Nycers form 361 2025

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The amount you can borrow is based on your contributions (plus interest) in your NYCERS account(s), less any outstanding loan balance. A loan cannot exceed 75% of your NYCERS account(s).
However, you may roll over the taxable portion to an IRA or Employer Plan. In the event you choose not to roll over the taxable amount, NYCERS is required to withhold 20% Federal tax before issuing the check.
The death benefit is equal to your earnings multiplied by your years of service, not to exceed three years of earnings.
This type of loan will not be issued until after your retirement date as NYCERS completes a review of your account. It may take up to one month to complete the review and issue your loan check. After you retire, any outstanding loan will reduce your pension unless you pay off the loan in a lump sum.
The loan application process can take around one month from when you apply to when you receive your funds. We encourage you to submit your application in advance of when funds are needed to allow enough time for processing and delivery.
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People also ask

The average pension received by full-career retirees was $57,290, compared to $57,516 for last years retirees. Among all 156,061 NYCERS retirees, 2,296 received six-figure pensions, a 15 percent increase from the 1,993 in 2021.

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