Human Resources

NYCERS

NYCERS

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:

  • 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:

  • 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:

  • Completion of 5 or more years of Credited Service.
  • For participants enrolled in the 62/5 Program will be eligible for a vested retirement benefit payable at age 62 with 5 or more years of credited service.
  • Participants enrolled in the 57/5 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.

Tier 6 participants:

  • Completion of 5 or more years of Credited Service.

**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.
  • Tier 6 fee $40.00
  • 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 is deposited, plus interest earned on such contributions.

Address/Contacts

NYCERS Mailing Address:
30-30 47th Avenue 10th Floor
Long Island City, New York 11107

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