The purpose of the review is to ascertain whether all required contributions have been made or if a deficit or an overage exists. The first $50,000 of an Ordinary Death Benefit is considered to come from the New York City Public Employees’ Group Life Insurance Plan and is tax-free. NYCERS’ Medical Board determines that your disability, as established by the Social Security Administration, is a result of an accidental injury sustained while in City service and while a member of NYCERS, and not due to your own willful negligence. Employees do not have to repay salaries earned during this 30-day period. Remember, in a defined benefit retirement plan, a formula defined in law is used to calculate your pension. Whichever computation provides the higher FAS is the one NYCERS will use for the benefit calculation. Employers, other than agencies of the City of New York, whose employees may join NYCERS. Once the transferred membership is processed, such members will have the opportunity to elect to remain members of the 57/5 plan or continue as 62/5 plan participants. He was sent to Ealing Park in Victoria, under the watchful eyes of Tim and Lisa Johnson. Under a law commonly referred to as “Tier Equity,” members in the 62/5 retirement plan may retire earlier than age 62, but no earlier than age 55. you were so incapacitated at the time you ceased performance of your duties. This also applies to any Special Accidental Death Benefit payment. In order to avoid a penalty at year-end for non-prepayment of the tax on your pension, you must either make payments of estimated taxes quarterly, or have income tax withheld from your monthly pension check or electronic payment. Unlike Tier 4, Tier 3 permits you to elect to receive a reduced Early Service Retirement Benefit between ages 55 and 62 even if you are off payroll at the time you file your retirement application. You now want to apply for a new loan of $10,000.00. Under this option, you can elect to provide your beneficiary with a joint- andsurvivor annuity under Options 1 or 2 to be payable should you die between ages 55 and 62, or at any later time before your retirement benefit begins. The Medical Board consists of three medical doctors: one appointed by the Board of Trustees; one appointed by the Department of Health and Mental Hygiene; and one appointed by the Department of Citywide Administrative Services. COLA is an annual adjustment to your retirement benefit that is based on the Consumer Price Index (CPI). You now want to borrow an additional $10,000.00. A deficit in any of your contribution accounts, or outstanding loans at retirement, will result in a reduction in your retirement benefit. In the event a designation is not made, the benefit will be paid to the beneficiaries designated for the Ordinary Death Benefit. Have completed one year of NYCERS membership, and, Have a minimum of $1,334 in your Member Contribution Accumulation Fund (MCAF), and, Are not in default on a current loan from NYCERS, and, It is SAFE – eliminates the risk of your loan check being lost or stolen, It is FAST – no waiting for the check to clear your bank – the funds are immediately available, It is EASY – no more trips to the bank – no more waiting in line to deposit the check. Also included is information you will need for Federal income tax purposes.

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