Nycers Pay Schedule (2024)

FAQs

What time does NYCERS direct deposit hit? ›

The FPI 25-Year Plans provide a service retirement benefit equal to 50% of FAS for the first 25 years of Allowable Service, and 2% of FAS for each additional year up to a total of 60% of FAS for 30 years of Allowable Service.

NYCERS' benefit payments (monthly retirement allowances, loans and excess refunds) are subject to Federal taxes, but are exempt from New York State and local income taxes if your primary residence is within New York State.

The cost is 6% of the wages earned during the period you are buying back, plus 5% interest compounded annually from the date of your previous service until the date of payment.

Usually, you'll have access to your direct deposit at the opening of business on your payday — by 9 a.m. In many cases, direct deposits hit accounts even earlier, often between midnight and 6 a.m. on payday morning. But there are factors that can affect how long it takes your direct deposit to become available.

Based on these factors, NYCERS computes the Maximum Retirement Allowance. The Maximum Retirement Allowance provides the greatest benefit payment to you while you are retired, for as long as you live. However, under the Maximum Retirement Allowance, no further payments will be made after your death.

The death benefit is equal to your earnings multiplied by your years of service, not to exceed three years of earnings.

Tier 4 – Members who joined NYCERS between July 27, 1976 and March 31, 2012 except Correction Officers and DA Investigators. Tier 6 – Members who joined NYCERS on or after April 1, 2012 except Correction Force and certain Sanitation Force and DA Investigators.

Can you collect Social Security and a pension at the same time? You can retire with Social Security and a pension at the same time, but the Social Security Administration (SSA) might reduce your Social Security benefit if your pension is from a job at which you did not pay Social Security taxes on your wages.

At what age do you stop paying taxes on your pension? ›

Taxes aren't determined by age, so you will never age out of paying taxes.

Lump-Sum Benefits

A mandatory 20% federal tax withholding rate is applied to certain lump-sum paid benefits, such as the Basic Death Benefit, Retired Death Benefit, Option 1 balance, and Temporary Annuity balance.

1. Pension – An Invaluable Benefit. Your membership with NYCERS provides a guaranteed income for life upon retirement, as well as the opportunity to provide a continued retirement benefit to a designated beneficiary upon your death after retirement.

As a general guide, you can use the 6% Rule when evaluating the two options. It's a straightforward tool to help assess which choice makes more financial sense over time. Here's how the 6% Rule works: If your monthly pension offer is 6% or more of the lump sum, it might make sense to go with the guaranteed pension.

Your Final Average Salary is determined by the greater of the average annual wages earned during any three consecutive calendar years or the 36 months immediately preceding your retirement date.

Standard deposit times

Most recipients can expect their direct deposits to be available by 9 a.m. on payday, with many banks allowing funds to be released between midnight and 6 a.m. If your bank allows for the funds to be released sooner, you'll see them then.

DailyPay offers two types of transfers: next-business-day (called “Next”) and instant (called “Now”). With instant transfers, money is available instantly, 24/7. With next- business-day transfers, money is received on the next business day. (This applies to any transfers requested after 5:30PM EST.

Checks sent via Overnight Post: Distribution checks that are overnighted should be received the day following the payment issued date. Direct Deposits (ACH Requests): The distributions are typically received by Banks within 1-2 business days of payment issuance and posted to your account.

Payments are made in stages, depending on the date of birth of the recipients. However, all payments fall at the same time, regardless of the day of the month. According to information provided by the SSA, payments are always made at 12:01 a.m. on the scheduled payment date.