Tier 1 Service Retirement Kit
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Included in this kit
Retiring from your City job is an important step and the beginning of an exciting time in your life! On a practical note, it’s a process that will take at least a few months to complete and can go more smoothly if you fully understand what to do and what to expect. Here at a glance are your 7 Stops on the Road to Retirement.
Quick answers to some of the most frequently asked questions about retirement.
What to expect when you start thinking about retiring.
Calculate your estimated partial pension by following these formulas.
A sample letter demonstrates how the amounts of your pension under the various retirement options are broken down.
This brochure describes the retirement options for Tier 1 members (members who joined NYCERS prior to July 1, 1973).
This brochure describes the earnings limitations that service and disability retirees may be subject to if they decide to return to public service within New York City or New York State.
NYCERS benefit payments are subject to Federal income taxes. Learn how IRS regulations may affect your benefit payment.
A key part of retirement planning is to make sure you are prepared for the health and legal needs you may face. Here is a handy checklist to help you complete five key documents you need by age 55, but no later than retirement.
This application is for all Tier 1 members who wish to apply for retirement.
For Tier 1 and Tier 2 members who wish to apply for a loan.
Application to Purchase Credit for Service Rendered Prior to Membership Date in NYCERS (Buyback)
Use this application to purchase (buy back) previous full-time or part-time public service rendered within New York State prior to your NYCERS membership. Note: Tier 1 members may only buy back public service rendered in a NYCERS-eligible title.
In order to process a buy-back application, NYCERS must verify the salary and service history for the period of time the member wants to purchase. This form is to be completed by the agency the member worked for to provide verification of the member’s salary and service. It is not acceptable without the documentation listed on the form.
Military service must have been satisfactorily completed and a discharge under honorable circumstances must have been granted. A DD214 form is the most common proof of satisfactory military service.
For Tier 1 and Tier 2 members who wish to receive a refund of their excess contributions.
You may withdraw your Service Retirement Application by filing this form with NYCERS up to the day before your effective date of retirement. If your request is received on or after your retirement date, it is denied.
If you previously filed a Service Retirement Application with NYCERS, you may change your retirement date by filing this form with NYCERS up to the day before your effective retirement date. If your request is received on or after your retirement date, it is denied.
Note: You cannot change your retirement date if you are already receiving your pension from NYCERS.
Complete this form to have your NYCERS pension check automatically deposited into your bank account by Electronic Fund Transfer (EFT). Direct Deposit is easy, convenient, and secure. No more waiting for the check to arrive; no more trips to the bank in bad weather!
If your beneficiary is under the age of 18, you may use this form to designate a guardian to claim the benefit on behalf of the minor. This form may be used in conjunction with any of NYCERS’ Designation of Beneficiary Forms.