New York City employees and their families can access pension benefits from the New York City Employees' Retirement System (NYCERS) and The New York City Deferred Compensation Plan (DCP).
NYCERS administers retirement benefits for 300000+ active and retired NYC workers. In addition to your retirement account, NYCERS performs many functions for active members and retirees alike.
Each year NYCERS issues approximately 50,000 loans and processes thousands of refunds and buy-back applications.
For retirees, NYCERS verifies retirement allowances, calculates Cost-of-Living-Adjustments, and much more. NYCERS also allows Military Buyback for eligible employees, further decreasing the required years needed for retirement.
DCP allows eligible New York City employees a way to save for retirement through convenient payroll deductions. DCP is comprised of two programs: a 457 Plan and a 401(k) Plan, both of which offer pre-tax and Roth (after-tax) options.
City employees can pay for eligible medical and dependent care expenses on a pre-tax basis; waive City health benefits and receive an annual incentive payment; and increase take-home pay through deductions for health insurance and optional riders.
The Health Care Flexible Spending Account (HCFSA) Program helps you pay for medical expenses not covered by insurance, and dental, vision, and hearing expenses not covered by Union or Management Welfare Fund with pre-tax dollars.
The Dependent Care Assistance Program (DeCAP) provides the opportunity to use federal and Social Security (FICA) tax-free dollars to pay for the expenses to care for your child(ren) or other dependents while you (and, if married, your spouse) works or attends school full-time.
The MSC Health Benefits Buy-Out Waiver Program allows eligible employees who can obtain non-City group health benefits to waive their New York City health benefits in return for an annual cash incentive payment.
This program enables eligible employees to pay for their health plan premium deductions on a pre-tax basis, thereby reducing their gross income for tax.
The Commuter Benefits Program is for New York City employees and is offered by Edenred Commuter Benefit Solutions, the City's commuter benefits provider.