If you qualify for Part B, there will be no age-related reduction
on your retirement benefit. However, if you select Part B you cannot benefit
from the additional service credit offered in Part A. There is a service credit
offering with Part B, but it is only for Tier 2 or Tier 4 members retiring from
a Chapter 96 (55/25) Plan. Those specific members will receive two months of
additional service credit for every year they paid additional member
contributions (up to a max of one year service credit).
If your employer is not participating in Part A, or your employer is not
targeting your title for Part A ERI eligibility, then Part B is your only
option. If you have a choice and you are retiring from a 55/25 plan, be advised
that Part B may be your most advantageous option.
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Chapter 245
Changes the definition of Active Service for the Tier 1 & 2
Pension Enhancement to include leaves without pay of any length. Effective date
7/30/02.
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Chapter 277
Provides that Part B incentive retirees in the Chapter 96 25/55
plan will receive an additional 2 months for each year of additional member
contributions up to 12 additional months. Effective Date 7/30/02.
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Chapter 310
Limits the maximum post-retirement earnings of public employees
for 2003 to $25,000. Effective Date 8/6/02.
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Chapter 313
Increases certain special accidental death benefits for widows,
widowers, minor children or children under 23 still in college. Effective Date
9/6/02.
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Chapter 367
Expands the application of provisions for a reduced retirement
age for certain Triborough bridge and tunnel authority employees. Effective
Date 8/13/02.
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Chapter 381
Provides that ISF retirees from NYCERS can transfer their
retirement credit to TRS or NYSLRS even after receiving pension payment so long
as those payments are repaid. Effective Date 8/13/02.
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Chapter 414
Establishes a twenty-five year retirement program for members of
the New York City Employees' Retirement System employed in automotive
positions. Effective Date 8/13/02.
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Chapter 474
Decreases the age at which public retirees can reenter public
employment without any earning limit and without diminution of retirement
benefits from 70 to 65. Effective Date 8/20/02.
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Chapter 504
Provides accidental disability retirement benefits for certain
uniformed N.Y. City department of sanitation members and retirees of the
NYCERS. Effective Date 9/17/02.
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Chapter 547
Allows refund of payment made by veterans to purchase their
military service, if at retirement, the military service purchased does not
produce a greater benefit. Effective Date 9/17/02.
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Chapter 602
Correction Officers and above/Change in Additional Member
Contributions
Tier 3
Prior to the this bill a participant Correction Officer or above (Captain,
Deputy Warden) in the twenty year improved benefit retirement plan was required
to contribute additional member contributions until he/she has thirty (30)
years of credited service. This bill changes the years that an eligible member
is required to make additional member contributions from 30 years to 20 years
of credited service. This bill takes effect immediately.
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Chapter 617
Special Officers for NYCHA and Board of Education 25 Year Plan/No
Age
Tiers 1 and 4
This bill adds additional titles to the Special Officer Plan. The titles added
include NYCHA and Board of Education Special Officers and School Safety Agents
employed by the Board of Education. This bill takes effect immediately.
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