Tag Archives: beneficiary change

How To Keep Your NYSLRS Records Up-to-date

Whether you joined NYSLRS  recently or are preparing to retire, accurate records are essential. To make sure that your records are ready when you are, it’s important to check and update your NYSLRS account details. Here’s how:

  • Sign in to Retirement Online. It’s a convenient and secure way to review your records for personal details, contact information, designated beneficiaries and more. In many cases, you can use Retirement Online to make changes instead of sending forms through the mail or calling NYSLRS.
  • Review your Member Annual Statement (MAS). Each summer, your MAS offers an overview of your retirement account. Check it over carefully to make sure your date of birth, date of membership, service credit, earnings and other details are correct.

Be sure to contact us if you find any information that’s missing or incorrect. Get in touch right away:

  • When your mailing address changes. This is especially important if you leave public service before you’re eligible for retirement. With your correct address on file, we’ll be able to keep you informed about your benefits. The fastest and easiest way to update your address is to sign in to Retirement Online and make the change, or you can send us a completed Change of Address form (RS5512), though this process will take longer.
  • When you find a date-of-birth error. If your date of birth is wrong on any paperwork that we send you, we need to know. Please send us a photocopy of documentation showing your correct date of birth (such as a copy of your birth certificate). You can attach it to an email using our secure contact form, or write to our Member and Employer Services Bureau Registration Unit at 110 State Street, 5th Floor, Albany NY 12244-0001.
  • When you change your name. You can change your name in our records by submitting a Name Change Notice form (RS5483). If a court order was necessary for your name change, you’ll need to include a copy of the order.
  • When you want to select or change your beneficiaries. Sign in to Retirement Online and click Update My Beneficiaries. Retirement Online is the fastest way to get the job done. But, you can also complete a Designation of Beneficiary form (RS5127) and send it to us.

 

NYSLRS Basics: Special Beneficiary Designations

As a NYSLRS member, it’s important for you to name a beneficiary. Upon your death, your beneficiaries may be eligible to receive a death benefit. You may designate any person, a trust or organization to receive your ordinary death benefit – it does not have to be a family member.

The two main types of beneficiaries are primary (an individual or individuals who receive your benefit if you pass) and contingent (an individual or individuals who receive your benefit if your primary beneficiaries predecease you.)

Primary and Contingent Beneficiaries

A primary beneficiary is the person who receives your death benefit. If you name more than one primary beneficiary, each will share the benefit equally, unless you indicate specific percentages totaling 100 percent are to be paid (e.g., John Doe, 50 percent, Jane Doe, 25 percent, and Mary Doe, 25 percent).

A contingent beneficiary will receive your death benefit only if all the primary beneficiaries die before you. Multiple contingent beneficiaries will share the benefit equally, unless you indicate specific percentages are to be paid.

Special Beneficiary Designations

Special Beneficiary Designations

There are special rules for certain beneficiary designations:

Minor Children

If your beneficiary is under age 18 at the time of your death, your benefit will be paid to the child’s court-appointed guardian. You may also choose a custodian to receive the benefit on the child’s behalf under the Uniform Transfers to Minors Act (UTMA). Before making this type of designation, please contact us for more information.

Trust

If you have executed a trust agreement or provided for a trust in your will, your trust can be your primary or contingent beneficiary. Use our Trust with Contingent Beneficiaries form (RS5127-T) and be sure to include the trustee’s address.

With this type of designation, the trust is the beneficiary, not the individuals who will receive the trust. If you revoke the trust or it expires, its designation as beneficiary is no longer valid. You would then need to complete a new Designation of Beneficiary form (RS5127) to keep your beneficiary designation current.

You should contact your attorney for more information on trust agreements.

Estate

You may name your estate as the primary or contingent beneficiary of your death benefit. If you name your estate as your primary beneficiary, you cannot name a contingent. If a benefit is payable, it will be given to the executor of your estate to be distributed according to the terms of your will.

Entities

You may name any charitable, civic, religious, educational or health-related organization as your beneficiary. An entity can be a primary or contingent beneficiary.

You can find your NYSLRS beneficiaries listed in your Member Annual Statement, which is sent out every summer. Starting in January, you’ll be able to view and update your beneficiaries using our secure self-service portal, Retirement Online. Watch for more information about opening your new online account in upcoming blog topics and in other NYSLRS communications.