New Line Cinema says it has begun production in New York on its big-screen comedy Going in Style, starring Morgan Freeman, Michael Caine and Alan Arkin.

The movie is a remake of Martin Brest's 1979 classic, which featured George Burns, Art Carney and Lee Strasberg. Zach Braff will direct the new version from a screenplay by Theodore Melfi.

Freeman, Caine and Arkin team up as lifelong buddies Willie, Joe and Al, "who decide to buck retirement and step off the straight-and-narrow for the first time in their lives when their pension fund becomes a corporate casualty," said a news release from the studio. "Desperate to pay the bills and come through for their loved ones, the three risk it all by embarking on a daring bid to knock off the very bank that absconded with their money."

Set for release May 6, the film also stars Ann-Margret, Peter Serafinowicz, John Ortiz, Joey King, Christopher Lloyd and Matt Dillon.