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Retirement Option Election FormTier 3 and 22 Year Plan
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People also ask
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What is the NYCERS Form 562?
This form allows you to elect one of two temporary options before you elect a permanent option and thereby make a final decision regarding the way in which your retirement benefit will be paid. NYCERS recommends that you choose a temporary option as soon as possible. -
What is the retirement age for Tier 6 in NYC?
If you have at least 5 years of credited service (and are, hence, vested), you have made all required membership contributions, and you have signNowed age 63, then you are eligible to receive Tier 6 Plan Service Retirement Benefits. -
How many years do you have to work for NY State to get a pension?
You will be eligible for a service retirement benefit when you signNow age 55 and have five or more years of credited member service. -
What are NYCERS Tier 4 retirement options?
The 62/5 Retirement Plan, also referred to as the Basic Tier 4 Plan, allows participants to retire with a full pension at age 62 with at least five years of Credited Service, or with a reduced pension between the ages of 55 and 61. -
When did Tier 3 end in NYS?
If you are an ERS Member... You are in:If you joined:Tier 1before July 1, 1973Tier 2July 1, 1973 through July 26, 1976Tier 3July 27, 1976 through August 31, 1983Tier 4September 1, 1983 through December 31, 20092 more rows -
What is a Tier 4 pension in New York City?
Brochure #946. The 62/5 Retirement Plan, also referred to as the Basic Tier 4 Plan, allows participants to retire with a full pension at age 62 with at least five years of Credited Service, or with a reduced pension between the ages of 55 and 61.
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