Archives - January 1970
Archives - January 1970
What are my normal options for pension payment?
Your payment options are as follows: • Single Life (not married) • 50% Participant & Spouse Pension (married) • 75% Participant & Spouse Pension (married) • Social Security Level Income read more...
What is the current benefit formula to calculate my pension?
Effective July 1, 2006: • You receive 1% of annual employer contributions on your behalf. • You must work at least 300 hours per year. • Monthly benefits may be reduced based on the option you select. read more...
How do Vesting Credits work?
• 870 hours worked in a year (or more) = 1 Vesting Credit (you cannot get more than 1 Vesting Credit in a year but additional hours are factored into your benefit calculation.) • 600 hours = ½ Vesting Credit • 300 hours = ¼ Vesting Credit read more...
How do I become eligible to receive a pension in the NYCDCC Pension Plan?
You must: • Work 870 hours in a period of two consecutive calendar years. • Obtain at least 5 credits in order to be vested and eligible for a pension at 65. • Obtain at least 15 credits to qualify for a pension prior to age 65 (55). read more...
Do I have to pay taxes on my pension?
Yes. While you pay no taxes on the contributions that Contributing Employers make to the Plan while you are working, the monthly pension payments you receive from the Plan are taxable. You will receive more information on tax withholding when you become entitled to a Plan distribution. read more...
How soon after I stop working will I receive my first pension payment?
If you are eligible for benefits, it takes two to three months to process an application, depending on when it is filed. read more...
Can I receive my pension in a lump sum?
Generally, no. However, if the lump sum “actuarial” value of your benefit is $1,000 or less, your pension will automatically be paid in one lump sum. read more...
When are pension payments made?
Your monthly pension payments will be sent/deposited at the beginning (first business day) of each month. read more...
How do I notify you of a change of address?
You can change your address by filling out a Change of Address form and following the instructions located on the form. You can find the Change of Address form here: Change of Address Form read more...
I retired a few years ago. My pension was being paid under the 50% Participant and Spouse form until my wife died a couple of months ago. Can I have my widowed sister replace her as my beneficiary?
No. You cannot do that under this Plan. If your spouse dies before you, your benefit will pop up to the unreduced amount that would have been payable if you were not married when you retired, but you may not name a new beneficiary. read more...
