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The NYCERS F266 form is a crucial document for Tier 3 and Tier 4 members who are ready to receive their Vested Retirement Benefit. This application process begins once a member has left City service and previously filled out a “notice of intention” to vest their retirement benefits. Before submitting the F266, it’s essential to understand the conditions outlined in the form, particularly regarding beneficiary nominations. Members must choose either a primary beneficiary or their estate to receive a death benefit in the event of their passing while still in City service. This choice is important, as failing to nominate a beneficiary can lead to complications regarding the death benefit. The form also outlines two temporary retirement options that members must select to ensure coverage from the time of retirement until the first full payment is issued. These options include the Ten Year Certain Option and the 100% Joint-and-Survivor Option, each with specific benefits and conditions. Additionally, the form requires members to provide personal information, such as their Social Security number and contact details, and it must be notarized to be valid. For those with questions or uncertainties about the application process, assistance is available through the NYCERS Call Center.
Similar forms
The NYCERS F266 form is specifically designed for members seeking to receive their Vested Retirement Benefit. It shares similarities with several other important documents related to retirement benefits. Here are four documents that are comparable to the F266 form:
- Form #254 - Notice of Intention: This form is completed when a member leaves City service to vest their retirement benefits. Like the F266, it serves as a critical step in the retirement process, ensuring that the member's intention to retain benefits is formally recorded.
- Form 137 - Guardian Information: This form is used when a beneficiary is a minor. It allows members to designate a guardian for the minor beneficiary, similar to how the F266 form requires members to specify beneficiaries for death benefits.
- Beneficiary Designation Form: This document allows members to formally name a beneficiary for their retirement benefits. Much like the F266, it emphasizes the importance of beneficiary selection and the consequences of failing to do so.
- Federal Tax Withholding Election Form: This form allows members to decide how much federal income tax should be withheld from their retirement payments. Similar to the F266, it requires careful consideration of financial implications and personal circumstances.
Form Preview
NYCERS USE ONLY |
F266 |
*266*
Application for Payment
Tier 3 and Tier 4 Vested Retirement Benefit
This application is for Tier 3 and Tier 4 vested members who wish to receive payment of their Vested Retirement Benefit. When you left City service you filled out a “notice of intention”, form #254, to vest your retirement benefit. It is important that you read the conditions below. Please be sure that you nominate a beneficiary or your estate to receive a death benefit payable should you die while in City service. You may only nominate one or the other. Should you have any questions regarding this application, please contact our Call Center at (347)
No advance (partial) pension payment will be sent to you until NYCERS has a copy of your birth certificate on file.
Member Number |
Last 4 Digits of SSN |
Home Phone Number |
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Work Phone Number
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First Name |
M.I. |
Last Name |
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I am a Tier 3 member enrolled in the (Choose one):
Correction Officer/Captain
Correction Officer/Captain
Correction Force
I am a Tier 4 member enrolled in the (Choose one):
Basic 62/5 Tier 4 Plan
Age 57 and
Sanitation
Transit
MTA Bridges and Tunnels (formerly TBTA)
EMT
Special Officer
Deputy Sheriff
Automotive Service Workers
Police Communications Titles (911 Operators)
Sign this form and have it notarized, Page 4
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NYCERS USE ONLY |
F266 |
Member Number |
Last 4 Digits of SSN |
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Option Selection:
Once your eligibility is verified and this form is processed, you will receive a letter from NYCERS providing the full complement of retirement options available. In the interim, to afford you maximum protection from the date of your vested retirement until the date of your first full payment, you must select a temporary retirement option, as well as a beneficiary. Once vested, if you should die before selecting either of the options, or if you fail to name a beneficiary, NO DEATH BENEFIT WILL BE PAYABLE FROM
NYCERS.
The two temporary options are: The Ten Year Certain Option and the 100%
If you die within ten years from the date of your retirement, the reduced monthly retirement benefit will continue to be paid to your surviving primary beneficiary for the unexpired balance of the
100%
This option assures you and your designated beneficiary a reduced benefit for lifetime. Should you die, your designated beneficiary will receive the same lifetime benefit. Because this option guarantees two specific people an income for life, the life expectancies of the retiree as well as the beneficiary are taken into consideration. Therefore, once you designate a beneficiary and the option is in force, you cannot change your beneficiary designation, even if he/she precedes you in death. You may only nominate a primary beneficiary under this option.
Beneficiary Selection
This is split into two sections: Section A - Designation of Beneficiary and Section B - Nomination of Your Estate. It is important that you only fill out one section, for if you fill out both, your selection will be voided.
Section A - Designation of Beneficiary
A designated beneficiary is the person who is on file at NYCERS to receive a survivor benefit payable upon the death of a member. If you decide to nominate your estate rather than a person DO NOT FILL OUT THIS SECTION, see Section B.
The beneficiary whom I wish to nominate to receive my death benefit is:
Primary Beneficiary
First Name
Full Social Security Number
Address
City
M.I. Last Name
Date of Birth [MM/DD/YYYY] |
Relationship |
/ /
Apt. Number
State |
Zip Code |
If this beneficiary is a minor, check here and complete the guardian information on Form 137
Sign this form and have it notarized, Page 4
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F266 |
Member Number |
Last 4 Digits of SSN |
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If I have chosen the Ten Year Certain and my designated primary beneficiary dies before the
Contingent Beneficiary
First Name
Full Social Security Number
Address
City
M.I. Last Name
Date of Birth [MM/DD/YYYY] |
Relationship |
/ /
Apt. Number
State |
Zip Code |
If this beneficiary is a minor, check here and complete the guardian information on Form 137
Stop
and
Read
Section B - Designation of Estate: Please initial the box below if you wish to nominate your estate. You may not fill in the above section if you fill out part B.
I am nominating my Estate as my beneficiary for my regular death benefit. I understand that in order for this selection to be valid I may not write in any other beneficiary’s name on this form, and I have, in fact, left all other designation of beneficiary sections on this form blank.
Should your death be the result of an
Federal Tax Withholding
Federal tax law provides that all payers are required to withhold Federal income tax on periodic payments (similar to wages), unless you elect to be excluded from such withholding. This election will remain in effect until revoked by you. If you do not complete this election, Federal income tax will be withheld at the rate of a married individual claiming three exemptions.
Please indicate your withholding selection by marking the appropriate choice below:
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Do not withhold Federal income tax from my pension. (Do not complete 2 or 3 if you select this option)
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Withhold based on |
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number of exemptions using the following status (You may also enter a dollar amount in choice 3):
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Married, but withhold at higher "Single" rate |
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In addition to the amount withheld based on my exemptions and filing status in choice 2,
I would like to withhold $ |
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Per Month (Must specify dollar amount only) |
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Note: You cannot enter an amount here without entering a number of exemptions in choice 2 (even if that number is zero).
Sign this form and have it notarized, Page 4
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F266 |
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Last 4 Digits of SSN |
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I, the undersigned, hereby make application for payment of a Vested Retirement Benefit under the provisions of my retirement plan.
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This form must be acknowledged before a Notary Public or Commissioner of Deeds |
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before me the above named, |
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me to be the individual described in and who executed the foregoing instrument, and he or she acknowledged to me that he or she
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Commissioner of Deeds |
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Sign this form and have it notarized, THIS PAGE
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Common mistakes
Filling out the NYCERS F266 form can be a straightforward process, but many individuals make common mistakes that can delay their benefits. Understanding these pitfalls can help ensure a smoother application experience.
One frequent error is failing to designate a beneficiary correctly. The form requires you to choose either a primary beneficiary or to nominate your estate. If both sections are filled out, the selection becomes void. This mistake can lead to significant delays or even loss of benefits, so it is crucial to read the instructions carefully and make a clear choice.
Another common issue arises from not providing a birth certificate. NYCERS requires a copy of your birth certificate to process your application. Without this document, no advance pension payments will be sent. Applicants often overlook this requirement, leading to unnecessary delays in receiving their benefits.
Inaccurate personal information can also cause complications. Many people mistakenly enter incorrect Social Security numbers or member numbers. Such inaccuracies can result in processing errors, so double-checking this information before submission is essential.
Moreover, individuals sometimes neglect to have the form notarized. The NYCERS F266 form must be signed in the presence of a Notary Public or Commissioner of Deeds. Failing to complete this step can render the application invalid, requiring a complete resubmission.
Lastly, some applicants do not consider their tax withholding options. The form includes a section for federal tax withholding, and not making an election can lead to automatic withholding at a higher rate. Understanding your options here can help you manage your finances better once you start receiving benefits.
More About Nycers F266
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What is the NYCERS F266 form?
The NYCERS F266 form, also known as the Application for Payment Tier 3 and Tier 4 Vested Retirement Benefit, is specifically designed for members who have vested in their retirement benefits under Tier 3 or Tier 4. By completing this form, members can apply to receive their vested retirement benefits after leaving City service.
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Who should use the F266 form?
This form is intended for individuals who are members of Tier 3 or Tier 4 retirement plans and have already filled out a notice of intention (form #254) to vest their benefits. If you are unsure about your tier or status, it is advisable to contact NYCERS for clarification.
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What happens if I do not nominate a beneficiary?
If you fail to nominate a beneficiary or your estate, no death benefit will be payable from NYCERS in the event of your death while in City service. It is crucial to select either a primary beneficiary or designate your estate to ensure that your benefits are distributed according to your wishes.
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What are the temporary retirement options available?
Upon applying with the F266 form, you must select one of two temporary retirement options:
- Ten-Year Certain Option: This option guarantees that if you pass away within ten years of retirement, your designated primary beneficiary will receive your reduced monthly retirement benefit for the remaining years of that ten-year period.
- 100% Joint-and-Survivor Option: This option provides a lifetime benefit for both you and your designated beneficiary. If you die, your beneficiary will continue to receive the same benefit for their lifetime.
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Can I change my beneficiary after selecting an option?
Once you choose the 100% Joint-and-Survivor Option and designate a beneficiary, you cannot change that beneficiary, even if they pass away. However, if you select the Ten-Year Certain Option, you may nominate both a primary and a contingent beneficiary, allowing for some flexibility.
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What should I do if my designated beneficiary is a minor?
If your primary beneficiary is a minor, you must complete the guardian information on Form 137. It is essential to ensure that a responsible adult is designated to manage the benefits on behalf of the minor.
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How does federal tax withholding work for my retirement benefits?
Federal tax law requires that income tax be withheld from periodic payments unless you choose to opt-out of withholding. If you do not indicate your preference, NYCERS will withhold taxes at the rate applicable to a married individual claiming three exemptions. You have the option to specify your withholding preferences on the form.
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Is notarization required for the F266 form?
Yes, the F266 form must be signed and then acknowledged before a Notary Public or Commissioner of Deeds. This step is crucial as it verifies your identity and the authenticity of your signature, ensuring that the application is processed smoothly.
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Where can I get assistance if I have questions about the F266 form?
If you have any questions regarding the F266 form or the application process, you can contact the NYCERS Call Center at (347) 643-3000. They can provide guidance and clarify any concerns you may have about your retirement benefits.
Misconceptions
Misconceptions about the NYCERS F266 Form
- Misconception 1: The F266 form can be submitted without a birth certificate.
- Misconception 2: You can nominate multiple beneficiaries for the death benefit.
- Misconception 3: Once you select a retirement option, you can change it later.
- Misconception 4: There are no temporary options available for retirement benefits.
- Misconception 5: Federal tax withholding is optional and can be ignored.
In reality, NYCERS requires a copy of your birth certificate to be on file before any pension payments can be made. Without this document, your application will not be processed.
This is incorrect. You can only nominate either one primary beneficiary or your estate. Filling out both sections will void your selection.
This is not true. If you choose the 100% Joint-and-Survivor option, you cannot change your beneficiary designation after it is in force, even if the beneficiary passes away.
Actually, you must select a temporary retirement option when you apply. The available options are the Ten-Year Certain Option and the 100% Joint-and-Survivor Option.
This is misleading. Federal law mandates withholding on periodic payments unless you specifically elect not to have it withheld. If you do not make a selection, taxes will be withheld at the default rate.
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Key takeaways
- The NYCERS F266 form is specifically designed for Tier 3 and Tier 4 members seeking payment of their Vested Retirement Benefit.
- Before completing the form, it is essential to read all instructions carefully to ensure compliance with the requirements.
- Members must nominate either a beneficiary or their estate to receive a death benefit, but cannot choose both.
- To receive any pension payments, NYCERS requires a copy of your birth certificate to be on file.
- Members must select a temporary retirement option, such as the Ten Year Certain Option or the 100% Joint-and-Survivor Option, to ensure protection until the first full payment is received.
- Only one beneficiary can be designated under the 100% Joint-and-Survivor Option, while both primary and contingent beneficiaries can be named under the Ten Year Certain Option.
- When nominating a beneficiary, it is crucial to fill out only one section of the form to avoid invalidating the selection.
- Federal tax withholding options must be selected on the form; if no choice is made, taxes will be withheld at a standard rate.
Nycers F266: Usage Guide
Completing the NYCERS F266 form is a crucial step for Tier 3 and Tier 4 members wishing to receive their Vested Retirement Benefit. Follow these instructions carefully to ensure your application is processed smoothly.
- Start by entering your Member Number and the Last 4 Digits of your SSN.
- Provide your Home Phone Number and Work Phone Number.
- Fill in your First Name, M.I., and Last Name.
- Complete your Address, including Apt. Number, City, State, and Zip Code.
- Select your membership tier by checking the appropriate box for either Tier 3 or Tier 4, and choose the corresponding retirement program.
- Choose a temporary retirement option between the Ten-Year Certain Option and the 100% Joint-and-Survivor Option.
- Designate a Primary Beneficiary by filling out their First Name, M.I., Last Name, Date of Birth, Relationship, and Address. If applicable, indicate if this beneficiary is a minor.
- If you selected the Ten-Year Certain Option, also provide details for a Contingent Beneficiary.
- Decide whether to nominate your Estate as a beneficiary. If so, initial the designated box and leave the other beneficiary section blank.
- Indicate your Federal Tax Withholding preference by marking the appropriate choice.
- Sign and date the form at the bottom.
- Have the form notarized by a Notary Public or Commissioner of Deeds. Ensure they complete the acknowledgment section.