62-5 SPD:62/5 SPD.qxd - NYCERS

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SUMMARY PLAN DESCRIPTION - 62/5 TIER 4 MEMBERS VERSION APRIL 2012Tier 4 members with Tier 3 rights (those who joined NYCERS after July 26, 1976 and prior to September1, 1983) can collect a Vested Retirement Benefit before their Payability Date, but thebenefit is subject to a reduction and is offset by 50% of the Primary Social Security Benefit atage 62. See section on Tier 4 members with Tier 3 rights for additional details on page 66.LR: Chapter 890 of the Laws of 1976, as amended by Chapter 389 of the Laws of 1998SR: RSSL §516 subdivision bFILING REQUIREMENTSIf you have at least five years of Credited Service, your pension vests automatically and filingpaperwork with NYCERS at the time of separation from City service is not required. However,NYCERS encourages members who separate from City service to file a Notice of Intention to Filefor a Tier 3 or Tier 4 Vested Retirement Benefit Form (Form # 254). By doing so, NYCERS cansend you important information regarding your vested membership. For example, in addition toreceiving an Annual Disclosure Statement, you will receive a Retirement Account Summarydetailing your account balances, deficit and/or outstanding loan amounts (where applicable)and your total years of service. Additionally, NYCERS will send you an Application for Paymentof a Vested Retirement Benefit (Form #266) approximately 90 days prior to your Payability Date.Filing Form #266 is required in order to begin collecting your Vested Retirement Benefit.PURCHASING SERVICE CREDITAs an active member (on active payroll) you are eligible to purchase service credit for previouspublic service rendered in New York City or New York State. Once you separate from City service,you may NOT initiate a new claim or submit an application to purchase previous servicecredit. However, if payroll deductions for the purchase of previous service were not completedat the time you separated from City service, you can pay off the balance in a lump sum andreceive credit for the service so long as you have completed the purchase prior to making a finaloption selection at retirement (which occurs after your Payability Date has passed). If youdecide to wait until you get closer to your Payability Date to complete the purchase, you shouldknow that the payoff amount continues to grow as interest continues to accrue on the unpaidbalance. So, the longer you wait the higher the payoff amount. If you choose not to pay off thebalance, you will receive credit for the time you purchased up to your separation date.DEATH BENEFITS FOR VESTED MEMBERSIf you die prior to your Payability Date, and at a time and in a manner which did not result in paymentof an Ordinary Death Benefit to your beneficiary(ies), a lump-sum death benefit will be paidto the beneficiary(ies) you last designated if you have 10 or more years of Credited Service. Thedeath benefit amount is based on 50% of the death benefit that would have been payable if youhad died on your last day in active service plus the return of the contributions in your MCAF plusinterest. If you did not render 10 or more years of Credited Service, only the return of the contributionsin your MCAF plus interest will be payable to your beneficiary(ies).LR: Chapter 388 of the Laws of 1998SR: RSSL §606-aWWW.NYCERS.ORGLEAVING CITY SERVICE29
NEW YORK CITY EMPLOYEES’ RETIREMENT SYSTEMIf you wish to change your last designated beneficiary(ies) on file, you may do so at any time priorto making a final option selection at retirement (which occurs after your Payability Date haspassed) by filing a properly executed Designation of Beneficiary Form.HEALTH INSURANCE FOR VESTED MEMBERSNYCERS does not administer health benefits for employees of NYC mayoral agencies or foremployees of any of the Participating Employers of NYCERS. It is strongly recommended thatyou visit your agency's personnel office to find out how you can continue your health benefitcoverage into retirement.TRANSFERSTO ANOTHER NYC OR NYS PUBLIC RETIREMENT SYSTEMThere are eight public employee retirement systems in New York State; NYCERS is one of theeight. If you accept another position with the City or State of New York (or any of its political subdivisions)that entitles you to membership in another City or State retirement system, you maybe eligible to transfer your NYCERS membership to that system. If you wish to transfer, youmust do so before you withdraw your Basic Member Contributions, or before your membershipis terminated by operation of law as mentioned in the “Refunds” subsection. In order to transferto another system, you must file a form (Form #321) with NYCERS. If you have less than fiveyears of Credited Service at the time of separation, you must file the transfer form within fiveyears from the date you separate from City service.FROM ANOTHER NYC OR NYS PUBLIC RETIREMENT SYSTEMIf prior to becoming a member of NYCERS you were a member of any other retirement systemin New York City or New York State, and that membership has not been terminated, you may beeligible to transfer that membership to NYCERS. You should discuss this matter with a NYCERSrepresentative and a representative from your prior retirement system to determine your eligibility.If you are eligible to transfer a prior membership to NYCERS, you will have to start theprocess with your prior retirement system.LR: Chapter 687 of the Laws of 1955SR: RSSL §43TRANSFERRED CONTRIBUTORSIf you resign from all positions that entitle you to membership in NYCERS, and you acceptanother position in City service that entitles you to membership in a different City retirement system,but not NYCERS, you may elect to remain a member of NYCERS as a Transferred Contributorin lieu of transferring your membership, provided you:LEAVING CITY SERVICEAccept the other position within 60 days of resigning from your current job; ANDDo not withdraw your Basic Member Contributions; ANDDo not become a member of the other retirement system; ANDFile an affidavit with NYCERS; ANDInform the other retirement system of your decision30
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Page 7 and 8: INTRODUCTIONThe New York City Emplo
Page 11 and 12: MEMBERSHIP AND ELIGIBILITYTier 4 me
Page 13 and 14: NEW YORK CITY EMPLOYEES’ RETIREME
Page 15 and 16: CONTRIBUTIONSThe retirement benefit
Page 19 and 20: CREDITED SERVICEIn NYCERS’ define
Page 37: LEAVING CITY SERVICEREFUNDSTier 4 m
Page 43 and 44: THE SERVICERETIREMENT PROCESSFILING
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Page 74 and 75: TIER 4MEMBERS WITHTIER 3 RIGHTSTIER
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62-5 SPD:62/5 SPD.qxd - NYCERS

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