Monthly Archives: August 2019

A Guide for Retirees

Our publication A Guide for Retirees is a valuable resource to read if you’re retired or planning to retire soon. This guide details the continuing benefits and services NYSLRS provides for its retirees.

What’s Inside A Guide for Retirees?

The first section of A Guide for Retirees outlines your benefits in clear, straightforward language. It provides an estimate of when to expect your first pension check, along with a couple reminders to help avert any delay in your payment. There’s also a brief description of how we calculate your benefit and information about what to do if you believe your benefit was calculated incorrectly.

Your NYSLRS retirement benefit will provide you with monthly payments for the rest of your life. But that doesn’t mean the amount of your pension won’t change. For example, your benefit will increase once you are eligible for a cost-of-living adjustment. Signing up for Medicare or getting a divorce can also change your benefit amount.

The booklet also describes benefits that your survivors may be eligible for, such as the post-retirement death benefit.

A Guide for Retirees

Services We Offer

A Guide for Retirees describes services NYSLRS provides for retirees, including:

  • Retirement Online. A fast and secure way to do business with NYSLRS.
  • Automated Information Line. You can call 24 hours a day, seven days a week to request a form, check your COLA eligibility, get general tax information and more.
  • Direct Deposit. Have your pension deposited directly into your bank account.
  • Pension Verification Letters. You can create your own in Retirement Online or we can send one at your request.
  • Individual Consultations. You can discuss your benefits with one of our information representatives in person or over the phone.

Your Obligations

Your benefits come with certain responsibilities. Most importantly, you need to let us know if your address changes. Even if you’re getting your pension through direct deposit, we need to have your correct address so we can send you tax documents and other important information.

This section also reminds you to keep your beneficiary information current, contact us if your check is lost or stolen, and review your withholding regularly.

Other Publications

Read our recent blog posts about other NYSLRS publications:

See You at the New York State Fair

The Great New York State Fair opens today in Syracuse and NYSLRS is there.

The 13-day celebration of everything New York runs through Monday, September 2 (Labor Day). Our information representatives will be at the fairgrounds, as they have been for more than 20 years, to help members and retirees with their retirement planning and benefit questions. In the past, many NYSLRS members have stopped by the booth to get a benefit projection. You’ll also be able to pick up retirement plan brochures and forms or have a brief consultation with one of our information representatives.

The NYSLRS booth will be in the Center of Progress Building, building 6 on the State Fair map, near the Main Gate.

Find Unclaimed Funds at the State Fair

OSC’s Office of Unclaimed Funds booth will be in the same building. An unclaimed fund is lost or forgotten money, perhaps in old bank account or insurance policy, that has been turned over to the State. See if any of that money is yours. So far this year, State Comptroller Thomas P. DiNapoli and the Office of Unclaimed Funds has returned more than $243 million.

New York State Fair

 

Special State Fair Days

Friday, August 23

  • Pride Day – Performances and LGBTQ participation in daily parade

Monday, August 26

  • Law Enforcement Day — Free admission for active and retired law enforcement personnel and corrections officers
  • Senior Citizens’ Day — Free admission for senior citizens (60+)

Tuesday, August 27

  • Comptroller DiNapoli Visits the Fair — He manages the New York State Common Retirement Fund and is the administrator of NYSLRS. He’ll be stopping by the NYSLRS booth during the day.
  • Fire & Rescue Day — Free admission for active and retired members of fire departments and emergency services organizations
  • Senior Citizens’ Day — Free admission for senior citizens (60+)

Wednesday, August 28

  • Women’s Day — $1 admission for women ages 13-59 (Children 12 and under are always free.)
  • Senior Citizens’ Day — Free admission for senior citizens (60+)

Thursday, August 29

  • Armed Forces Day — Free admission for active duty or veterans

Monday, September 2

  • Labor Day – Show your support of working women and men at the Fair’s Labor Day rally. Meet near Gate 4 at 10:00 am and join the march to Chevy Court at 10:30 am.
  • Summer Send Off “Dollar Day” – $1 adult admission all day

Note: ID required for free admissions listed above. For details, check out the complete schedule of Special Fair Days.

Payroll Deductions and Your NYSLRS Loan

If you take a loan against your NYSLRS contributions, you must repay the loan in five years. This timeframe is required by the Internal Revenue Service. If the loan is not repaid within five years, it defaults.

loan payroll deductions

NYSLRS loans are paid back through payroll deductions, which are taken out of your paycheck by your employer. During the five-year period, we’ll periodically review your remaining loan balance. If your current payroll deduction amount won’t be enough to pay off your loan within the required timeframe, we’ll notify your employer to increase your payroll deduction. We do this to make sure you can repay your loan on time.

Generally, the increase of your payroll deduction will be small. Your increase could be more significant if, for example, you go on leave without pay and need to make up any missed payments.

Once you pay your loan in full, we’ll notify your employer to stop taking payroll deductions.

How You Can Adjust Payroll Deductions

You can sign in to your Retirement Online account or call our automated phone line to check your outstanding loan balance. Knowing your outstanding loan balance can help you determine how to adjust your payroll deductions if you want to pay off your loan sooner. Please visit our website for more information about repaying your NYSLRS loan.

What Happens After You File
Your Retirement Application

The big day has finally come. You’ve submitted your retirement application, and you’re ready to start collecting your pension. Here’s what will happen next.

There are four documents we’ll need in addition to your retirement application. You can send them with your retirement application or after you apply:

retirement application

After we receive your application, we will send you a confirmation letter, which lists your retirement date and the forms we’ve received from you. If you don’t submit a W-4P, we’ll withhold federal taxes based on the status “married with three dependents.” (You can change your withholding at any time.)

If you haven’t received an estimate in the past 18 months, you don’t need to send an option election form with your retirement application. We’ll send you an estimate, along with an option election form, after we receive your retirement application.

Your First Payment

Your monthly payments will be based on the salary and service information we have on file.

We cannot send your first payment until we have proof of your date of birth. If you can, you should submit this document with your retirement application. (A copy of your New York driver’s license, birth certificate, passport or naturalization papers are acceptable proofs.) If you don’t have proof of date of birth available when you submit your retirement application, you can email us a photocopy by attaching it to our secure contact form.

We encourage you to sign up for direct deposit, so you’ll have safe and reliable access to your pension payments on the last business day of each month. Paper checks are mailed on the second to last business day of each month and may take longer to receive.

Possible Adjustments

If we receive additional payroll information from your employer, such as eligible lump sum payments, a retroactive pay increase or lagged regular earnings, we may need to adjust your pension payment. Because of the many variables that are often involved in verifying service and salary details with your former employer, finalizing your retirement benefit amount can take some time. The time this takes depends on the complexity of the circumstances. For example, if you worked for multiple public employers, it may take longer to pull together all your income information.

Once we have all the information we need, we’ll recalculate your pension amount. If your payment increases, you will receive a retroactive payment for the amount you are owed back to your date of retirement (the difference between your initial payments and your final retirement benefit amount).

For more information, please read our publication How Do I Prepare to Retire? and these recent blog posts: