Category Archives: Retirees

News and Information for members of the retirement system who are enjoying their retirement

Retiree Annual Statements Coming

If you’re a NYSLRS retiree and received benefits in 2019, your Retiree Annual Statement should be coming in the mail soon, if you haven’t received it already.

The Retiree Annual Statement provides important information about your retirement account. You should keep your copy in a safe place.

couple reviewing their Retiree Annual Statement

What’s Inside Your Retiree Annual Statement

Your annual statement includes:

  • Your retirement number. To protect your privacy, use this number instead of your Social Security number when conducting business with NYSLRS.
  • Your monthly benefit before taxes, deductions and credits.
  • Your total net benefit for the year. (This is your benefit after taxes, deductions and credits.)
  • The total amount of any cost-of-living adjustment (COLA).
  • Your total Medicare credits (if eligible).
  • Federal tax withholding and other deductions taken from your pension, such as union dues.
  • Health insurance premiums. (NYSLRS doesn’t administer health insurance benefits, but we deduct retiree premiums at the request of your former employer.)

Not a Tax Document

While your Retiree Annual Statement includes information about your benefit payments and tax withholding, it is not a tax document and should not be used for filing your federal income tax return. NYSLRS mailed 1099-R tax forms to retirees and beneficiaries in January.

If you need a reprint of your 2019 1099-R to file your taxes, you can order one online. Reprints will be mailed to the address we have on file for you, so if you’ve moved recently, you should check to make sure your contact information is up to date before requesting a reprint. The fastest way to check and update your address is with Retirement Online. From your account homepage, you can also let us know how you would like to receive information from NYSLRS by choosing your correspondence preference.

Staying Informed

News & Notes, our semiannual newsletter, will be included with your Retiree Annual Statement. The newsletter will help you keep up with the latest news about NYSLRS and other topics of interest.

Your Statement provides a snapshot of your NYSLRS account as of December 31, 2019, but you can get up-to-date information by signing in to Retirement Online. If you don’t already have an account, you can learn more or register today.

NOTE: when there is a change in your net benefit amount, NYSLRS will notify you by mail or email.

Retirees: Know Your Post-Retirement Earnings Limit

Retirees: Know Your Post-Retirement Earnings LimitAs a NYSLRS retiree, you can work for a public employer after retirement and still receive your pension, but there may be an earnings limit on how much you can earn.

Public employers include New York State, municipalities in the State (cities, counties, etc.), school districts and public authorities. If you’re self-employed or work for a private employer, another state, or the federal government, you can collect your full NYSLRS pension no matter how much you earn. (However, earnings for most disability retirees are limited whether they work for a public or private employer. To find out your earnings limit, please contact us.)

Two sections of New York State Retirement and Social Security Law (RSSL) apply to NYSLRS service retirees who return to work in the public sector.

Section 212: Earnings Limit Increases to $35,000 in 2020

Section 212 of the RSSL allows retirees to earn up to $30,000 from public employment in calendar year 2019. Legislation signed in December 2019 increased the earnings limit to $35,000 for calendar year 2020 and future years. There is generally no earnings restriction beginning in the calendar year you turn 65. (Special rules apply to elected officials.) If you are under 65 and earn more than the Section 212 limit, you must:

  • Pay back, to NYSLRS, an amount equal to the retirement benefit you received after you reached the limit. And, if you continue to work, your retirement benefit will be suspended for the remainder of the calendar year.

OR

  • Rejoin NYSLRS, in which case your retirement benefit will be suspended.

Section 211: Requires Employer Approval

Under Section 211, the earnings limit can be waived if your prospective employer gets prior approval. (In most cases, the New York State Department of Civil Service would be the approving agency.)

Section 211 approvals apply to a fixed period, normally up to two years. Approval is not automatic; it is based on the employer’s needs and your qualifications.

Before you decide to return to work, please, please read our publication, What If I Work After Retirement? If you still have questions or concerns, please contact us.

Too Much Free Time?

Could retirement bring you too much free time? When people think about retirement planning, they usually think about money. Will you have enough to maintain a comfortable lifestyle for a retirement that could last decades? But regardless of your finances, there is one thing you’re likely to have a lot more of after you retire: time. Figuring out how you’ll spend that time should also be part of your retirement planning process.

Free time after retirement

Counting the Hours

According to the U.S. Labor Department, the average American worker spends about nine hours a day at work. Add another hour a day commuting time, and that’s ten hours a day or 50 hours each week.

All those hours you spent working, and traveling to and from work, will instantly become free time. While that may sound great to many people, all that extra time can have downsides.

If not put to good use, that extra time can lead to boredom and even depression. What’s more, if you’re married and you and your spouse are both retired, you may find yourselves wondering how to spend that time together.

Make a Plan for Free Time

For many couples, having extra time together is a dream come true. However, some couples find themselves getting in each other’s way, and that can sometimes lead to problems.

But there are ways to cope. For example, finding activities outside the home, both together and separately, can help. As with most things, you’ll be better off if you recognize there may be a problem, discuss it with your spouse, and come up with a plan.

There are more thoughts on the subject, and some good advice, in this article: 10 Tips to Help Your Marriage Survive Retirement.

Retirement Online for Retirees

Retirees, you’ll want to take advantage of the safety and convenience of Retirement Online to conduct business with NYSLRS.

Using Retirement Online may save you a phone call or a trip to the mailbox. You can conduct retirement transactions in real time when it’s most convenient for you.

Retirement Online for Retirees

View Your Benefit Information

Review the most up-to-date information about your account. Check on the details of your pension and review deductions.

Update Your Contact Information

Moving? Changing your phone number or email address? It’s easy to keep NYSLRS updated so you won’t have to worry about missing important news and information about your benefits.

Snowbirds, take note. You can schedule an address change so you get NYSLRS mail at your seasonal home without interruption. This will ensure that you get your 1099-R tax forms in time to file your tax return.

Manage Your Beneficiaries

You can change the beneficiary for your post-retirement death benefit or change the contact information for an existing beneficiary.

Retirement Online makes it easy to view your beneficiary selections and submit changes instantly.

Generate an Income Verification Letter

You may need to prove your pension income for business reasons, such as applying for a mortgage or renting an apartment. With Retirement Online, you can generate an income verification letter any time you need one.

Retirees: Register for Retirement Online Today

Retirement Online is generally available from 7:00 am to 5:00 pm, seven days a week. In the future, we will be expanding its hours of operation. We’ll also be introducing additional features, including the ability to manage your direct deposit information online.

It’s easy to create your own account. If you have any difficulty, our online guide takes you step by step through the process. You’ll find it, and other helpful information, in the Tools & Tips section of the Retirement Online page.

A Snapshot of NYSLRS Retirees

NYSLRS’ Comprehensive Annual Financial Report (CAFR), published each fall, has a wealth of information about the Retirement System. Much of it is technical — mostly about investments — but it’s also a good place to learn about NYSLRS retirees.

Here are a few tidbits we’ve gleaned from the latest edition, which includes data from the State fiscal year that ended March 31, 2019.

NYSLRS Retirees by the Numbers

NYSLRS was providing pension benefits to 481,795 retirees and beneficiaries as of the end of the fiscal year.

Nearly 79 percent of NYSLRS retirees and beneficiaries — some 379,057 — live right here in New York State, and they can be found in every county. Long Island and Western New York are both home to more than 60,000 NYSLRS retirees and beneficiaries, while nearly 55,000 live in the Capital District.

NYSLRS retirees can also be found in every state. Florida, not surprisingly, is the number two choice — more than 38,000 call the Sunshine State home. North Dakota is the least popular destination, with only two dozen NYSLRS pensioners. Another 695 live outside the United States.

Snapshot of NYSLRS Retirees

NYSLRS Pensions at Work

NYSLRS retirees live in our communities. Their pension money flows right back into our neighborhoods, stimulating and growing local economies. In 2018 alone, NYSLRS retirees generated $12.6 billion in economic activity in New York State. They paid nearly $2 billion in property taxes, paid State and local sales taxes, and spent money at local businesses. Spending by NYSLRS retirees and their beneficiaries was responsible for creating an estimated 76,100 local jobs in 2018. Learn more.

An Award-Winning Publication

NYSLRS has received a Certificate of Achievement for Excellence in Financial Reporting for the CAFR for the last 15 years. It’s a national award recognizing excellence in the preparation of state and local government financial reports.

To find out more about retirees, members and NYSLRS’ investments, check out this year’s CAFR on our website.

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:

Cost-of-Living Adjustment (COLA)
Coming in September

Eligible NYSLRS retirees will see a cost-of-living adjustment (COLA) increase in their monthly pension payments beginning in late September.

This COLA is a permanent annual increase to your retirement benefit. It is based on the cost-of-living index and is designed to address inflation.

cola coming

How COLA is Determined

COLA payments, subject to certain limitations, equal 50 percent of the previous year’s inflation rate, but are never less than 1 percent or more than 3 percent of your benefit. The adjustment is applied to the first $18,000 of your Single Life Allowance, even if you selected a different option. Once COLA payments begin, you will receive an increase to your monthly benefit each September.

The September 2019 COLA equals 1 percent, for a maximum annual increase of $180.00, or $15.00 per month before taxes.

Who is Eligible for a COLA?

To begin receiving COLA payments, you must be:

  • Age 62 or older and retired for five or more years; or
  • Age 55 or older and retired for ten or more years (uniformed employees such as police officers, firefighters and correction officers covered by a special plan that allows for retirement, regardless of age, after a specific number of years); or
  • A disability retiree for five years; or
  • The spouse of a deceased retiree receiving a lifetime benefit under an option elected by the retiree. An eligible spouse is entitled to one-half the COLA amount that would have been paid to the eligible retiree when the retiree would have met COLA eligibility; or
  • A beneficiary receiving the accidental death benefit for five or more years on behalf of a deceased Retirement System member.

When Will You See the Increase?

Eligible retirees will see the first 2019 COLA payment in their September pension payment. It will be available to those with direct deposit on September 27, 2019. If you receive a paper check, the COLA will be included in the check to be mailed September 30, 2019.

If you are not eligible yet, you will receive your first COLA increase in the month after you become eligible. This payment will include a prorated amount to cover the month you became eligible. After that, you will receive a COLA increase each September.