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The NYCERS F552 form is a crucial document for members of the New York City Employees' Retirement System (NYCERS) who are nearing retirement. This form allows Tier 1 and Tier 2 members to select their preferred retirement payment option. Options include the Maximum Allowance, which ceases payments upon the retiree's death, and various Joint-and-Survivor options, which provide ongoing payments to a designated beneficiary. Understanding the implications of each option is vital, as it directly affects both the retiree's financial future and that of their beneficiaries. Members must complete the form within 60 days of receiving their Retirement Options letter, ensuring they mark the correct option and provide necessary documentation, such as proof of date of birth for their beneficiary. The form requires notarization and must be submitted to the designated NYCERS address. By carefully considering their choices and following the submission guidelines, members can secure a retirement plan that best meets their needs and those of their loved ones.
Similar forms
The NYCERS F552 form is an important document for individuals who are making retirement option elections. Several other documents share similarities with the F552 form in terms of purpose and content. Below is a list of nine such documents, each accompanied by an explanation of how they relate to the F552 form.
- Retirement Application Form: Like the F552 form, this document is essential for individuals applying for retirement benefits. It requires personal information and details about the retirement plan selected.
- Beneficiary Designation Form: This form allows members to specify who will receive benefits upon their death. It parallels the F552 form in that it requires clear identification of a beneficiary.
- Direct Deposit Authorization Form: Similar to the F552, this document ensures that retirement benefits are deposited directly into a bank account, requiring personal and banking information.
- Change of Beneficiary Form: This form allows members to change their previously designated beneficiary. It functions similarly to the F552 in that it must be completed with accurate information to be valid.
- Pension Plan Summary Document: This document outlines the different retirement options available to members. It complements the F552 form by providing necessary information to make an informed choice.
- Retirement Options Packet: This packet contains various forms, including the F552, that detail the retirement options available. It serves as a comprehensive guide to assist members in their decision-making process.
- Withdrawal of Contributions Form: When a member decides to withdraw their pension contributions, this form is necessary. It shares similarities with the F552 in that it requires specific personal information and may affect future benefits.
- Retirement Benefits Estimator Form: This form helps individuals estimate their retirement benefits based on different options. It aligns with the F552 by providing crucial information to aid in making an informed election.
- Notarization Affidavit: Like the F552, this document requires notarization to validate the authenticity of the information provided. It emphasizes the importance of accuracy and legal acknowledgment.
Form Preview
NYCERS USE ONLY |
F552 |
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*552*
Retirement Option Election Form for Tier 1 and Tier 2
Maximum, Option 2, Option 3, Option
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ELECTING AN OPTION
The law requires that you file your option election within 60 days of the date NYCERS mails a Retirement Options letter to you. The option you elect is important to both you and your beneficiary. Be sure you understand each option, and elect the one that best fulfills your needs. Double check that you have marked the proper box for the option that you wish to elect, because you are selecting how your pension will be paid. Please do not make any alterations to this form, as that will render it invalid. We require proof of date of birth for your designated beneficiary, as well as a marriage certificate, if your beneficiary is a married woman. When you have completed this form, sign it, have it notarized, and mail it to NYCERS, 335 Adams Street, Suite 2300, Brooklyn, NY
Service Center on the Mezzanine level of 340 Jay Street in downtown Brooklyn.
Please indicate your election by marking one of the following:
Maximum
Option 2
Survivor 100%
I elect to receive the maximum lifetime retirement allowance payable to me. I understand that all payments cease upon my death, and that under this option I cannot elect a beneficiary.
I elect to receive a reduced lifetime retirement allowance. If I die before my beneficiary, the same monthly amount will continue to be paid to him or her for life. If my beneficiary predeceases me, all payments will cease upon my death. I understand that I cannot change my beneficiary once this option election is in force. If you should die after the effective date of your retirement but before you receive your first full retirement payment, a benefit (the balance of your Total Reserve for Tier 1; the balance of your Annuity Reserve for Tier 2) under Option 1 will be paid to your beneficiary. Details on Option 1 are contained on a separate election form within your Options packet. If you would prefer that your beneficiary receive payment under Option 2 instead, place your initials in this box.
Initial Here
Option 3
I elect to receive a reduced lifetime retirement allowance. If I die before my beneficiary,
(50%) of my retirement allowance will continue to be paid to him or her for life. If my beneficiary predeceases me, all payments will cease upon my death. I understand that I cannot change my beneficiary once this option is in force. If you should die after the effective date of your retirement but before you receive your first full retirement payment, a benefit (the balance of your Total Reserve for Tier 1; the balance of your Annuity Reserve for Tier 2) under Option 1 will be paid to your beneficiary. Details on Option 1 are contained on a separate election form within your Options packet. If you would prefer that your beneficiary receive payment under Option 3 instead, place your initials in this box.
Initial Here
Sign this form and have it notarized, Page 3
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I elect to receive a reduced lifetime retirement allowance. If I die before my beneficiary, the same monthly amount will continue to be paid to him or her for life. If my beneficiary predeceases me, my allowance will be changed to the Maximum amount and all payments will cease upon my death. I understand that I cannot change my beneficiary once this option election is in force. If you should die after the effective date of your retirement but before you receive your first full retirement payment, a benefit (the balance of your Total Reserve for Tier 1; the balance of your Annuity Reserve for Tier 2) under Option 1 will be paid to your beneficiary. Details on Option 1 are contained on a separate election form within your Options packet. If you would prefer that your beneficiary receive payment under Option
Initial Here
I elect to receive a reduced lifetime retirement allowance. If I die before my beneficiary,
Initial Here
Only one beneficiary may be named in a
Information about your beneficiary. Please print plainly in ink. Use your beneficiary's given name. (Mary Smith
not Mrs. John Smith)
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If this beneficiary is a minor, check here and complete the guardian information on Form 137
Sign this form and have it notarized, page 3
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This form must be acknowledged before a Notary Public or Commissioner of Deeds
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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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Sign this form and have it notarized, THIS PAGE
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Common mistakes
Filling out the NYCERS F552 form can be a straightforward process, but mistakes can lead to delays or complications. One common error is failing to submit the form within the required 60-day timeframe. The law mandates that the option election must be filed within this period after receiving the Retirement Options letter. Missing this deadline can result in the loss of the desired retirement option.
Another frequent mistake is neglecting to mark the correct box for the chosen retirement option. Each option has specific implications for both the retiree and their beneficiary. A simple oversight in marking the box can lead to selecting an option that does not align with one’s financial goals or family needs.
Inaccurate personal information is also a significant issue. Providing incorrect details, such as the member number, Social Security number, or date of birth, can result in processing delays. It is crucial to double-check all entries for accuracy before submission.
Additionally, some individuals fail to include required documentation, such as proof of date of birth for the designated beneficiary or a marriage certificate if the beneficiary is a married woman. Omitting these documents can lead to the form being considered incomplete.
Many people overlook the necessity of notarization. The form must be signed in the presence of a Notary Public or Commissioner of Deeds. Without this step, the form is invalid, and the election cannot be processed.
Another mistake involves not understanding the implications of the chosen option. Each option has distinct benefits and drawbacks, and failing to comprehend these can lead to future financial strain. It is essential to review and understand each option thoroughly before making a decision.
Some individuals mistakenly provide information about a beneficiary when electing the Maximum Allowance option. This option does not allow for any beneficiary designation, and including this information can cause confusion and delays in processing the application.
Another common error is not initialing the box if one prefers their beneficiary to receive payment under Options 2, 3, 4-2, or 4-3. This initialing is a critical step that indicates the member's choice, and failing to do so can lead to the default option being applied.
Lastly, people often forget to keep a copy of the completed form for their records. Retaining a copy is important for future reference and to ensure that any discrepancies can be addressed promptly.
More About Nycers F552
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What is the NYCERS F552 form?
The NYCERS F552 form is the Retirement Option Election Form used by members of the New York City Employees' Retirement System (NYCERS) who are in Tier 1 and Tier 2. It allows members to select their preferred retirement payment option, which is crucial for determining how pension benefits will be distributed to them and their beneficiaries.
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How do I elect an option on the F552 form?
To elect an option, you must complete the form and clearly mark the box corresponding to your choice. The options include Maximum, Option 2, Option 3, Option 4-2, and Option 4-3. Each option has different implications for your retirement allowance and benefits for your beneficiary. Ensure that you understand each option before making your selection.
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What is the deadline for submitting the F552 form?
You must submit the F552 form within 60 days from the date NYCERS mails you a Retirement Options letter. Failing to submit the form on time may affect your retirement benefits, so it is essential to pay attention to this deadline.
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What happens if I die before receiving my first full retirement payment?
If you pass away after your retirement effective date but before receiving your first full payment, a benefit will be paid to your beneficiary based on your Total Reserve for Tier 1 or Annuity Reserve for Tier 2. This is detailed in Option 1, which is described in a separate election form within your options packet.
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Can I change my beneficiary after I elect an option?
No, once you elect an option, you cannot change your beneficiary. It is crucial to choose your beneficiary wisely, as this decision is final and affects the distribution of your retirement benefits.
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What should I do if my beneficiary is a minor?
If your beneficiary is a minor, you must check the appropriate box on the form and complete the guardian information on Form 137. This ensures that a responsible adult is designated to manage the benefits on behalf of the minor.
Misconceptions
Misconception 1: The F552 form can be submitted anytime.
The F552 form must be filed within 60 days of receiving the Retirement Options letter from NYCERS. Missing this deadline could affect your retirement benefits.
Misconception 2: I can change my beneficiary after selecting an option.
Once you elect an option, you cannot change your beneficiary. It is crucial to choose wisely before submitting the form.
Misconception 3: All options provide the same benefits to my beneficiary.
Each option has different terms regarding how benefits are paid to your beneficiary. Understand these differences before making your choice.
Misconception 4: I don’t need to provide proof of my beneficiary's date of birth.
Proof of your beneficiary's date of birth is required. This documentation is necessary to validate your election.
Misconception 5: I can alter the form if I make a mistake.
Altering the form will render it invalid. If you make a mistake, it is best to complete a new form.
Misconception 6: The notarization of the form is optional.
Notarization is mandatory. The form must be signed and notarized to be accepted by NYCERS.
Misconception 7: I can submit the form online.
The F552 form must be mailed or submitted in person at the designated NYCERS location. Online submissions are not accepted.
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Key takeaways
Filling out and using the NYCERS F552 form is a critical step for members in Tier 1 and Tier 2 who are planning for retirement. Here are some key takeaways:
- The F552 form must be completed within 60 days of receiving the Retirement Options letter from NYCERS.
- Carefully review each retirement option available to ensure you choose the one that best meets your needs.
- Mark the box corresponding to your chosen retirement option clearly to avoid any confusion.
- Do not make any alterations to the form; doing so will invalidate it.
- Proof of date of birth is required for your designated beneficiary, along with a marriage certificate if applicable.
- Once the form is completed, it must be signed, notarized, and mailed to NYCERS at the specified address.
- NYCERS will acknowledge receipt of your selected option after processing your form.
- If preferred, you can file the form in person at the Customer Service Center in Brooklyn.
- Only one beneficiary may be designated for the Joint-and-Survivor or Pop-Up Options.
- Once an option is elected, you cannot change your beneficiary or the option itself.
Nycers F552: Usage Guide
Completing the NYCERS F552 form is an important step in your retirement planning process. It is essential to ensure that all information is accurate and complete. Once you have filled out the form, it must be signed, notarized, and mailed to the appropriate NYCERS address. Below are the steps to guide you through the completion of the form.
- Begin by entering your Member Number or Pension Number at the top of the form.
- Fill in the Last 4 Digits of your Social Security Number.
- Provide your Date of Birth in the format MM/DD/YYYY.
- Enter your First Name, Middle Initial, and Last Name.
- If applicable, fill in the In Care of section.
- Complete your Address, including Apt. Number, City, State, and Zip Code.
- Decide on the retirement option you wish to elect. Carefully read each option and mark the appropriate box:
- Maximum - Payments cease upon death, no beneficiary.
- Option 2 - Reduced payments continue to your beneficiary after your death.
- Option 3 - 50% of your retirement allowance continues to your beneficiary.
- Option 4-2 - Payments continue to your beneficiary; if they predecease you, payments cease.
- Option 4-3 - 50% continues to your beneficiary; if they predecease you, payments cease.
- If you select Options 2, 3, 4-2, or 4-3, provide your initials in the designated box.
- Fill out the information for your beneficiary, including First Name, Middle Initial, Last Name, Full Social Security Number, Date of Birth, Relationship, and Address.
- If your beneficiary is a minor, check the appropriate box and complete the guardian information on Form 137.
- Sign the form in the designated area.
- Have the form notarized by a Notary Public or Commissioner of Deeds. Ensure that the notary fills out their section completely.
- Mail the completed and notarized form to NYCERS at 335 Adams Street, Suite 2300, Brooklyn, NY 11201-3724, or visit the Customer Service Center in person.
After submitting your form, NYCERS will acknowledge receipt of your selected option. It is crucial to keep a copy of the completed form for your records. Should you have any questions or need further assistance, do not hesitate to reach out to NYCERS directly.