OSAunion

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.

The union will hold the session twice on Zoom on Tuesday, October 3, 2023 and Tuesday, October 17, 2023. To register, complete the form you can download at this link.

Also, members requested the posting of the video of the 2021 seminar on the website. We provide below the seminar held on Wednesday October 27, 2021 and presented by OSA pension counselors Jay Warshofsky and John Mazzarella.