Nycers form f556 2026

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  1. Click ‘Get Form’ to open the nycers form f556 in the editor.
  2. Begin by entering your Member Number or Pension Number, along with the last four digits of your SSN and your Date of Birth in the specified format.
  3. Fill in your personal details including First Name, Middle Initial, Last Name, and contact information such as Daytime Phone Number and Address.
  4. Choose your retirement option by selecting either the Maximum Retirement Allowance or one of the Joint-and-Survivor options. Ensure you check only one box for clarity.
  5. If you select a Joint-and-Survivor option, provide detailed beneficiary information including their name, Social Security Number, Date of Birth, and address.
  6. Sign the form and have it notarized. Make sure all required fields are completed before submission.

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This form allows you to elect one of two temporary options before you elect a permanent option and thereby make a final decision regarding the way in which your retirement benefit will be paid. NYCERS recommends that you choose a temporary option as soon as possible.
For the full retirement benefit, you must be 62 years old at retirement or, if you have 30 years of credited service, you may retire as early as age 55. With less than 30 years of service, you may retire as early as age 55, but you will receive a reduced benefit.
In addition, if you are under the age of 59 you will also be subject to the 10% early distribution penalty tax assessed by the IRS. Exceptions to this penalty may apply, especially if you leave City service during or after the year in which you attain age 55.

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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.
Your Final Average Salary (FAS) is the average of the wages earned in the 36 months prior to your retirement; or, the aver- age of the wages earned in any three consecutive calendar years that you wish to use in this calculation. However, there are some important things to consider.
The 62/5 Retirement Plan, also referred to as the Basic Tier 4 Plan, allows participants to retire with a full pension at age 62 with at least five years of Credited Service, or with a reduced pension between the ages of 55 and 61 (see Tier Equity section on page 2).

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