nycers retirement application

To qualify, current teachers had to make additional pension contributions of 1.85 percent of salary untilwhichever is laterJune 29, 2008 or the date the individual reached 25 years of credited service. I want it in time. That is how I read it, Yvette. It seems nycers removed the list of agencies that arent eligible from their website. This was an excellent abbreviated summary- thank you! I truly hope this works out. You are the first person Ive met who outranks me! I cant seem to find anything that shows the Governor having signed this Has he? attained at least 25 years of Total Service Credit; or (I will be 53 on 9/1/2021). David he maybe making his decision on Monday, and as to whether or not all ,some or none of the members of TRS are being allowed to partake we are just going to have to wait to hear the official word.c. provided address unless an EFT/Rollover is being provided within the transfer application. But the ball is on a roll now. I am 57, 26 years of service and in 57/5 plan. David- I agree -doesnt mean he will do it. If I didnt do the ERI, do you know what would be the difference if I retired a year later at 55 with 20 years and in the 25/55? Who knows, by next Friday, we may hear something. I am 52 with 30+ years. 39 service credit provided pursuant to this act). We should have an answer soon.. So there may be truth to that. If the ERI goes through and youre 62 before Aug 31 youre in the best shape anyone can be in. 8kc^X9bS d|}"O;%Y#q@[&6]3I xQ,_W"8p.VJ^I4oW~X'R7/T#Rj3h|%j` |rGmXf &YxPsTqMX {gzi m*0:LWA{J2 Z]h2']v!OFDJ$>]aY>fba~7<8-eeVLgkF&kW. BV0=&3h^mYaf_]^otyJ^%9Gvbp2vY *tVa6>D-`.'J\vO&,,Jh/e]TW#D4k5g_D2L05:8WHi3qaMn@s}cmes?iTH` and then you would collect 95% of that.5% penalty for a year under 55, or prorated.Ill be 54.5 in July so I am looking at a 2.5% penalty. This has been coming since September. I am in same boat except I turn 50 in August. What are they going to do to me?. 14 an eligible title can also include a title as identified by an agency, Interest has more of a direct impact in areas such as loans and refunds; the amount you can borrow is based on 75% of your MCAF, which is constantly growing because of interest, and refunds include interest earned. I also heard they are doing a sliding scale. Our new chancellor has to be worried about that because that falls on her, but they too were treated poorly this year. You will have a 5% reduction and they will give you 18 monthd services credit. As I read it, Guiermo, FAS would be calculated using the almost 25 years but there would also be a reduction because of the 23. Well although he didnt say much about it but I just heard Mulgrew say that the mayor and city have to be forced to address the ERI- the union has done all the heavy preliminary work and supposedly the city hasnt even looked at it for the DOE. Wishing all the best. His mom who taught with my mom and is a E.C. Headcount needs lowering.. ERI or layoffs. I am 22/65. Maybe 2 for 1. It sure is, I remember it distinctly since we had quite a few staff with the years who took it. entitled to approximately $60,000 annually. I am Tier 4-30 years and 55 years old to retire. Or are you saying I wont have a reduction normally? Would I get a full pension or what % of reduction, Id really appreciate it. Download PDF Apply Online We now have to negotiate with this administration on terms and conditions. To Assembly Governmental Employees Committee It is easily done, too theoretically, anyway by relaxing requirements for new teachers/new APs, Ps Post-pandemic, people who need the work can get the work (and benefits) instead of the handout and the system probably gets some quality let alone inexpensive help. Lots of people going to upset and I hope not me please please, I am ready and praying. David? Unfortunately there is no evidence that a deal is close, and some evidence that it is not. They may be looking to hire educators, tho might not need to. What throws me off is does iT mean anyone in Tier 4 62/5 with 30 years, Will not incure the 6% and the possible 3% reductions because of having the 30 Years. 35 which the number of years of service otherwise required to retire with Will Part B people receive max of 3 years credit? I am just hoping that this doesnt take forever. If you have not registered for a MyNYCERS account, pleaseregisterto access your ADS. We get to retire and our colleagues KEEP their jobs next year. Plus you may also need 15 years to be able to claim health benefits after retirement. Thank you very much Yvette for this info! I had just graduated high school in June and started working for the DOE in November. But again, all just my opinion. actually if you read the bill it specifically state DOE members. do you think they are going to do anything the next three days???? And guess what. That was funny. Chat with us Customer Service Center Contact the Call Center for information. applicable service credit requirements. When we pushed retro payment we got city to say it supported incentive. Almost there. Please dont stop. I heard that the politicians feel the revenue from Tax on the rich and pot sales will substitute but I dont think its no where close to the billions we got. If the City of New York and/or the NYC Department of Education elect to participate in the ERI, they must establish an Open Enrollment Period. Your 2022 Annual Disclosure Statement (ADS) is now available in your secure MyNYCERS account! What are you saying? GM, Im so happy the bill got signed. 0000040375 00000 n Any clarification particularly on the second, penalties matter would be appreciated. If you are referring to who is and isnt included in ERI, it was posted here-all of the job titles. Do not tell me by giving up the money, layoffs were averted. 24 0 obj <> endobj I was just agreeing with you Seth- theres lots of negotiations about different things going on now so of course it gets quieter. GMBH lM Sachsenlager 15. I go out a 20+ a little extra but because of my age, I get less- I expect that because I will get it longer. If I am in the 25/55 program, 57 years old, with 23 years of service. https://www.governor.ny.gov/news/governor-cuomo-signs-fy-2022-budget-and-announces-continuation-middle-class-tax-cuts-help-new. I do agree we need to wait and see but we also need to think positively that a deal will be reached thats fair for people to take advantage of. They are just not sure if they may limit the eligible titles. Will still negotiate this after bill is signed. I think there are quite a few in the same situation and will all agree about waiving the penalty. 04/06/2021 MESSAGE OF NECESSITY APPROPRIATION I certainly pray sooner than later since if it goes through I want July 1 to be my retirement date. Hotel Engel: Retirement Vacatiion - See 10 traveler reviews, 4 candid photos, and great deals for Hotel Engel at Tripadvisor. LoL. I think you can go now, with no help. Login / Register - New York City Employees' Retirement System Stop dragging your feet and denying the ERI. Again just my opinion which I know someone will contradict my thoughts, I am in total agreement with you because that is how I am reading it also Part A qualificationsanyone between 50 to 55. Dave I asked you this once before maybe you didnt see it should there be a penalty or reduction do you think that once people do hit 55, the reduction would go away? No way. Ray, I see what you mean, can you break it down a little more for those just under the wire by say 9 months at 24 yrs and 3 months service at age 59? I may have mistakenly thought the announcement had to be made by May 31st but that is probably just the deal being set- not that we have to know by that date. David, I saw an article on 4/13 It is what used to be called an opportunity cost. ok so a coucilman on Staten wrote to me and said city council is awaiting for the DOE to submit their plan. I do not know if this means anything, but today Mayor De Blasio laid out his proposed budget for next year. Im 53 with 29 years. And yet at this point by my calculation they are using it. For members with more than 25 years of service in a physically taxing title, there is no reduction So a member with 20 years of service in the system can get an additional 20 months toward retirement. You have been an educator for how many years? That is all assuming it is approved by Cuome and City as well. Who cares about that. Why is this Incentive only being offered to New York City, what about the rest of the State???? If there is a penalty, I dont see anyone 51 or 52, taking it. So there could be nothing in it for anybody. Give his office a call, the woman was polite and firm while not letting anything totally out of the bag I am curious to see if the TRS commencement date is set in stone or not. Im curious about the sequence and timing. Thats just whats happening. If you retire at those ages, has anyone heard that YOU WILL NOT BE ABLE TO COLLECT YOUR PENSION UNTIL YOU TURN THE AGE OF 55? No, Kris, you may be eligible for extra months of service credit. NYC gets incentive and the rest of us can go . How convenient for him. I think that is true about the union contacting you because I am 58 and got the last email but my colleagues under 50 did not. At the end of the day, whats meant to be, will be. Were they fighting then, are they fighting now? 56 employees effective date of retirement. Lets face it, you dont need to go to school to teach. They may be, have to see what the unions negotiate with city hall. If you read everything from 2010 its seems everything is exactly the same in terms of what was agreed upon so far. We should NOT be grouped with principals. I have only seen discussion about the ERI on-line on these teaching blogs. I am 54 with 28 years of service, Tier IV, would I get 24 months of service added? I agree with the fact city council was pushing this last year which is why I feel its going through. Theres going to be a Part A and Part B. It seem as if part A states under 62/5 if you are 55 and have 30 years there seems to be no reductions. Planning for Retirement; Pension Seminars; The union recommends three months between filing and the actual date. I have 27 yrs but my age is 52. You worked for free for 30 years. The following table shows the percentage reduction for various ages: AGE REDUCTION TABLE Councilmen from Staten Island were proposing this should be done. Im 57 with 34 years in the 62/5 plan. Brad Lander is not registering the Aetnacontract, Spring Blog Cleaning Plus an ImageQuiz, Puzzle: proving a quadrilateral is a parallelogram, Association of Mathematics Teachers of NY State, Continuous Everywhere but Differentiable Nowhere. Absolutely. You actually need to give 2 weeks notice to your Principal I believe it was said somewhere if you are deciding to take the offer. when was the article written and by who, and how are we to beleive whatever the source is of this information is credible? [Detail][Text][Discuss] 2021-04-07 If you peruse the Nys Senate Bills there is a handfull of them that just get put into the next years session. The way I am reading it is those of us between 50-55 will be allowed to retire and get up to 36 months of service depending on yrs. Primary in June has made it weirder. The federal money received this year does not prevent that. Yes. We are in theory going to be using it NOW. :) This by far has been the most informative thread. @Anonymous. Health care costs have continued to sky rocket and the pandemic sure didnt help so I imagine every organization is trying to save somewhere- no offense intended. Youre kidding, right? I am listening to the town hall right now. think I will make it based on this language. Like I said ALL BS FROM THE UNION ALLLL YEAR. it does, but like some of us have been discussing if one opted into 25/55 there may not be a penalty should you have your 25 yrs in already. I have taught remotely this year and I have enjoyed it, but Im burnt out to be honest. And also inadvertently I became aware of other issues in our BOE system. Dave- I meant the the UFT 5 point program is to use some of the federal money to create smaller classes but how do you do that when there arent enough classrooms now? I turned 50 in April, and Im in the 57, 23 in . But there is still one more hurdle: reaching an agreement with the mayor and the City Council. Go with your heads held high knowing that you are too valuable to the City. totally 20% reduction. I am in 57/5 plan. in 30/55. Thank you. I am tier 4 with 17 years service, 62 years old. The Age 55 Retirement Program provides eligible Advertisement. Me either, the other thing that keeps resonating with me is what Mulgrew said about opt in period taking place over the Summer, which again leads me to believe I may be able to participate. I have a preliminary session on Thursday so I am going to ask because quite honestly at 58 with 19 years as of 7/1- I dont know that I fit into any of them, and I checked TRS and my paystub and I may just not see it. I was 17. Knowing Hizzoner, hes late on most things. Paula, My belief is the citys OMB people know the number of people they want off payroll, and know agreeing to an ERI they will get the 5-7K or more people off payroll within months of enactment. and if you look on the main page of TRS it clearly states they cant comment on anything till an agreement is met, therefore we need to see how this plays out. Seems unlikely both wouldnt apply since senators, assembly people, the unions and council people all worked to put this bill together. Have not engaged????? What happens if you bought into the 25/55 plan and are 59 years old with 24 years and 7 months in? Or they can elect partB only. Does this mean after age 55, the 5% reduction per year penalty stops? Nobody would do anything. Thank you. Give me a break already. annually for life by participating in the ERI-2010. Membersip/Tier Reinstatement Reuest Form Tjose only paying 1.85% are not included in the no reductions if you are under 55yrs old. The budget approval already appears to provide for them if DOE and NYC opt in and approve eligible titles by the end of May (DOE) and June (NYC). Im also guaranteeing the Mayor will sign. NYCERS is a cost-sharing, multiple employer public employee retirement system. anyone else hear that? No extra money. Either way, thanks so much to JD 2718 and all of you posters that have made this more bearable. 55/25: 5% per year prior to age 55. We all knew it was for real. Goodluck and be safe! Please read my previous quote prior to the link to the article. 62/5: 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. You will get 16 months added to your 16 years and 7months bringing it to 18 yrs. City agencies should have people that know what is going on available to answer our questions. Hello Yes. say veteran teachers arent tech savvy. They belong to TRS as well. True but if Hizzoner has not approved it yet, you think he would approve it on a long weekend? That this one got as far as it did was the exception to the rule. Wow that you were able to do that comfortably! I will just have to get a shake at your future Burger King, lol. For NYC Department of Education (DOE) employees, a resolution must be passed by the Board of Education and signed by the Chancellor electing to participate in the ERI by May 31, 2021. I have a feeling others will get incentives next year- the state etc. Unless I heard him wrong it almost sounded as if thats what still needs to be decided. I am 53 and 29 years right now. negotiating tends to do that to a subject no? He blew through it and paid it no mind. K would you think people like myself who will be turning 50 over the summer will be able to take advantage? I heard from a friend who is in Nycers that the deadline for all other agencies is 6/30. Either the City acts or loses the opportunity for this fiscal year to implement an ERI. Thats not what the teacher schools would have you believe but its true. In your case, would it be 10% of off your final average salary before the 2% application (which would be more) or would it be 10% off of the 36.6% of your final average salary? Eligible members must either be: 27 years of Total Service Credit. Online Services - New York City Employees' Retirement System You seem to have a good understanding of it but the whole thing makes no sense if everyone under the age of 55 is taking a 5 percent yearly penalty. People will disagree but to me, its human nature. @David again city council members and Senators( specifically Senator Gounardes) have said the Fed Money is a quick fix it will eventually run out they need to do things to prepare for the long haul not just this year ahead financially. I dont know where the new teachers will come from. The bill was signed on my 50th Birthday! 49 first two years by which retirement precedes age sixty-two, plus a I bailed his ass out when he needed my(our)money and he kept 1/2 my(our)retro money that is 12 years owed to me. I suspect there is a lot of power play going on here. I could be wrong or could be write. The ERI is all about saving money over the long term for the city. 55/25: 5% per year prior to age 55. The 3 yrs should be given for age or yrs to qualifyus for ERI. Also, IF YOU THINK YOU KNOW ANYTHING, put your name down. basic retirement plan or the Age 55 Retirement He wasnt exactly an advocate for us- he treated us like babysitters. Open period means the period beginning with the commencement date Im hoping they just take away all the penalties at the final hour and let us just leave in peace. joined TRS after December 10, 2009). As we are retiring sooner. David & Seth, the banter between you both makes me laugh! In general, you would be eligible to receive REDUCED They would never. Im so sorry it doesnt appear that it is moving forward. They could hire three teachers off my salary. I always look forward to updates by David & Sethhoping you get that lock in by the time you to 49 Seth. New York City School Construction Authority Ok @David dont shoot the messenger. @ Ken did you listen to Senator Gounardess interview the money coming although it helps we are still going to be in dire straits for years to come, which is why this was put into the budget to begin with. if i have 21.8 years and am 62 and vested, do i get the opportunity for an additional 21 months to be credited to my time? 33 years in and after watching the last 3or 4 ERIs, its the same old song and dance. retirement allowance payments under this program if JD @ K It is the waiting game that is killing us. That is so very true! It included things like, major victory, but one more hurdle, to negotiate with the city, before the summer. I am 54 with 31 years of service. (DOE) or participating Charter Schools may participate a 10 percent reduction. Like someone else mentioned previously here, its nice to see blogs speaking on topics. I do not see a penalty or reduction, as some call it, coming. Do we have to qualify for both in order to retire early??? If the City of New York and/or the NYC Department of Education elect to participate in Part A of the ERI, they must identify which titles are eligible to participate. It is unknown how and if they are giving credit. I believe I will have 29 years, 7 months, 10 days, as of June 30. 0000110754 00000 n Ive already prepared for the worst so Im going to hope for the best. Its ok to wait until its actually over but best not to build up hopes. (Does my age affect this second matter?). If I am understanding this correctly- the city agreed to support incentives this year when the union agreed to take part of our contractual retro pay a year later (July 2021 instead of all of it last July). The 55/27 provisions generally apply to eligible Eligible members can retire with an unreduced benefit Goes to show the leadership weve had for the last 8 years. You may have a 10 year vesting minimum which you dont have yet. Yes . Part B is the 55/25 part. Yvette can you please give your interpitation again of that last sentence with the ** from your post dated 4/28 again. I am just assuming this wont be NYC teachers. If he has not, does anyone know why? There werent enough teachers to begin with. Deblasio is basically not do anything about anything. For this to work, there needs to be a component built in somehow that addresses potential teacher/admin shortages. To Senate Civil Service and Pensions Committee Hello Seth, Thats cutting it close, one of the parts (part A ) says employee Is at least age 50 with 10 or more years of service. What if you are 60 with 25 years in and you opted for the 55/25? I wonder if I will be able to take advantage as mentioned previously will be 50 in August, I know according to TRS I will technically retire at the very start of when I turn 55, August of 26, I wonder if it will be the same calculation that I may opt in, and it will be as of my 50th birthday. Thats great Feroz but your email was cut off what was the eligibility requirement? Seems the teachers have taken over. City has no money. 0000134087 00000 n You all work extremely hard in a thankless job. deblassio mentined back in 2020 maybe even both, yet he was posturing for federal money, which we all know is only going so far.. That is exactly me! Nobody knows if there will be any sort of penalty. The money has to go something in my pension.Otherwise it should be given back. I am a TRS member in the 55/25 plan 54/22I am just wondering why are we speaking about reductions/penalties when it is not stated in Plan A of ERI 2021. Im fairly confident on this. Trying to get in into final budget. This morning my principal said she was having to attend a conference call with the Chancellor about hiring. Im Tier IV 55/30. I dont want to be too optimistic. its because he needs to be spoon fed everything on what to do, maybe ms. deblazio would be more cognizant of how to run a city. https://nycmea.org/mayor-pumps-brakes-on-extensive-use-of-retirement-incentive/ retirement allowance payments under this program if I for one aint buying it. Tier 1 But also principals. I am 46 with 17 years service , TIER 4, and I did not buy into 25/ 55 back when it was offered to my tier in 2005/6. Word on the street is the EMS ranks will be getting long long awaited a wage bump when the final budget is rolled out. In general, you would be eligible to receive UNREDUCED Mulgrew cant get the job done. We deserve it. Are these all programs you buy into like 55/25? surely first off you have a sense of logic and common sense both of which our beloved mayor lacks. I am Tier IV, over 25 years and almost 50. First payment will include any DCP contributions (% normally withheld), but none apply to pension time. 0000120660 00000 n AIn both of one house bills. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55 Arent we all helping to pay for this thru our tax dollars???? Doe that mean my pension will be calculated as 29 years and 3 months if the ERI goes through? If DoE doesnt get done, hard for the rest of us to have any hope. Those of us closest to retirement gave up the most. But, I dont see any relevance to DOE or other NYC employees. Also, if they negotiated back in October about keeping half our retro and the Mayor has to sign, then he has to sign Part A-which involves everyone because he held on to plenty of 50 and overs money. The TRS site also has a Planning Tool that will calculate your approximate pension for you after you plug in your data. These workers no longer contribute a percentage of their salaries toward their pension plans. If they waive the 5% we want get the extra service credit, which is fine since the penalty is much more especially if one in their early 50s. The amount of service credit Im eligible for is still shy of 25. Okay Anon- your mets and jets fan actually made me laugh out loud- THANK YOU!. Like myself I would officially be retired as of August 29th the day I turn 50. Yes. Im afraid theyre going to say, well, you were going to retire anyway, no ERI for you. I called the union and their answer was read to me. Why and how could anyone take and BE EXPECTED TO TAKE 15, 20 or 25% reduction. How is it right to just offer this to New York City and not the rest of the State. Part B will be for people who did not opt into 25/55 when it was open. You may hear me. Q February 27, 2008 and who opted into the program. ? The ledes of the Chief Leader are very intriguing but you need a subscription. So I very much have a plan to compensate for my loss in income or my wife may also go back to work and Ill stay home and take care over lo, My brotha, its all in good fun. No Dave- 58 and ready to go if they give time! Any other pension Bills or bill would take quite a long time to pass thru Senate and assembly , then Will sit on a govenors desk. Part B wont work. This thread was EXCELLENT! @ David I do believe it does qualify because depending on what grade level one teaches some have more physical challenges everyday especially in the younger grades. So still the reduction but from the higher start point. Something here doesnt make sense. Please see our partners for more details. PDF Filing for Retirement - NYCERS Call Center Hours i submitted my retirement papers on 3-10. can i pull them back to get my extra months/years of credit based on this incentive? Using this example, the employee would earn an extra $3,900 0000092590 00000 n Three months before July 1 was April 1 and does it make sense to have a final pension consultation BEFORE we know whether the incentive goes through? Can anyone let me know how my calculations go? I was looking at the ERI in 2002 and 2010. Re: Overnight layover and Transit Visa for Frankfurt Airport. What kind of penalty am I looking at.. would it even be worth it to me?? retirement allowance payments under this plan if the scroll up, and let me know. According to JD, 5% off for every year under 55, but I do not agree that there will be a reduction. e. Eligible title means any title where a certain number of posi- We do not deserve a P or R. IF there is, they win again. Im 63 with 37 years in would I get the 36 months credit? ok, so I;m throwing this theory out there just for argument sake, could we being made to left in the dark because theyve known it will happen but arent allowed to say till after Monday? Im pretty impressed with this generation of kids, though and have hope in the future. Im hoping this is what it turns out to be. All pension members would retire under the rules of their current tier and plan. Nothing changed about it. And like my wife said, ERI OR NOT, you, I and everyone else can leave at 50 now, you just get hit with a penalty. the ORP, may be able to retain rights to a NYCERS retirement benefit, even if normal vesting time frames have not been met, provided contributions to the pension system are not withdrawn. @Ray I am turning 50 in August currently have a little over 26 yrs in longevity and opted into 25/55 back when it was made available to us by Elliot Spitzer. It puts us one step closer to securing the benefit before the summer. Municipal Water Authority @David why are you back and forth with people? PDF TRANSFER APPLICATION - New York City I do understand the desire to retire early though. We cool? @ David did you receive the email that K did? Your 18 years will give you 30.06% and most likely at least a 10% reduction. I believe in 2 weeks we Will see. Hope it works out for all. Thank you again and please keep it going! A reduced pension is the price a member pays for benefits paid out over a longer, ERI-induced period of time. Legislature approved in for non-uniformed employees. The union only stated we should know our retirement plan in order to understand why we have reductions under Plan A. I understand your point. Read more Form 310 Request for Change to Recent Loan Application Form #310 hospital workers are gonna go nuts if they arent included, David, you are awesome and so is Anonymous. As stated by NYCERS Physically taxing positions in the 25/55 or the 57/5 pay an extra 1.98% on top of the 1.85%, if you dont pay both of those then you are not in a Physically taxing position and will have to pay the deductions. That makes ZERO sense at all. Its Part A or nothing for me and people between 50 and 54. Sign up for Part A and get 30 months service credit most likely. 70 0 obj <>stream Yes. The last 2 parts City Hall reaches an agreement with the UFT regarding the details of the program before the citys May 31 reporting deadline to the state. Now you have money. There needs to be more voices to help bring about changes that is very much needed. WHY NOW??? City has to abide by it. Age reductions are prorated for partial years. Plus a few lettters to the editor on the subject from readers. Depending what is passed, if you are 55 or older with 25 years you can go with no penalty, if you are 50 or older with 10 years you can go with a 5% penalty per year under 55. UFT members are notified with the details and invited to attend information sessions. Heres the wording from Part A and it does mention age reduction penalty: vested,* and you have less than 30 years of Total To be eligible they must have a minimum age of 50 with minimum 10 years pension credit. Further, theres very good reasons for the City not to want a deal to be reached. While the theories and speculations about this ERI are logical, I dont see Deblasio punting on it.

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