Workers Comp Deficiency
WHAT IS IT AND HOW DO I FIX IT?
While you were out of work recovering from your injuries, you received two (2) checks that equaled your normal take home pay. One of those checks was a differential check paid by the Authority, from which your normal pension contribution was deducted. The other check you received was a Workers Compensation check, from which your normal pension contribution was NOT taken out, making this portion of your IOD period non-pensionable. This period is what is referred to as a “comp deficiency.“
You MUST pay the deficiency on this portion of your workers comp to receive full pension credit for this time. You can wait until your retirement to pay the deficiency, but your deficiency will accrue 5% annual interest until the deficit is paid. To avoid this interest payment we recommend that you pay the deficiency as soon as you can.
If you think you fall into this category, or if you are not sure, don’t wait to find out:
- NYCERS members should call (347) 643-3000
- OA Pension Plan members should call the BSC (646) 376-0123