A Retirement System Glossary of Terms (Part 1)

The New York City Employees Retirement System has gone to great lengths to prepare this Glossary of Terms. I recommend you study their meaning. Its length is much too great to be published in one issue so please look for its continuation over the next several issues of Current Pension Topics. Should you have any questions please contact me at: rollover@optonline.net

1. Accumulated Member Contributions

The total of all contributions made by members, plus interest earned on such contributions (8 ¼ percent for Tiers 1 and 2; 5 percent for Tiers 3 and 4), compounded annually.

1. Active Service

Service rendered while the employee is on the payroll and being paid by the City of New York or a Participating Employer.

1. Additional Member Contributions (AMCs)

Contributions that are made by members in addition to the basic member contributions of 3 percent of Wages, and are required to be paid each payroll period by Participants in any one of the Special Programs described in this document. The AMC percentages differ in each Special Program and all AMCs are maintained in the Retirement Reserve Fund, an account separate from the Accumulated Member Contributions.

1. Allowable Correction Service

Service as a member rendered in the uniformed-force of the New York City (NYC) Department of Correction.

1. Allowable Sanitation Service

Credited Service rendered in any of the following:

1. Uniformed-force of the NYC Department of Sanitation

2. Another uniformed-force (such as NYC Housing Police, NYC Transit Police or NYC Department of Correction) immediately prior to becoming a member of the uniformed-force of the NYC Department of Sanitation

3. The uniformed-force of the NYC Police or Fire Departments immediately prior to becoming a member of the uniformed force of the NYC Department of Sanitation, if service was transferred to NYCERS pursuant to Section 43 of the RSSL

4. Allowable Service as a Dispatcher Member

Service as a Dispatcher Member: service rendered by a member of NYCERS while employed by the City of New York as a Fire Alarm Dispatcher, Supervising Fire Alarm Dispatcher, levels 1 and 2, Director of Dispatch Operations or Deputy Director of Dispatch Operations, and All service in the following NYC Civil Service titles: Chief Fire Alarm Dispatcher, Administrative Fire Alarm Dispatcher, Bus Operator (Transit), Train Dispatcher (Transit), Firefighter, Police Officer, Correction Officer, Fire Marshal, Probation Officer, Police Communications Technician, Supervising Police Communications Technician, Principal Police Communications Technician, Police Administrative Aide, Senior Police Administrative Aide, Emergency Medical Technician, Advanced Emergency Medical Technician, Emergency Medical Service Specialist, levels 1 and 2, Fire Prevention Inspector, Fire Protection Inspector, Senior Fire Prevention Inspector, Principal Fire Prevention Inspector, Associate Fire Protection Inspector, County Detective, Detective (NYPD), Detective Investigator, Senior Detective Investigator, Deputy Sheriff, Senior Deputy Sheriff, Inspector of Fire Alarm Boxes, Radio Operator, Radio Repair Technician, Supervisor of Radio Repair Operations, Taxi and Limousine Inspector, Senior Taxi and Limousine Inspector, Triborough Bridge and Tunnel Officer, and a member of NYCERS who is employed by the City of New York in a title whose duties require the supervision of employees whose Civil Service title is included above.

1. Allowable Service as an EMT Member

All service as an EMT Member: service rendered by a member of NYCERS while employed by the City of New York or the NYC Health & Hospitals Corporation in a title whose duties are those of an Emergency Medical Technician (EMT), or Advanced EMT (AEMT) or in a title whose duties require the supervision of employees whose duties are those of an EMT or AEMT, And all service while employed by the City of New York or the New York City Health & Hospitals Corporation in the title Motor Vehicle Operator.

1. Allowable Service in the Transit Authority

Credited Service rendered in the operating force of the NYC Transit Authority and some managerial service.

Mr. Frank is a fee-only Retirement Financial Planner and a retired city high school Teacher of Accounting. He can be reached by telephone at (732) 536-9472, or via e-mail at rollover@optonline.net.