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

NEW YORK CITY EMPLOYEES’ RETIREMENT SYSTEMThe greater of:one month's salary for each full year of service (up to a maximum of three years' salary after36 years of service), ORif eligible for a Service Retirement Benefit without benefit reduction, the actuarial reserve forthe Service Retirement Benefit which would have been payable had you retired on the daybefore your death.SURVIVOR BENEFITS60LR: Chapter 617 of the Laws of 1986SR: RSSL §606 subdivision a(1)DEATH BENEFIT PLAN 2A refund of the Basic Member Contributions, plus interest, in your MCAF account,PLUSA multiplication of your salary as indicated in the following table:YEARS OF SERVICEA LUMP-SUM BENEFIT EQUAL TOAt least one year, but less than two years One year's Current Salary*At least two years, but less than three years Two times Current SalaryAt least three yearsThree times Current Salary* Current Salary: The regular compensation earned during a member's last 12 months of service,plus overtime, night differentials, longevity payments and any other typeof pensionable earnings where applicable.The lump-sum benefit described above is reduced for each year a member remains in activeservice beyond age 60. The following table shows the reduction for each age:REDUCTIONS IN BENEFITS AFTER AGE 60 AND STILL IN SERVICEAGE AT DEATHAMOUNT OF BENEFIT61 95% of benefit in force62 90% of benefit in force63 85% of benefit in force64 80% of benefit in force65 75% of benefit in force66 70% of benefit in force67 65% of benefit in force68 60% of benefit in force69 55% of benefit in force70 OR OVER 50% of benefit in forceDeath Benefit Plan 2 also contains a Post-Retirement Death Benefit (PRDB). The PRDB is less thanthe ODB; the amount is dependent upon your date of death after retirement (see table on the nextpage). At retirement, members can designate the beneficiary(ies) to receive this benefit. In theevent a designation is not made, the benefit will be paid to the beneficiaries designated for theOrdinary Death Benefit. If none exist, then payment will be made to the deceased retiree’s estate.POST-RETIREMENT DEATH BENEFITS PAID UNDER DEATH BENEFIT PLAN 2IF DEATH OCCURSAMOUNT OF BENEFITIn the first year of retirement50% of the benefit in force*In the second year of retirement25% of the benefit in force*In the third year of retirement and thereafter 10% of the benefit in force* at age 60*The benefit in force is defined as the Ordinary Death Benefit (ODB) which would have been payable if you died theday before your retirement date, if any. However, where death occurs in the third year of retirement or thereafter, thebenefit in force is defined as the ODB at age 60, if any.