Brochure #968
Besides the obvious benefit of collecting a pension when you retire, your NYCERS membership provides disability protection, survivor benefits, the ability to borrow against your contributions, and more.
Defined Benefit
NYCERS’ benefits are defined by formulas stated in law, not by the condition of the stock market.

Interest
Your pension contributions continually earn interest
(Tier 1 & 2 – 8.25%; Tier 3, 4 & 6 – 5%).

Loans
Depending on your plan, your membership entitles you to borrow from your contributions.

Enhance your benefit
You may be eligible to buy back previous public service rendered in New York City or State, purchase military service credit, or transfer service credit from another NY public employee retirement system.
Disability
NYCERS offers two types of disability benefits – Ordinary (doesn’t need to be job-related) and Accident (must be job related).

Refunds
Members who leave City service may be eligible to receive a refund of their contributions, plus interest.

Death Benefit
Your designated beneficiaries may receive a death benefit if you die while in active City service, as a vested member, or post-retirement.

Vested Benefit
Vesting is the right to a future retirement benefit even if you leave City service.

Application for Refund of Excess Contributions – Tier 1 and Tier 2