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The NYCERS F552 form serves a crucial role in the retirement planning process for Tier 1 and Tier 2 members of the New York City Employees' Retirement System. Designed specifically for electing retirement options, this form allows members to choose from several payment plans that will determine how their pension benefits are distributed. Key options include the Maximum Allowance, which provides the highest monthly payment but ceases upon the member's death, and various Joint-and-Survivor options that ensure continued payments to a designated beneficiary. It is essential for members to complete the form accurately, as any alterations may invalidate their election. Furthermore, the form requires supporting documentation, such as proof of the beneficiary's date of birth and, if applicable, a marriage certificate. Members must submit the completed and notarized form within 60 days of receiving their Retirement Options letter to ensure their chosen option is honored. This process underscores the importance of understanding each retirement option thoroughly, as it significantly impacts both the member's financial security and that of their beneficiaries.

Preview - Nycers F552 Form

NYCERS USE ONLY

F552

 

*552*

Retirement Option Election Form for Tier 1 and Tier 2

Maximum, Option 2, Option 3, Option 4-2, Option 4-3

Member Number

OR

Pension Number

 

Last 4 Digits of SSN

Date of Birth [MM/DD/YYYY]

 

 

 

 

 

 

/

/

 

 

 

 

 

 

 

 

First Name

 

 

M.I.

 

Last Name

 

 

 

 

 

 

 

 

 

 

In Care of (if applicable)

Address

 

 

Apt. Number

 

 

 

 

 

City

State

 

Zip Code

 

 

 

 

 

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 11201-3724. NYCERS will acknowledge receipt of the option you have selected. If you wish to file this option in person, visit our Customer

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

Joint-and-

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 Joint-and Survivor 50%

I elect to receive a reduced lifetime retirement allowance. If I die before my beneficiary, one-half

(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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NYCERS USE ONLY

F552

 

Member Number

Pension Number

Last 4 Digits of SSN

 

 

 

 

 

 

 

 

 

Option 4-2

Pop-Up Joint-and-Survivor 100%

Option 4-3

Pop-Up Joint-and-Survivor 50%

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 4-2 instead, place your initials in this box.

Initial Here

I elect to receive a reduced lifetime retirement allowance. If I die before my beneficiary, one-half (50%) of my retirement allowance will continue 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 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 4-3 instead, place your initials in this box.

Initial Here

Only one beneficiary may be named in a Joint-and-Survivor or Pop-Up Option. If you elect the Maximum Allowance, do not provide any beneficiary information.

Information about your beneficiary. Please print plainly in ink. Use your beneficiary's given name. (Mary Smith

not Mrs. John Smith)

First Name

 

 

M.I.

Last Name

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Full Social Security Number

Date of Birth

[MM/DD/YYYY]

Relationship

 

 

 

/

/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Address

 

 

 

 

 

 

 

Apt. Number

 

 

 

 

 

 

 

 

 

 

City

 

 

 

 

 

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 3

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NYCERS USE ONLY

F552

 

Member Number

Pension Number

Last 4 Digits of SSN

 

 

 

 

Signature of Member

Date

 

 

 

 

This form must be acknowledged before a Notary Public or Commissioner of Deeds

State of

 

County of

 

 

On this

 

day of

 

 

2 0

 

, personally appeared

before me the above named,

 

 

 

 

 

 

, to me known, and known to

me to be the individual described in and who executed the foregoing instrument, and he or she acknowledged to me that he or she

executed the same, and that the statements contained therein are true.

If you have an official seal, affix it

Signature of Notary Public or

 

 

Commissioner of Deeds

 

 

 

 

 

 

 

Official Title

 

 

 

 

 

 

Expiration Date of Commission

 

 

 

 

 

 

 

Sign this form and have it notarized, THIS PAGE

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Page 3 of 3
Get Nycers F552 PDF Form

Form Characteristics

Fact Name Details
Form Purpose The F552 form is used to elect a retirement option for NYCERS members in Tier 1 and Tier 2.
Filing Deadline Members must file their option election within 60 days of receiving the Retirement Options letter from NYCERS.
Options Available Members can choose from Maximum, Option 2, Option 3, Option 4-2, and Option 4-3 for their retirement payments.
Notarization Requirement The completed form must be signed, notarized, and mailed to NYCERS to be valid.
Beneficiary Information Proof of date of birth is required for the designated beneficiary, along with a marriage certificate if applicable.
Payment Continuation Under Options 2, 3, 4-2, and 4-3, payments may continue to a beneficiary if the member passes away before them.
Governing Laws The retirement options are governed by New York State Retirement and Social Security Law.
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