil service list, who serve a probationary period
before attaining a permanency status must join NYCERS within six months.
For all other appointments, membership into NYCERS is optional.
Tier 1 participants can vest* if the following requirements
are met:
- Completion of 15 or more years of credited service.
- Completion of five or more years of such service immediately before
severance of employment.
- Members with less than 20 years of career pension
plan qualifying service must withdraw from Plan A and elect Plan B
prior to resignation.
Tier 2 participants can vest if the following requirements are met:
- Completion of 15 or more years of credited service.
- Completion of 5 or more years of such service immediately
before severance of employment.
- Prior to resignation withdrawal from Plan C and election
Plan D.
Tier 3 and Tier 4 participants can vest if they meet the
following requirements:
- Completion of 5 or more years of Credited Service.
- For participants enrolled in the 55/25 Program there is no option
of vesting or deferring retirement.
- Participants enrolled in the 57/10 Program will be eligible for a
Vested Retirement Benefit payable at age 57, with 5 or more years of
credited service.
- A participant with 25 or more years of Credited Service in a Physically-Taxing
Position, at least five years of which are Member Service, can vest
before age 50, with benefits payable at age 50.
**If you have separated from city service as a vested member
you will not be covered by City paid health insurance until you begin
receiving your pension checks.
Tier 1 and Tier 2 members may borrow up to 75% of the accumulated
deductions provided three or more years of service is completed. The following
restrictions apply to all Tier 1 loans:
- Member must be in pay status on the payroll of a participating
employer to be issued a loan.
- Member can have up to two loans during any 12-month period.
Tier 3 and Tier 4 members who have credit for at least one
year of Member Service, may borrow an amount not to exceed 75% of the
amount last posted to his or her Members' Contribution Accumulation Fund
(MCAF)* account (minus outstanding loan). The following restrictions apply
to all loans:
- Member must be in pay status on the payroll of a participating
employer to be issued a loan.
- Only one loan may be issued to you in any 12-month period.
- The minimum amount of any loan is $1,000. (There must be at least
$1,334 to member's credit in the MCAF account to qualify for minimum
loan amount.)
- A service fee of $17.50 is charged for processing a loan. The fee
is deducted from the loan check.
Example: If you apply for a $1,000 loan, the net amount of your check
will be $982.50.
- Once a loan has been issued, it may not be canceled.
- Interest on the loan is at the rate equal to l% less than NYCERS'
valuation rate. Contact NYCERS for the current valuation rate.
- Loan must be repaid within five years. The minimum repayment is 2%
of gross salary per payroll period. Once set, the repayment schedule
remains the same for each payroll period until the loan is paid in full
or a new loan is negotiated. Member may elect to repay the loan in a
period of less than five years. NYCERS can tell member approximately
how much the loan payment will be for the repayment period elected.
- Payments must be made through payroll deductions. However, if member
resigns, is terminated from City service, or is not in pay status on
the payroll of a participating employer, member may make arrangements
with NYCERS to make periodic direct payments. There is a $5.00 per-payment
fee charged for making direct payment.
- Thirty days after the loan is issued, it is fully insured. A modest
insurance premium will be included in each payment. Member may not elect
to waive the insurance premium.
Vesting - Refers to the right to receive pension benefits
even if terminate/resign before member is eligible for payment of a service
retirement.
Members Contribution Accumulation Fund (MCAF) - An account
maintained for each Tier 4 member into which the "basic" contributions
of 3% of Wages each payroll period are deposited, plus interest earned
on such contributions.
Address/Contacts
NYCERS Mailing Address:
335 Adams Street, Suite 2300
Brooklyn, New York 11201-3751
NYCERS main telephone number 1-347- 643-3000
NYCERS Walk-in Service at:
Customer Service Center
340 Jay Street
Mezzanine Level at Renaissance Plaza
Brooklyn, New York
|
