mta.info
 
  Q.

Are retirees eligible for a Cost-of-Living-Adjustment?

  A. Yes, retirees will be eligible to receive a Cost-of-Living Adjustment (COLA) effective September 1 of each year. Payable to retirees who:
  1. Have attained age 62 and have been retired for 5 years.
  2. Have attained age 55 and have been retired for 10 years.
  3. Retired on a disability pension at any age and have been retired for 5 years.
 
  Q.

How do I set up a direct deposit of my pension check to my bank account?

  A. OA retirees and TA retirees receiving the supplemental pension check contact NYC Transit Treasury Department for an application at (646) 252-6426. TA retirees receiving a NYCERS check must contact NYCERS at (347) 643-3000.
 
  Q.

Can retirement options be changed?

  A. No, once the full retirement check is mailed, the option selection is irrevocable. (For OA retirees a full check will be mailed at the end of the first full month of retirement.)
 
  Q.

Can a change of beneficiary be made on an option selection after retirement?

  A. Lump sum payment options that are based on the retirees age may be changed. Joint and survivor options that are based on the retiree and beneficiary's age cannot be changed.
 
  Q.

If I get divorced, is my spouse entitled to part of my pension?

  A. If your spouse is awarded a Qualified Domestic Relations Order (QDRO) in the divorce, your pension will be adjusted, so that your spouse will receive part of your pension in a monthly check.
 
  Q.

Can pension loans be issued after retirement?

  A. No, pension loans cannot be issued after retirement becomes effective.
 
  Q.

Will my pension be adjusted after I have paid the full amount of my pension loan?

  A. No, pensions are reduced for the loan repayment for the life of the pension.
 
  Q.

If I receive retroactive pay after I retire, will this affect my pension?

  A. Yes, only pensionable retroactive monies will be recalculated. Adjustments will be made retro active to your retirement date.
 
  Q.

Will my pension be adjusted after I have paid the full amount of my pension loan?

  A. No, pensions are reduced for the loan repayment for the life of the pension.
 
  Q.

If I select direct deposit, do I receive a monthly statement?

  A. NYCT retirees will receive a quarterly statement from NYCERS. MaBSTOA retirees will receive a quarterly statement from the Office of the Controller.
 
  Q.

If I receive retro active pay after I retiree, will this affect my pension?

  A. Yes, only pensionable retro active monies will be recalculated and your pension will be adjusted and you will receive retro payment back to your retirement date.
 
  Q.

May I review my pension calculation?

  A. Yes, OA pensions may be reviewed by contacting Employee Benefits at (347) 643-8550. TA pensions may be reviewed by contacting NYCERS at (347) 643-3000.
 
  Q.

Do I have to pay taxes on my retirement allowance?

  A. Your retirement allowance is exempt from New York State & New York City income taxation as long as you live within the State of New York. If you live outside of New York State your retirement allowance is subject to taxation of that state. However, your retirement allowance is subject Federal income taxation.
 
  Q.

What steps should be taken if a pension check is not received?

  A. If you do not receive your check in the mail, after the tenth day after which it is normally received, you must notify the following departments.
  • TA Regular check (NYCERS) (347) 643-3000
  • TA (Supplemental Pension check) (646) 252-6421
  • OA (Regular & Supplemental check) (646) 252-6421
An affidavit will be mailed to you, which must be completed and returned to the appropriate departments.

Checks, which were not cashed, will be replaced immediately.