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

SUMMARY PLAN DESCRIPTION - 62/5 TIER 4 MEMBERS VERSION APRIL 2012SPECIAL OCCUPATIONAL TITLESTitles eligible for special retirement plans which allow early retirement, e.g., Transit 25/55 Plan,Sanitation 20-Year Plan.TIER EQUITYA law enacted in 2000 which gives 62/5 Plan members the ability to retire as early as age 55,but with a pension reduction.TIERSDifferent levels of pension benefits based on one's membership date and/or title.TRANSFERRED SERVICEWhere an active membership in a public employee retirement system in New York State is transferredto (and combined with) another membership in a different public employee retirementsystem in New York State.UNION LEAVE SERVICEService granted to a member who is on an authorized leave of absence without pay to conductlabor relations activity on behalf of a public employee union.UNPAID LEAVEA leave of absence during which a member does not receive wages from his or her employer.Generally, members may not receive Credited Service for periods of unpaid leave.VESTED MEMBERA member who has met or exceeded the minimum service requirements for his or her retirementplan, but who is no longer employed with the City of New York or a Participating Employer.VESTINGA member's right to receive future plan benefits after completion of minimum service requirements,even if the member discontinues employment prior to reaching the age for serviceretirement.GLOSSARYWWW.NYCERS.ORG81