Pension benefits are offered through the New York City Employees' Retirement System (NYCERS). As a benefit plan, the amount available to you at retirement is governed by formulas stated in the law, not by the condition of the stock market at the time of retirement. New York State law mandates participation in a retirement system for Civil Service Managerial, Competitive and Labor Class employees. New staff must file their retirement application with the Office of Human Resource Services within six months from their appointment date.
Retirement eligibility is based on years of service and age, which is determined by date of initial full-time appointment.
The amount that is in your NYCERS retirement account continues to accrue interest, regardless of whether contributions are being made.
Vesting is the right to receive future retirement benefits upon completing the service requirements of the plan and tier. This means that your future retirement benefits are secure.
|Tier||Date of Appointment||Years of Service||Age|
|1||Prior to July 1, 1973||Part A – 25
Part B – 30
|Part A – 55
Part A – 50
|2||July 1, 1973 to July 26, 1976||25||55|
|3||July 26, 1976 to Aug. 31, 1983||20||62|
|4||Sept. 1, 1983 to June 30, 1992||10||62|
|4*||June 30, 1992 to Present||5||57|
* Additional membership contributions (AMC) are mandatory contributions that are made by members in the Tier 4 Special Programs (e.g., 57/5, etc). In addition to the basic contribution of 3 percent of wages, there is a 1.85 percent AMC, equaling a 4.85 percent bi-weekly deduction of wages.
Leaving City Service
You are strongly urged to speak to a NYCERS representative about your vesting and refund rights before leaving city service and to get instructions on how to properly file for this benefit.