Are you an HHC/Mayorals nurse considering retirement? Here’s some important information about how our new contract affects you:
- Nurses who have already retired or will retire on or before July 31, 2014 are eligible to get their retro in one lump sum. This will be paid out from the $16.3 million fund set aside for this purpose in the new agreement.
- Those who retire after July 31, 2014 will get their retro paid out on the same schedule as active employees. They will receive their retro in five lump sum payments starting in 2015 and ending in 2020.
- To be considered “retired” by July 31, 2014, you must be “off payroll” by that date. This means you must not be receiving on-going terminal leave pay checks. If you want to be retired by July 31st, you should request in writing that your terminal leave time benefits be paid to you in a lump sum.
- Employees considering retirement should:
- Immediately contact their HR and payroll departments to determine how much time is in their banks and what their terminal benefits would be if they retire;
- Contact NYCERS to determine which pension plan you are in and to assess your final pension benefits.
For Information about your NYCERS pension:
- Call Center: (347) 643-3000
For more information about the costs and coverage of retirees under City health plans, visit the following websites:
- For Information about Health Coverage and Plan Descriptions: www.nyc.gov/html/olr/html/health/health_benefits_prog.shtml
- FAQs about Retiree Health coverage issues: www.nyc.gov/html/olr/downloads/pdf/healthb/retiree_procedures.pdf