What are the City’s pension systems?

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NYCTaxpayer

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Posted 8 years ago

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A number of Pension Funds provide benefits for New York City employees, retirees and beneficiaries. The City's primary employee Pension Funds are:

The New York City Employees' Retirement System (NYCERS),

The New York City Teachers' Retirement System - Qualified Pension Plan (TRS),

The New York City Police Pension Fund (POLICE),

The New York City Fire Department Pension Fund (FIRE), and

The New York City Board of Education Retirement System - Qualified Pension Plan (BERS).

Each Pension Fund is financially independent of the others, and is administered by its own board of trustees. Each Fund provides legally-entitled retirement benefits to its members. The funds necessary to finance these benefits are accumulated through contributions from members, participating employers and the investment earnings of the Pension System.