Tag Archives: Retirees

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.

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.

Protecting Your Identity Online: Tips for Secure Passwords

Secure Passwords

The rules for password creation have changed in recent years, so you may have to unlearn some of the things you’ve been taught in the past about secure passwords.

The National Institute of Standards and Technology (NIST), the federal agency that created the original password guidelines, recently revised those guidelines. Its current recommendations are based on research on both the habits of users and the techniques of hackers. Here are some of their findings:

  • Length is a major factor in a password’s strength, so the longer the password, the better.
  • Complex passwords, with a mix of character types, are hard for people to remember, and do little to deter hackers.
  • Strong passwords can be created from short phrases that are easy for you to remember, but would be meaningless to anyone else.
  • Passwords may be used indefinitely as long as they’re strong and have not been compromised. Obviously, if you have an account with a company that just had a data breach, you’ll want to change that password.

Other Ideas on Secure Passwords

Changing passwords every 30, 60 or 90 days was recommended for thwarting hackers, but some security experts now question that tactic. Changing passwords on a regular schedule may have little security value and can lead to bad habits. Research has shown that people tend to make only minor changes when updating their passwords or create weak passwords that are easier for them to memorize. You’re better off creating a strong password, memorizing it and holding on to it.

While NIST has changed some of its guidelines, some of the old ones still apply. Don’t share your secure passwords with anyone, or leave them on sticky notes by your computer. Create unique passwords for important accounts, such as your bank account and your email, and avoid bad passwords such as “password,” “12345678,” “qwerty” and “iloveyou.”

Retirement Online is Back

Earlier this month, NYSLRS finished a series of computer system upgrades to improve the services available to our customers. Retirement Online was unavailable during the upgrade period, but it is now once again available to NYSLRS members, retirees and beneficiaries.

Retirement Online is Back

Using Retirement Online

Register and sign in to Retirement Online to:

  • View benefit information. You don’t need to rely on your annual statement or call our Contact Center. With Retirement Online, you can review up-to-date information about your account when it’s convenient for you.
  • Update contact information. Change your address, phone number or email address online instead of calling or emailing. If you submitted an address change form during the upgrade, we are processing those now.
  • View or update beneficiaries. It’s a good idea to keep your beneficiary designations up to date. View your selections and submit changes instantly. If you submitted a paper beneficiary designation form during the upgrade, your beneficiary change is effective as of the date we received it, however, updates may not appear in your Retirement Online account until your form is processed.
  • Apply for a loan. You may be eligible to take out a loan against your NYSLRS contributions. Do it safely and conveniently with Retirement Online. If you submitted a loan application during the upgrade, we are processing those now.
  • Generate an income verification letter. Sometimes a business or government agency requires you to verify your pension income. Generate and print an official income verification letter any time you need one.

As a result of this spring’s upgrades, we expect to roll out even more features later this year. Members will be able to estimate their pension benefit, purchase service credit and apply for retirement; retirees will get to manage their direct deposit information and more. Stay connected to NY Retirement News for details.

Public Service Recognition Week

Public Service Recognition Week
This week we proudly celebrate the more than 600,000 members and 400,000 retirees of the New York State and Local Retirement System (NYSLRS) for their service to the people of New York State.

A Brief History of Public Service Recognition Week

Public Service Recognition Week was created in 1985 to honor the men and women who serve our nation as federal, state, county and local government employees. They dedicate their careers — and sometimes their lives — to keep others safe and provide for the common good. Their work makes life in our communities better.

This year, Public Service Recognition Week is being celebrated May 5 through May 11.

The Public Servants of NYSLRS

NYSLRS is full of stories about public servants finding value and meaning in the work they do, especially when they help other New Yorkers.

Whether they are protecting our communities, fighting fires, clearing our roads after snowstorms or simply helping government function better, NYSLRS members deliver the critical resources and services many New Yorkers depend on. Even outside of work, many NYSLRS members and retirees give back to our State by serving their communities as volunteers and supporters of charitable causes.

Comptroller DiNapoli’s Faith in Public Service

New York State Comptroller Thomas P. DiNapoli is the administrator of NYSLRS and trustee of the Common Retirement Fund. His public service career began when he was elected as a trustee to the Mineola Board of Education at the age of 18, making him the first 18-year-old in New York State to hold public office. Comptroller DiNapoli is understandably proud about the career path he has chosen, and he often speaks about the contributions that New York’s public employees make, not just as engaged citizens, but as individuals who bring value to the communities where they live.

Where Are Your Important Documents?

We accumulate a lot of documents over a lifetime — things like birth certificates, diplomas, deeds, wills and insurance policies. If you’re like most people, you probably have papers stuffed in drawers, filing cabinets or boxes in the attic. If you ever needed an important document, do you think you could find it? What’s more, if you passed away, would your loved ones be able to find what they need?
where are your important documents?

Organize Your Important Documents

Important documents and contact information should be kept in a secure but accessible place in your home. This includes personal documents, such as your passport, birth certificate, marriage certificate, will and burial instructions. You should also include information about your retirement benefits, income taxes, bank accounts, credit cards and online accounts. And don’t forget the names and phone numbers of your attorney, accountant, stock broker, financial planner, insurance agent and executor of your will.

To make this a little easier, we’ve developed a fillable form called Where My Assets Are. Fill it out, print it and use it to organize your important papers. It will help you or your loved ones locate these documents when they are needed. It’s a good idea to review and update this information regularly.

Be aware that if you keep a safe deposit box, it may be sealed when you die. Don’t keep burial instructions, power of attorney or your will in a safe deposit box because these items may not be available until a probate judge orders the box to be opened. However, a joint lessee of the box, or someone authorized by you, would be permitted to open the box to examine and copy your burial instructions.

Get Your Affairs in Order

Read our publication Getting Your Affairs in Order and A Guide for Survivors for guidance about preparing your survivors, organizing your files, and who to contact if a loved one dies.

Prepare Your Affairs and Survivors

Much of the thought we put into financial planning and preparing for retirement is self-focused: How much do I need to retire? Am I saving enough? However, when we die, our survivors will have some important decisions to make about our finances. Putting our affairs in order now can make a difficult time for them a little less uncertain.
prepare your affairs and survivors

Organize Your Documents

The first step to putting your affairs in order is collecting all the assorted records, certificates and other paper work in a secure place. You’ll also want to write down names and phone numbers for any friends or business associates who could be helpful (like your attorney, accountant, financial planner, insurance agent or the executor of your will).

Our form, Where My Assets Are (VO1848), can help your survivors find these important documents. Fill it out, then review it and update it regularly.

Talk to Your Loved Ones

You may not feel comfortable discussing death with your friends and loved ones. However, all the preparation in the world won’t do you any good if you keep your plans a secret.

  • Once you’ve collected your files and put together a list, let your potential survivors know where it is. It’s important that they know where your assets and documents are.
  • Review your finances with your loved ones, including your children.
  • Make sure your beneficiaries understand that it can take up to 13 weeks between notification of your death and payment of any death benefit or the beginning of any continuing benefit (if you selected an option that provides a continuing benefit). Death benefits cannot be paid until we have a certified death certificate. Make sure we have correct addresses for your beneficiaries.
  • Discuss your funeral and burial preferences, and let your family know about any arrangements you have already made.
  • Work with an attorney to prepare a will or trust.
  • Consider advance directives, such as a durable power of attorney, living will, health care proxy or do-not-resuscitate order. If you have minor children, be sure to name a guardian for them in the event of your death. If you have a child with a disability, it’s a good idea to consult a professional who can help you navigate complex Medicaid and Medicare rules. You may also want to consider the NY ABLE program.

Finally, let your potential survivors know about our publication, Getting Your Affairs in Order and A Guide for Survivors. The second half is full of guidance on what to do and who to contact if a loved one dies.

Computer System Upgrades Begin Now

Today through mid-May 2019, NYSLRS is conducting a series of computer system upgrades to improve the services available to our customers.

Retirement Online will be unavailable throughout the upgrade period. However, you will still be able to conduct business with NYSLRS by email, mail and phone.
computer system upgrades

Please note:

  • If you need to apply for a loan during the upgrade period, you can fill out a loan application and mail it to our office. Visit our Loans page for links to the applications and more information.
  • If you need to update your beneficiaries, fill out the Designation of Beneficiary form (RS5127). If you mail it to us “Certified Mail — Return Receipt Requested,” we will consider it as filed on the date it was mailed. Your beneficiaries will be updated in our system shortly after the upgrade is completed.
  • If you need to change your address, you can submit the new address by phone, email or mail. Your address will be updated in our system after the upgrade is completed.
  • We will continue to process requests for income verification letters by email using our secure contact form or by fax at 518-473-5590. Tell us what information you need, and be sure to include your retirement or registration number, current address and daytime phone number (in case our customer service representatives have a question).
  • Your monthly pension payments will not be affected. However, we will not be able to process any direct deposit changes during the upgrade. We expect to complete direct deposit change requests received in April in time for the end-of-June deposit and those received in May for the end-of-July deposit.

For the latest information about the upgrade, please visit our Contact Us page. If you have any questions, please contact our Call Center at 1-866-805-0990 (518-474-7736 in the Albany, NY area), or email them using our secure contact form.

Power of Attorney

Power of AttorneyThe NYSLRS Special Durable Power of Attorney form allows you to designate someone else to act on your behalf regarding retirement benefit transactions. The person you designate, referred to as an “agent,” could be your spouse, another family member or a trusted friend.

Why is this important? Under normal circumstances, NYSLRS won’t release your benefit information to anyone else without your permission — even to your spouse. With a power of attorney (POA) on file, we would be able to discuss your benefits with the agent you appointed.

The NYSLRS POA form is specific to retirement transactions and meets all New York State legal requirements. You may want to designate a power of attorney in case of emergency, hospitalization or unexpected illness, but you don’t have to wait until something happens before you file a NYSLRS POA form.

What Can Your Agent Do?

The NYSLRS form is for a “durable” POA, which means the person you designate can act for you if you become incapacitated. But the NYSLRS POA form only covers Retirement System transactions. It does not authorize your agent to make health care decisions for you or make changes to your Deferred Compensation plan.

Your agent can get account-specific information about your benefits by phone, email or mail. Your agent can request copies of documents in your retirement file or update your address or phone number. If you are still an active member, your agent can also take out a NYSLRS loan or file a retirement application for you. If you are retired, the agent can change the amount of taxes withheld from your pension.

Special Authority

If you use NYSLRS POA form, and your agent is your spouse, domestic partner, parent or child, they will have “gifting authority.” That means they can direct deposit money into a joint bank account, designate or change your death benefit beneficiaries, or choose a retirement payment option that provides for a beneficiary after your death.

If you wish to assign gifting authority to an agent who is not your spouse, domestic partner, parent or child, you must indicate that you want your agent to have the ability to designate him or herself as a beneficiary. This can be done in the “Modifications” section of the NYSLRS POA form.

Find Out More

A power of attorney is a powerful document. Once you appoint someone, that person may act on your behalf with or without your consent. We strongly urge you to consult an attorney before you execute this document.

You can also find information on the Power of Attorney page on our website.

Taxes After Retirement

Calculating post-retirement expenses is crucial to retirement planning. For instance, predicting how much you will pay in taxes can be difficult, because your tax bill depends on your individual circumstances. Most retirees spend less on taxes than they did when they were working, largely because their incomes have gone down. But there are other reasons you may have a lighter tax burden after retirement.

taxes after retirement

New York State Taxes

As a NYSLRS retiree, your pension will not be subject to New York State income tax. New York doesn’t tax Social Security benefits, either.

You may also get a tax break on any distributions from retirement savings, such as deferred compensation, and benefits from a private-sector pension. Find out more on the Department of Taxation and Finance website.

Be aware that you could lose these tax breaks if you move out of New York. Many states tax pensions, and some tax Social Security. For information on tax laws in other states, visit the website of the Retired Public Employees Association.

Federal Taxes

Unfortunately, most of your retirement income will be subject to federal taxes, but there are some bright spots here.

Your Social Security benefits are likely to be taxed, but at most, you’ll only pay taxes on a portion of your benefits. You can find information about it on the Social Security Administration website. (If you’re already retired, use the Social Security Benefits Worksheet in the Form 1040 instructions to see if any of your benefits are taxable.)

Throughout your working years, you’ve paid payroll taxes for Social Security and Medicare. For most workers, that’s 6.2 percent (Social Security) and 1.45 percent (Medicare) out of every paycheck. But Social Security and Medicare taxes are only withheld from earned income, such as wages. Pensions, Social Security benefits and retirement savings distributions are exempt. Of course, if you get a paying job after retirement, then Social Security and Medicare taxes will be deducted from that pay check.

Once you turn 65, you may be able to claim a larger standard deduction on your federal tax return. For more information on the amounts of this deduction, please see the 2018 IRS Tax Map.

To better understand how your retirement income will be taxed, it may be helpful to speak with a tax adviser.