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    Retirement

    If you have any retirement related questions, please contact Joan Zaw and Debbie Poon.

    Retirement Plan Enrollment Options

    Retirement Plan Enrollment Options

    Pension Election

    For PSC-Represented Employees:

    • PDF: PSC-CUNY Retirement Guide – Choosing a Pension Plan Tier VI
    • Video: Learn more about Optional Retirement Plan (ORP) and Defined Benefit (DB) programs
    • Video: TRS Membership Basics

    Teachers Retirement System of the City of New York (TRSNYC) Online Enrollment

    • TRSNYC Getting Ready for Retirement Online Programs: Member Educational Programs Schedule
    • Contact Teachers Retirement System of New York City (TRSNYC):
      • By Phone: (888) 869-2877 – Representatives are available to take your calls from 9:00-5:00, Monday-Friday except for New York City holidays.
      • By Video Conference: Schedule a one-on-one Zoom call.
      • By Email: Send a message to AskTRSNYC@trs.nyc.ny.us and we will do our best to reply within two business days.
      • By Fax/E-Fax: Use (212) 918-9253 if you need to submit documents to TRS.

    TIAA Optional Retirement Program (ORP) Online Enrollment

    • Contact TIAA Plan Representatives:
      • Nancy.Vandergoot@tiaa.org
      • Christian.Hawkinson@tiaa.org
    • General Customer service: (800) 842-2766

    For Classified and Skilled Trades Staff:

    New York City Employees’ Retirement System (NYCERS) Online Enrollment

    • Contact New York City Employees’ Retirement System (NYCERS): (347) 643-3000
    Teachers Retirement System of the City of New York (TRSNYC)

    Teachers Retirement System of the City of New York (TRSNYC) Online Enrollment

    • Contact Teachers Retirement System of New York City (TRSNYC):
      • By Phone: (888) 869-2877 – Representatives are available to take your calls from 9:00-5:00, Monday-Friday except for New York City holidays.
      • By Video Conference: Schedule a one-on-one Zoom call.
      • By Email: Send a message to AskTRSNYC@trs.nyc.ny.us and we will do our best to reply within two business days.
      • By Fax/E-Fax: Use (212) 918-9253 if you need to submit documents to TRS.

    Eligibility

    Full-time teachers must join either TRS or the Optional Retirement Program (ORP), which is currently offered by the Teachers Insurance and Annuity Association (TIAA). If they do not join the ORP within 30 days of their CUNY appointment, they would automatically become TRS members. Their membership would be effective as of their appointment date. They do not need to submit an enrollment request.

    Adjunct instructors have the option of joining TRS. They may enroll at any time, and their membership would begin on the day that TRS receives their enrollment request.

    More Information

    As of April 9, 2022: The minimum number of years required for TRS Tier VI members to vest for retirement has been reduced from 10 years to 5 years of service.

    5-Year Vesting Now in Effect [updated 5/9/22]

    New legislation allows TRS members to become vested upon five years of service credit. Previously, the requirement was ten years for all Tier VI members, as well as Tier IV/Chapter 504 members (UFT-affiliated members who joined TRS after December 10, 2009). TRS will update our online materials to reflect this change.

    The legislation, Chapter 56 of the Laws of 2022, was enacted as part of the recent New York State budget. TRS will publish information separately about other changes resulting from Chapter 56, including changes to how pension contributions are calculated for Tier VI members.

    At this time, our Member Service Representatives do not have any additional information about the above changes.

    Read the announcement here.

    • Your TRS Benefits in Brief (Tier VI) – an introduction of TRS, summarizes benefits, and describes key membership information.
    • TRS Membership for CUNY Employees – summarizes the TRS services and benefits available to CUNY employees.
    • TRS Member Educational Programs Schedule
    • FAQs
    Teachers Insurance and Annuity Association of America (TIAA)

    TIAA Optional Retirement Program (ORP) Online Enrollment

    • Contact TIAA Plan Representatives:
      • Nancy.Vandergoot@tiaa.org
      • Christian.Hawkinson@tiaa.org
    • General Customer service: (800) 842-2766

    Eligibility

    Membership in the ORP is open to full-time Instructional Staff (Teaching and Non-Teaching, Classified Managerial, or Executive Compensation Plan employees). Full-time employees must join a retirement program. You must elect a Program within your first 30 days of employment; once you choose, your election may not be changed. New employees without pre-existing vested open plan retirement contracts from TIAA will receive accumulated university contributions to the Program once they have completed 366 days of service. (If you do not serve for at least 366 days, the university will not contribute to your account, and your own contributions will be refunded with interest.)

    More Information

    CUNY TIAA Plan Information and Enrollment Portal
    ORP Access Code: CUNYORP
    TDA Access Code: CUNYGSRA

    New York City Employees' Retirement System (NYCERS)

    New York City Employees’ Retirement System (NYCERS) Online Enrollment

    Contact New York City Employees’ Retirement System (NYCERS): Their Call Center (347-643-3000) is open Monday through Friday, 8 am to 5 pm, to answer questions and schedule a telephone consultation or video conference with a NYCERS representative (you may experience longer wait times on the phone).

    Eligibility

    All full-time Classified Staff are required to join the New York City Employees’ Retirement System six months after gaining permanent status. Those in provisional status may elect to join earlier.

    Non-permanent employees, such as College Assistants and Continuing Education Teachers, are free to join NYCERS; they will not be forced in after six months. As long as such employees are active on payroll and file a membership application with NYCERS, membership can be established.

    More Information

    As of April 9, 2022: The minimum number of years required for NYCERS Tier VI members to vest for retirement has been reduced from 10 years to 5 years of service. Read more here.

    • Top 10 Reasons to Join NYCERS
    • NYCERS Membership at a Glance
    • Summary Plan Description
    • What Tier Am I?
    • Tier 6 Basics 63/10
    • How to Register for MyNYCERS
    • NYCERS Mobile App
      • Google Play
      • iOS 
    • The Road to your NYCERS Retirement 
    • 5@55 Legal Checklist
    • FAQs

    Retirement Information

    Pre-Retirement Planning

    Retiree Health Benefit Seminars

    As you get ready to retire there are many things you need to consider with regard to your health benefits.  Understanding how your benefits will change in retirement is extremely important. The NYC Office of Labor Relations has designed seminars and videos to guide you through the steps involved in transitioning your health benefits from employee to retiree status.

    For those with limited time available during the day, OLR has created a two-part video which also addresses these issues.  Please click on the links below to view:

    • Part 1 
    • Part 2
    • Register to attend a Health Benefits Seminar
    • Transitioning to Retirement Flyer

    CUNY Retirement Planning

    The CUNY University Benefits Office conducts pre-retirement seminars that include a timeline and links to pertinent websites. You may find the respective presentations and resources below.

    • Presentation for Instructional, ECP and Classified Managerial Staff 
    • Guide for Instructional staff
    • Presentation for Classified Staff 
    • CUNY Medicare Eligibility Grid
    • CUNY – Thinking of Retiring?
    • PSC CUNY – Thinking of Retiring?

     Health and Welfare Seminars

    • Pre-Retirement Seminar for Instructional Staff 2020 (recording)
    • Pre-Retirement Seminar Pension and TIAA 2022 (recording)
    • Pre-Retirement Seminar Breakout Session for TRS Members 2022 (recording)
    • Pre-Retirement Classified Staff Pension & Retirement 2022 (recording)
    • Pre-Retirement Seminar Classified Staff 2022 Health & Welfare (recording)
    • Pre-Retirement Seminar Classified Staff 2020 (PDF)
    • Pre-Retirement Seminar Instructional Staff 2022 (PDF)
    • NYCERS Comprehensive Pre-Retirement Planning Guide 2022 (PDF)
    • Resources for Retirement Planning
    Phased Retirement for PSC Staff

    The voluntary Phased Retirement Program is available for eligible members of the Professional Staff Congress (PSC), Teaching, non-Teaching Instructional Staff and College Laboratory Technicians.

    • Phased Retirement Summary
    • Faculty Application – apply by November 15th to begin phasing the following academic year
    • Non-Teaching Instructional Staff Application– apply by November 15th to begin phasing the following September 1. Apply by May 1st to begin phasing the following February 1st
    • Phased Retirement Agreement
    Intent to Retire

    The below forms must be completed and submitted to the Office of Human Resources in order to indicate your last day of work. Please discuss your intention to retire and the date you wish to stop working with your department. Once the application is completed and submitted to our attention, our office will calculate your time and leave projections and provide you with further paperwork to continue the retirement process.

    • Application for Terminal Leave Form (Classified Staff)
    • Application for Retirement Leave (Travia) for PSC-Represented Staff
    Retiree Health Benefits
    • Health Plan costs for Non-Medicare and Medicare-Eligible Retirees (effective January 2023)
    • As You Retire (for PSC-CUNY Retirees only)
    • TRS or TIAA Retirement and Health Benefit Process 
    • Health Benefits Enrollment Application (ERB)
    • PSC-CUNY Retiree Enrollment
    • PSC-CUNY Retiree SilverScript Enrollment Form (2023)
    • Retiree Change of Address
    • Retiree Email Request Form – you may elect to maintain your active employee e-mail address into retirement
    • TIAA-CREF Medicare Part B Premium Reimbursement

     

    Medicare Part A & B Enrollment: If you are over age 65, you will be eligible for Medicare Part A and B upon retirement, you may apply for Medicare Part A and B by visiting the Social Security Administration (SSA) website or office nearest to you. SSA will require that both you and your employer complete a form, therefore, please notify the Office of Human Resources in advance, so that we may provide you with the completed employer portion.  Once you have received your Medicare Part B cards, please forward a copy to our office.  If you elect to enroll in retiree health benefits, upon retirement, Medicare will become your primary and cover 80% of your health expenses.

    Retiree City Health Benefits: Refer to the retiree health plan rate sheet for all available plans and their costs. The plan summary and contact information for each of the plans are found here. Please complete the Health Benefits Application and return it to the Office of Human Resources along with your Medicare cards within 30 days prior to the official retirement date.

    Medicare Part B Premium Reimbursement: You may also receive reimbursement of your standard Medicare Part B premium payments, which are automatically deducted from your pension check. If you have to pay Income Related Monthly Adjustment Amount (IRMAA), which is determined by Medicare, you may receive reimbursement. Any premiums paid above the standard amount should be submitted using the IRMAA application for TIAA members, or IRMAA application for TRS/NYCERS members.

    For PSC CUNY members: Welfare Fund Benefits: PSC CUNY will provide supplemental benefits coverage, which includes prescription coverage that is comparable to Medicare Part D; therefore, you will not be required to enroll in Medicare Part D. Please complete the PSC CUNY Retiree form, SilverScript application and return it to the Office of Human Resources along with your Medicare Part A and B cards. Please submit a separate SilverScript application with the respective Medicare cards if you are enrolling your spouse.

    For DC-37 members: Supplemental Benefits: DC-37 will provide supplemental benefits coverage, which includes prescription coverage that is comparable to Medicare Part D; therefore, you will not be required to enroll in Medicare Part D. Please email DC-37 at: eeu@dc37.net and submit a copy of the Health Benefits Application with your first retirement check.

    NYCERS Pension Check: As a member of the New York City Employees’ Retirement System (NYCERS), you will be required to obtain a retirement certificate from the pension system. Once the certificate is obtained, a copy must be submitted to the Office of Human Resources for processing. You may begin the process online at www.nycers.org, via the MYNYCERS app, or contact (347) 643-3000. Your health benefits cannot be processed without this form.

    TRS Pension Check:  As a member of the Teachers’ Retirement System (TRS), you will be required to obtain a retirement certificate from the pension system. Once the certificate is obtained, a copy must be submitted to the Office of Human Resources for processing. Your retirement and health benefits cannot be processed without this document. Contact TRS at (888) 869-2877, schedule a one-on-one Zoom call, or email AskTRSNYC@trs.nyc.ny.us.

    TIAA Retirement payment: Additionally, as a member of the Optional Retirement Program (ORP) managed by TIAA, you are required to set-up a Lifetime Income Annuity with TIAA, which will generate a monthly income. Therefore, you must schedule a meeting with a TIAA representative to review your pension and set-up the required Lifetime Income Annuity Fund. The TIAA Representatives assigned to our campus are Nancy Vandergoot and Christian Hawkinson. You may also call TIAA directly at this number 1-866-277-7957 for more representatives.

    Social Security retirement benefits: Please be advised, you can start receiving your Social Security retirement benefits as early as age 62, more information can be obtained from your local Social Security Administration.

    Once you are retired, your benefits information will be handled and processed by the Office of Labor Relations (OLR) You may also choose to email the University Benefits Office.

    If you move after you retire, please contact the following:

    • NYC OLR Retiree Division. You may contact the NYC OLR at 212.513.0470, email healthbenefits@olr.nyc.gov, or you may write to: NYC Office of Labor Relations, Retiree Division, 3rd Floor, New York, NY 10006. Note you must include your pension number on all correspondence
    • Your union and/or welfare fund
    • Your pension plan
    Social Security and Medicare

    If you are within three months of age 65 or older and not ready to start your monthly Social Security benefits yet, you can use the online retirement application to sign up just for Medicare and wait to apply for your retirement or spouses benefits later. It takes less than 10 minutes, and there are no forms to sign and usually no documentation is required. Just go to www.ssa.gov/benefits/medicare/ and click on the Apply for Medicare Only link.  To find out what documents and information you need to apply, go to the Checklist For The Online Medicare, Retirement, and Spouses Application.

    If you are already enrolled in Medicare Part A and you want to enroll in Part B, please complete form CMS-40B, Application for Enrollment in Medicare – Part B (medical insurance). If you are applying for Medicare Part B due to a loss of employment or group health coverage, you will also need to complete form CMS-L564, Request for Employment Information.

    You have three options to submit your enrollment request under the Special Enrollment Period. You can do one of the following:

    1. Go to “Apply Online for Medicare Part B During a Special Enrollment Period” and complete CMS-40B and CMS-L564. Then upload your evidence of Group Health Plan or Large Group Health Plan. OR
    2. Fax your forms to 1-833-914-2016. OR
    3. Mail your CMS-40B, CMS-L564, and evidence to your local Social Security field office.

    Note: When completing the CMS-L564:

    • State, “I want Part B coverage to begin (MM/YY)” in the remarks section of the CMS-40B form or online application.
    • If your employer is unable to complete Section B, please complete that portion as best as you can on behalf of your employer without your employer’s signature.
    • Also submit one of the following forms of secondary evidence:
      • Income tax returns that show health insurance premiums paid.
      • W-2s reflecting pre-tax medical contributions.
      • Pay stubs that reflect health insurance premium deductions.
      • Health insurance cards with a policy effective date.
      • Explanations of benefits paid by the GHP or LGHP.
      • Statements or receipts that reflect payment of health insurance premiums.

    You’ll have Original Medicare (Part A and Part B) unless you make another choice. You can decide to add a drug plan (Part D) or buy a Medigap policy to help pay for costs that Original Medicare doesn’t cover. You can choose to join a Medicare Advantage Plan (Part C) and get all your Medicare coverage (including drugs and extra benefits like vision, hearing, dental, and more) bundled together in one plan.

    You may contact their local Social Security office, generally from 9:00 a.m. to 4:00 p.m. by using our Office Locator at www.ssa.gov/locator.  Click on the Locate An Office By Zip link, enter your five digit residential ZIP Code, and select I Need Other Services, if that option appears, or scroll down to the local office’s toll-free number.

    If you’re 18 or older and work, set up your my Social Security account today at www.socialsecurity.gov/myaccount, where you may review your earnings information for accuracy.  Already receiving Social Security benefits?  Manage your benefits online using your my Social Security account.

    Aetna Medicare Advantage PPO Plan

    Please refer to the NYC Office of Labor Relations for the most up-to-date information.

    The City of New York, working with the Municipal Labor Committee, intends to implement a Medicare Advantage program for City retirees and their eligible dependents age 65 and over as of September 1, 2023. The new program, which will be provided by Aetna, is currently undergoing the remaining steps of the City’s contract approval process. Pending those steps, we are providing notice and information about the plan to ensure that you have sufficient advance notice about the anticipated new program and to provide information about the program’s expected implementation.

    Read the Announcement Letter from Commissioner Campion (this letter is also being mailed to all retirees) – PDF

    View the Side-by-Side Comparison Chart of Plan Benefits – PDF

    View the Side-by-Side Comparison Chart of Prescription Drug Riders – PDF

    View the Evidence of Coverage – PDF

    View the Frequently Asked Questions (FAQs) – PDF

    For Your Doctor Brochure – PDF

    Prior Authorization Information – PDF

     

    To learn more about the Aetna Medicare Advantage PPO plan, join an upcoming teleconference, webinar or in-person meeting.

    • View the schedule of upcoming events – PDF

    To look up providers and obtain other important information about the Aetna Medicare Advantage PPO plan:

    • Visit Aetna’s website at CONY.AetnaMedicare.com
    • Contact the Aetna NYC Retiree dedicated call center at 1-855-648-0389 (TTY: 711), Monday to Friday, 8 a.m. to 9 p.m. Aetna will work with you to resolve any questions about the benefits, the network, or clinical transition questions.

    Supplemental Retirement Savings Plans

    TIAA Tax-Deferred Annuity (TDA) 403b Plan
    • Salary Reduction Agreement Form (2023)

    Updates

    2023 TDA Pre-Tax Limits

    Effective January 1, 2023, the annual pre-tax limit for the Tax Deferred Annuity (TDA) are as follows:

    Tax Deferred Annuity (TDA) Before-Tax Contribution Limits
    Age Range 2022 2023
    Under Age 50 $20,500.00 $22,500.00
    Age 50 or Over $27,000.00 $30,000.00

    If you wish to make any deferral percentage changes to your TDA plan for 2023, please use a Salary Reduction Agreement Form.

    • CUNY Universal Availability Notice

    2022 TDA Pre-Tax Limits

    Effective January 1, 2022, the annual pre-tax limit for the Tax Deferred Annuity (TDA) are as follows:

    Tax Deferred Annuity (TDA) Before-Tax Contribution Limits
    Age Range 2021 2022
    Under Age 50 $19,500.00 $20,500.00
    Age 50 or Over $26,000.00 $27,000.00

    If you wish to make any deferral percentage changes to your TDA plan for 2022, please use a Salary Reduction Agreement Form.

    • CUNY Universal Availability Notice

    Contact

    • Contact TIAA Plan Representatives:
      • Nancy.Vandergoot@tiaa.org
      • Christian.Hawkinson@tiaa.org
    • General Customer service: (800) 842-2766
    • TDA Access Code: CUNYGSRA
    New York State Deferred Compensation Plan (NYSDCP) 457 Plan

    The New York State Deferred Compensation Plan (457b) is a voluntary savings plan offered by CUNY to help you save for and live in retirement.   The Plan offers both traditional pre-tax and Roth 457(b) accounts to provide you with retirement savings choices.

    As part of CUNY, you are in the unique position of having access to both the 457(b) and the 403(b) Plans. Call the number below for helping in choosing the Plan that is best for you, Toll Free:  1-(844) 867-8197

    • NYSDCP Webinars are available
    • Education and Enrollment Kit
    • My Interactive Retirement Planner
    • Victoria Farnam, NYS deferred compensation plan retirement specialist
      Email: farnav1@nationwide.com
    • General Customer Service: (800) 422-8463, participant.service@nysdcp.com
    • More information can be found on the NYSDCP home page

    New York State Deferred Compensation Plan (457b) will be hosting multiple educational webinars for all employees who wish to attend and who are thinking of enrolling into the Plan and/or learn more about the Plan.  The NYSDCP is a supplemental retirement plan which is also known as a 457(b) plan and their mission is to help State and local-public employees achieve their retirement savings goals and help bridge any potential financial gap in retirement.

    Updates

    • As of April 9, 2022: The minimum number of years required for NYCERS and TRS Tier VI members to vest for retirement has been reduced from 10 years to 5 years of service.At this time, we do not have any additional information about the above changes.
    • CARES Act Provisions Affecting Retirement Plans

     


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    Human.Resources@baruch.cuny.edu
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