NYCERS https://www.nycers.org
Membership/Enrollment
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.
VESTING
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.
LOANS
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.
*Plan Definitions
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
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