The New York City Employees’ Retirement System (NYCERS) was founded by the New York State Legislature in 1920 with 13,331 members. Today, NYCERS has grown into the largest municipal public employee retirement system in the United States with more than 350,000 active members and retirees including civilian employees such as clerical workers, accountants and social workers, and uniformed employees such as New York City Correction Officers and Sanitation Workers.
Defined Benefit Plan
NYCERS is a defined benefit retirement plan. Defined benefit retirement plans for public sector employees offer benefits which are defined in law. Generally, retirement allowances payable from such plans are based on a member’s years of service, age and compensation base. Other types of benefits such as loans, disability and death benefits are also offered and specified in law. All benefits payable are funded by employee and employer contributions and from earnings on the invested assets of the system.
NYCERS is a cost-sharing, multiple employer public employee retirement system. In addition to the City of New York (various agencies, boards and commissions), members are employed by public benefit corporations such as the NYC Transit Authority and the NYC Health and Hospitals Corporation.
NYCERS performs many functions for active members and retirees alike. Among other things, each year NYCERS issues approximately 50,000 loans and processes thousands of refunds and buy-back applications. For retirees, NYCERS verifies retirement allowances, calculates Cost-of-Living-Adjustments, and much more.
NYCERS is dedicated to a client-centered approach to quality service delivery. Whether it’s upgrading Information Technology infrastructure, facilitating access to information, developing customer service upgrades or instituting advanced security measures, NYCERS is committed to sustaining quality service delivery for all our members, retirees and beneficiaries.
NYCERS’ Mission Statement
The prime function of the New York City Employees’ Retirement System is to administer the statutory pension benefits of its members, retirees, and beneficiaries.
Our talented, professional, and dedicated employees are committed to providing a superior service by:
- Making correct benefit payments in a timely manner.
- Leveraging modern technology to set new standards of excellence in the services we provide.
- Maximizing investment returns on the funds of the system with an appropriate level of risk.
The Board of Trustees is the governing body of NYCERS. Its responsibilities include investing the assets of the retirement system, establishing the administrative budget of the system and promulgating rules and regulations necessary to carry out provisions of law.
The NYCERS Board of Trustees, as prescribed by law, consists of eleven members: the Mayor’s Representative, the City Comptroller, the Public Advocate, the heads of the three unions with the largest number of participating employees, and the five Borough Presidents.
Due to audio issues at the April 7th Board meeting, there was no sound for Roll Call and the Executive Director Report. The written copy can be found here.
NYCERS is the largest retirement system in New York City. There is a lot to be done and we are always looking for talented and enthusiastic people to assist in providing world-class service to our customers. We offer competitive salaries, benefit packages, and advancement opportunities.