Once an application for a refund of Additional Member Contributions is received, NYCERS will:

1. Verify your title, plan and membership information to confirm you are eligible for a refund. 
2. Calculate your refund amount.
3. Send you an Election of Payment Notice which provides you with options regarding tax withholding and/or rollovers to tax deferred accounts.

You must return your Election of Payment Notice to NYCERS within 30 days, either by mail or in person at NYCERS’ Walk-in Center. If you do not return your Election of Payment Notice to NYCERS within 30 days from the date on the notice, we will process your full refund, less 20% Federal income tax withholding on the taxable portion of your distribution.

NYCERS will issue your refund within 15 business days after receiving your Election of Payment Notice. If you fail to return your Election of Payment Notice to NYCERS within 30 days, payment is issued 15 business days after the deadline has passed.