Retirement Counseling
Counseling sessions either to help the member to make the decision to retire or to explain the benefit statement sent by NYCERS to the member after he or she retires. Maximum counseling session time is 2 hours. This is a ONE time benefit, within one year of your retirement.
Once a member becomes eligible to retire, NYCERS sends the member an annual estimate of his/her retirement benefit. The benefit uses a current date as the assumed retirement date. Each year the additional service is added in and new earning estimates are used. This is in addition to the annual statement that is sent to every member.
The main focus will be the explanation of the options available from NYCERS to provide coverage to the beneficiaries of the member who retires.
This counseling will also cover the following issues:
Point out other possible strategies to provide coverage to the members and his or her beneficiaries. Check over the calculations used by NYCERS in providing the estimate and final retirement benefit amounts. Describe how the retirement process works within NYCERS including advanced payments, revisions of benefit amounts, and the time schedules for the process. Discuss the tax implications of regular pension and lump sum payments. All members should be encouraged to register on the NYCERS website. It provides individual information concerning loan amount availability and costs, service history, and a retirement benefit calculator. Information on new laws is posted on a current basis.
Benefit procedure call:
NEW YORK CITY ELECTRICAL DIVISION WELFARE FUND
for an appointment: +1 (718) 820-1690