Pensions 101: An Introduction To The Basics of Tiers 4 & 6

Perhaps you recently joined the NYC Employees Retirement System in the new Tier 6 that was enacted in 2012.

Or, perhaps you are a longer term city employee with questions about the NYCERS Tier 4 pension in which the vast majority of current city workers are enrolled?

Either way, this is the seminar for you. OSA’s pension counseling team will present a single session introduction to the basics of the NYCERS Tier 4 and 6 pension plans for city workers.

Among the topics to be covered in the seminar are:

  • Pension tiers and variations
  • Pension contribution amounts
  • Buy-backs (military & prior service)
  • Credited service
  • Pension loans, including eligibility and procedures
  • Exiting city service, including refunds and vesting
  • The retirement process
  • Retirement options
  • Life insurance benefit
  • Final average salary
  • Calculating your likely benefit
  • Cost of living adjustments
  • Disability retirement
  • Survivor benefits, including beneficiary designation and death benefits.

    To accommodate all those who may wish to attend, we have divided the seminar into two sections. The first section, for those whose last names begin with the letters A through L, will take place Wednesday, October 3, 2018. The second, for those whose last names begin with the letters M through Z, will take place Wednesday, October 10, 2018. Please make a note of the date for your seminar session. Should there be any change in scheduling, you will receive a call from the union.

    Registration will take place at 5:30pm. The seminar will run from 6 to 9:00pm at the OSA office, 220 East 23rd St, Suite 709, NYC.

    If you’re interested in participating in the seminar, complete and return the form at this link by September 26, 2018.


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