NYCTA Benefits

[Nystateofmind]

Do TA bus operators receive two pensions? MTA Denfined pension and NYCERS ?

[IronboundNJT]

Do TA bus operators receive two pensions? MTA Denfined pension and NYCERS ?

The MTA deferred program is optional. Only Nycers is mandatory to join.

 

 

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[161 New York]

I think it would be important to clarify the following:

 

NYCERS or New York City Employee Retirement System is the pension plan that nearly all TA permanent employees contribute via mandatory payroll deductions and would be eligible to receive upon vesting (which is different upon date of appointment and/or tier). This pension plan is ran by the City of New York. 

 

The 401(k) and 457 Deferred Compensation Program is administered by Prudential Financial Inc. for the MTA. Participation in these plans is voluntary. A 401(k) or 457 plan is not a pension, funds invested in these plans are subject to loss up to and including the entire principal. Please refer to the relevant disclosures.

 

NYCERS - New York City Employee Retirement System

MTA Deferred Compensation Program - Prudential Financial

NYC Office of Labor Relations (PDF) - 457 401(k) Comparison

[Nystateofmind]

Actually I was referring to the MTA defined pension, the same same one that LIRR ,MNRR, ect. Receive.

[IronboundNJT]

Actually I was referring to the MTA defined pension, the same same one that LIRR ,MNRR, ect. Receive.

Well that's the thing the MTA uses the same wording but it seems to function differently from agency to agency. For them it seems to function similar to being in Tier 4 nycers. Although those documents I read seemed a lil outdated and that was about 2 to 3 years ago. To get the best definitive answer, I suggest you post your question in one of the LIRR threads. But what I know for sure is as a TA worker is it's a 401/457 as explained above.

 

 

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[Kae]

Great topics... thanks for the information... now i won't have to inquire with these same topics...