Besides the obvious benefit of receiving a pension, a member may also collect social security. The other benefits of NYCERS membership are:

Defined Plan - Because the law defines NYCERS benefits, you do not have to guess about the money which will be available to you at retirement. The amount is governed by formulas stated in the law, not by the condition of the stock market on the day you retire.
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Interest - The amount that is in your NYCERS retirement account continues to accrue interest, regardless of whether contributions are being made.
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Borrowing Power - NYCERS issues more than 60,000 loans to its members each year. Borrowing eligibility is determined by the plan and tier you are in, the number of years in City Service, as well as how much is in your Member Contributions Accumulation Fund (MCAF).
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Buy-Back and Transfers - You may be eligible to buy-back previous public service rendered in New York State, Military Service, and/or transfer into NYCERS previous credited service in another public employee retirement system. Once you are a member of NYCERS, you may also be eligible to transfer your NYCERS credited service to another retirement system within New York State, should you join another system.

These rights allow you to add to the service credited in NYCERS and increase your future benefits. You have three options to purchase previous service or Military Service: lump sum, payroll deductions and now you may roll over funds from your 457 or 403(b) Deferred Compensation Plan.
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Disability Benefits - NYCERS offers two kinds of disability protection to its members -- ordinary and accidental. Ordinary disability is the result of an injury or illness, not necessarily work related, which prevents a participant from performing routine duties of his or her job. NYCERS plans generally require a minimum period of credited service before a participant is eligible for ordinary disability benefits.

An accidental disability is the result of a 'sudden, fortuitous mischance, unexpected, out of the ordinary and injurious in impact accident', that occurs in the performance of duty. Not every line of duty injury results in the award of an accidental disability retirement benefit. If you are injured on the job, there is no minimum required credited service to qualify for an accidental disability retirement.
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Refundability - Members of NYCERS who leave City service with fewer than the required number of years of Credited Service may receive a refund of at least a portion of their accumulated contributions, plus interest. Refer to your SPD booklet to find out the specific requirements within your tier or plan.
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Vested Benefit - 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. NYCERS strongly urges you to ask representatives about your vesting and refund rights before leaving City service and to get instructions on how to properly file for this benefit.
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Retiree Health Insurance Benefits - When you start receiving a pension from NYCERS, you are also eligible for City-paid health insurance benefits. Health benefits are NOT offered or administered by NYCERS, contact your employer for more information.
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Death Benefits - If you are a member of NYCERS and you die while on the city payroll or as a vested member, your designated beneficiary may be entitled to receive a death benefit from NYCERS. The amount your designated beneficiary receives is based on the number of years of credited service, plan and tier, your earnings, and whether your death was a job related accident.
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