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.

By law, banks must make direct deposits available by the next business day after the banking day the money is received from the ACH. But banks can choose to make the money available sooner than that — and many opt to give you access to your money right away.

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 Benefit

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.

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

How much federal tax will I pay on my pension? ›

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.

This meant that as benefits rose, more recipients crossed over the thresholds. Now 56 percent of beneficiaries pay income tax on a portion of their benefits, sometimes as much as 85% if their total income exceeds upper thresholds. There is no age at which you will no longer be taxed on Social Security payments.

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.

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.