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  • F556 Retirement Option Election Form For Tier 4 ... - Nycers - Nycers

Get F556 Retirement Option Election Form For Tier 4 ... - Nycers - Nycers

R01/07/13. NYCERS USE ONLY. *556*. F556. Retirement Option Election Form for Tier 4. Maximum, Option 1, Option 2, and Option 5. Sign this form and have it .

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The 63/5 Retirement Plan, also referred to as the Tier 6 Basic Plan, allows participants to retire with an unreduced pension at age 63 with at least five years of Credited Service.

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.

To provide a lifetime monthly benefit to someone when you die, you can elect an option at retirement (this is different from the one-time death benefit). An option allows you to distribute your retirement benefit over your life and the life of your option beneficiaries.

The average pension received was $57,516, compared to $53,539 for last year's retirees; Those who had been employed by the Department of Corrections (DOC) had the highest average pension (among the ten largest agencies), with 400 individuals being paid an average of $82,947.

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.

In addition, if you are under the age of 59½ you will also be subject to the 10% early distribution penalty tax assessed by the IRS. Exceptions to this penalty may apply, especially if you leave City service during or after the year in which you attain age 55.

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.

If the retiree dies before the designated beneficiary, the beneficiary will continue to receive either the same (100%) lifetime annual retirement allowance ($16,400) or one-half (50%) of the lifetime annual retirement allowance ($8,200), depending on the retiree's se- lection.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232