Q:

What is a NYCERS pension plan?

A:

Quick Answer

A New York City Employees' Retirement System pension plan is a defined benefit, cost-sharing retirement plan available to public sector employees within the city of New York, states the NYCERS website. NYCERS offers loans as well as disability and death benefits to members.

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Full Answer

NYCERS pension plans are available to City of New York staff from various commissions and agencies as well as to employees of the NYC Transit Authority and other public benefit corporations, as its website specifies. The NYCERS pension plan system is the largest of five pension systems that exist in New York City, as stated on the City of New York Office of Payroll Administration website.

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