Is there a retirement incentive for NYS employees?
–Pursuant to Legislative Law, Section 50: This bill would provide a temporary retirement incentive during fiscal year 2020-2021. This incentive would permit eligible members to retire without an early retirement reduction upon attainment of at least age 55 with 25 years of service.
Is NYCERS an IRA?
The New York City Employee Individual Retirement Account (NYCE IRA) is a tax-favored retirement savings vehicle. The NYCE IRA includes both a traditional IRA and a Roth IRA for the exclusive benefit of employees and former employees of the City of New York and their respective spouses.
Will there be a NYS retirement incentive 2021?
This legislation would provide a temporary retirement incentive during the fiscal year 2021-2022, and would allow members who are eligible to retire without an early retirement reduction upon attainment of at least age fifty-five and with at least twenty-five years of service.
How does NYCERS pension work?
NYCERS is a defined benefit retirement plan. All benefits payable are funded by employee and employer contributions and from earnings on the invested assets of the system. Multiple-Employer System. NYCERS is a cost-sharing, multiple employer public employee retirement system.
What is the death benefit for NYCERS?
When he or she dies, the surviving designated beneficiary will be paid $12,867 per year (75% of $17,156). If the designated beneficiary predeceases the retiree, all payments would then end upon the death of the retiree. The retiree receives a reduced monthly lifetime benefit.
Is NYCERS open for walk ins?
Call Center (347-643-3000) is open Monday through Friday, 8 am to 5 pm, to answer questions and schedule consultations. Fully completed forms may be placed in a secure Drop Box at NYCERS’ Jay Street entrance Monday through Friday, 8 am to 5 pm.
Can you withdraw from NYCERS?
You may withdraw your Service Retirement Application by filing this form with NYCERS up to the day before your effective date of retirement. If your request is received on or after your retirement date, it is denied.
Is there an early retirement incentive for nycers?
Therefore, there is no Early Retirement Incentive for DOE employees under Chapter 59 of the Laws of 2021. The City of New York has not yet elected to participate in the ERI. The deadline for the City to opt in to the ERI is June 30, 2021. Attention, NYCERS Members!
How to contact New York City Retirement System?
NYCERS’ Customer Service Representatives are available to meet with you Monday to Friday, except holidays. Please call (347) 643-3000 to schedule an appointment. Online appointment scheduling is currently unavailable.
Is the nycers temporary policy still in effect?
Therefore, the following NYCERS Temporary Policies are no longer in effect: Chapter 78 of the Laws of 2021, which provides death benefits to statutory beneficiaries of members whose death was a result of or was contributed to by COVID-19 has been extended to members who die through December 31, 2022.