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

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SUMMARY PLAN DESCRIPTION - 62/5 TIER 4 MEMBERS VERSION APRIL 2012If you elect this option, there is an associated cost. Tier 3 benefits payable to you, or your survivor,will be actuarially reduced to finance the cost of the annuity. Moreover, the annuity willbe paid in lieu of any other death benefit available, unless such other benefit is greater.If you are eligible to elect the In-Service Survivor Annuity Option, you should contact NYCERS todiscuss the advantages and disadvantages of making this election.LR: Chapter 890 of the Laws of 1976SR: RSSL §514, subdivisions a & bDISABILITY RETIREMENT BENEFITSTier 3 Disability Retirement Benefits are dependent upon the receipt of Primary Social SecurityDisability Benefits. Tier 4 Disability Retirement Benefits, which are not reduced by PrimarySocial Security Disability Benefits, often provide a higher benefit than Tier 3. However, a Tier 3Disability Retirement Benefit may be the only benefit available to a member whose disability isnot the result of a service-connected accident, and who does not have credit for enough yearsof service to qualify for a Tier 4 Disability Retirement Benefit.If you apply for disability benefits under Tier 3, and have not applied for Primary Social SecurityDisability Benefits, you will be required, within 60 days, to submit proof to NYCERS that you haveapplied for Primary Social Security Disability Benefits. NYCERS will hold your application openfor a maximum of two years pending a Social Security disability award (extended by any timenecessary to complete any and all appeals to the Federal courts). If you receive a PrimarySocial Security disability award, you must notify NYCERS within the earlier of:60 days after the date of the award, orthe two-year period described above, as extended by any appeals.If you do not follow these procedures, you will not be eligible to receive disability benefits underTier 3.Members with Tier 3 rights who do not qualify for Tier 4 Disability Retirement Benefits areentitled to apply for the Ordinary and Accidental Disability Benefits under Tier 3 simultaneously.If a member applies for and is awarded both benefits, one benefit must be selected. The followingis a summary of each type of benefit.ORDINARY DISABILITY RETIREMENT BENEFITS ELIGIBILITYYou qualify for an Ordinary Disability Retirement Benefit if you meet ALL of the following eligibilityrequirements:You file your application for Ordinary Disability Retirement while you are in Active Service,andYou submit proof of filing for Primary Social Security Disability within 60 days from the dateof filing your application, andYou have at least five years of Credited Service, andYou have been found disabled and eligible for Primary Social Security Disability by theSocial Security AdministrationTIER 4 MEMBERS WITH TIER 3 RIGHTSWWW.NYCERS.ORG69
NEW YORK CITY EMPLOYEES’ RETIREMENT SYSTEMYou will be considered to be in Active Service for the purpose of filing an application for Tier 3Ordinary Disability Retirement, if:you are on an authorized leave of absence without pay, andyour leave was granted for medical reasons, andyour leave has been in effect continuously since you were last paid on the payroll, andtwo years have not elapsed from the date you were being paid on the payroll.BENEFIT FORMULAIf your application for Ordinary Disability Retirement is granted, you will receive an annual benefitequal to the greater of:A) 33 1/3% times your Final Average Salary (FAS)ORB) 2% times your FAS times your years of Credited ServiceBoth A and B are reduced by:50% of your Primary Social Security Disability BenefitsAND100% of any Workers' Compensation paymentsPLEASE NOTE: If you are eligible for service retirement, your benefit may be greater than thebenefit described above. Please consult with NYCERS for further information.LR: Chapter 890 of the Laws of 1976SR: RSSL §506ACCIDENT DISABILITY RETIREMENTThere is no minimum service requirement for Accident Disability Retirement. You qualify providedyou meet ALL of the following requirements:TIER 4 MEMBERS WITH TIER 3 RIGHTSYour application for Accident Disability Retirement is filed while you are in Active Service, andYou submit proof of filing for Primary Social Security Disability within 60 days from the dateof filing your application, andYou have been found disabled and eligible for Primary Social Security Disability by theSocial Security Administration, andNYCERS’ Medical Board determines that your disability, as established by the Social SecurityAdministration, is a result of an accidental injury sustained while in City service and whilea member of NYCERS, and not due to your own willful negligence. NYCERS’ Medical Boardmakes a recommendation to the Board of Trustees that you be retired under accident disabilityprovisions.BENEFIT FORMULAIf your application for Accident Disability Retirement is approved, you will receive an annual benefitequal to:60% times your Final Average Salary (FAS)LESS50% of your Primary Social Security Disability BenefitsAND100% of any Workers' Compensation paymentsLR: Chapter 890 of the Laws of 1976SR: RSSL §50770
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NEW YORK CITY EMPLOYEES’ RETIREME
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INTRODUCTIONThe New York City Emplo
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MEMBERSHIP AND ELIGIBILITYTier 4 me
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CONTRIBUTIONSThe retirement benefit
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CREDITED SERVICEIn NYCERS’ define
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62-5 SPD:62/5 SPD.qxd - NYCERS

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