Your NYSLRS Pension is Secure

You probably have a lot on your mind right now, but one thing you don’t need to worry about is your NYSLRS pension. Despite the turmoil in the financial markets, your retirement benefits are secure.

“I want to assure the more than one million men and women who rely on the State pension fund for retirement security that we are well-positioned to weather the ongoing volatility,” said New York State Comptroller Thomas P. DiNapoli. “To our retirees, your pensions are safe and we will continue to pay your benefits as promised.”

The New York State Common Retirement Fund, which holds and invests NYSLRS assets, has long been recognized as one of best managed and best funded public pension plans in the nation. The strength of the Fund puts NYSLRS in a good position as we navigate through the current economic turmoil.

The Fund’s professional managers take a conservative approach to investing and focus on sustained, long-term results. This approach allows the Fund to capitalize on investment opportunities in good times and cushions it against market ups and downs. In recent months, as they recognized increased volatility in the market, Fund managers began making adjustments to the Fund’s investment portfolio to prepare for an expected downturn in the economy. They are actively managing the Fund through these difficult times and are confident the markets will ultimately recover.

33 thoughts on “Your NYSLRS Pension is Secure

    1. Frank J Ortiz

      Wonderful to have that kind of support, beimg a NYS Employee since 1960 it makes me proud to still be a member!
      Frank J Ortiz

      Reply
  1. Debra Gaston

    NYS Comptroller DiNapoli: I have been worrying that in the event that our economy worsens, due to Covid-19, that New York State retirirees will be in jeopardy! If things get really haywire, what protections would be provided for us? What alternatives?
    Thanks Comptroller DiNapoli!
    yours, truly, Debbie Gaston

    Reply
    1. NYSLRS

      We hear your concerns and want to assure you that the New York State Common Retirement Fund is well funded and secure. Comptroller DiNapoli serves as the trustee of the pension fund and the administrator of NYSLRS, and is committed to ensuring retirees will receive the NYSLRS pensions they’ve earned.

      Reply
  2. Debra Gaston

    Comptroller DiNapoli: I am worried that due to the Covid-19 virus, New York State retirees like myself’ are in jeopardy. If the economy goes haywire, what protections do we have? What alternatives?
    Thanks for listening Comptroller DiNapoli!
    yours truly, Debra Gaston

    Reply
    1. NYSLRS

      We hear your concerns and want to assure you that the New York State Common Retirement Fund is well funded and secure. Comptroller DiNapoli serves as the trustee of the pension fund and the administrator of NYSLRS, and is committed to ensuring retirees will receive the NYSLRS pensions they’ve earned.

      Reply
    1. NYSLRS

      If you mean your monthly pension benefit, pension payments will continue to go out as scheduled. Pension checks will be mailed out on Monday, March 30 and direct deposit payments will be deposited on Tuesday, March 31.

      Reply
  3. Michelle L Fulkerson

    what about those of us who have loans through our retirement? Is there any plan for forbearance or deferment during the COVID 19 crisis?

    Reply
    1. NYSLRS

      The Retirement System’s loan program is governed by both Retirement and Social Security Law and Internal Revenue Service (IRS) Law. Both require loan payments at least quarterly, in an amount sufficient to repay the loan in full within five years from the date it was issued. If the minimum quarterly loan payment is not maintained or your loan exceeds the original five-year repayment term, we have no choice but to consider the loan to be in default.

      If you are on an authorized leave of absence with your employer, the IRS allows for the suspension of loan payments for up to one year from the date of your leave or until you return to the payroll, whichever occurs first. In order to receive this deferment, you must have your employer send a fax to us, on their letterhead, indicating the date your leave began and when they predict it will end.

      Please be aware, however, that if you defer your loan payments while on an authorized leave of absence, your payments will need to be recalculated and increased when the period of deferment ends in order to ensure your loan is still paid off within five years.

      If you are currently repaying your loan in an amount that is higher than the minimum, you may lower the deduction to the minimum amount required. For more information about loan payments, please visit our Loans page.

      Reply
        1. NYSLRS

          We apologize for the difficulty you are having getting through to our Hearings Unit. We have asked our Hearings Unit to respond to your email.

          Reply
    1. NYSLRS Post author

      The stimulus package is under the authority of the federal government, not the New York State and Local Retirement System. You may want to check with the U.S. Department of the Treasury for updates regarding the stimulus package.

      Reply
  4. Anthony M

    IIRC the Pension system payouts have nothing to do with the state budget being passed. I am pretty certain we do not have to worry about receiving our pension checks every month barring a few years of economic calamity. Even during the worst health crisis in a long time we should be fine.

    Reply
  5. K. Rinaldo

    I understand retirees are guaranteed their benefit, but can those of us who are 12-18 months away from retirement feel as secure the benefit we have worked toward will be there, or is it better to retire sooner than we’d planned and live with the reduced benefit?

    Reply
    1. NYSLRS Post author

      The State pension fund is well positioned to weather the volatility in the financial markets. Your retirement benefits are secure.

      Reply
    2. natalie moskowitz

      Thank you for all you do! I appreciate all of those who are still working to make our payments possible during this pandemic! Please stay safe and healthy!
      Thank you so much,
      Natalie Moskowitz

      Reply
    1. NYSLRS

      If you are referring to direct deposit for retirees, the March electronic deposits are scheduled to be made today, March 31. For future payment dates, please refer to the pension payment calendar on our website.

      If you are referring to the payroll for New York’s public employees, the Times Union reported that administrative employees and those at state agencies could face a delay in receiving their April 1 payment while funds are being appropriated by the State Legislative and Executive branches. Please  read this State Payroll bulletin for more information.

      Reply
  6. Greg Schuey

    Just a question concerning final recalculations being done. I retired 14 months ago and was told several months ago it would take 21 months. With the consultation offices closed, are those employees helping in catching up with the final recalculations or should we expect it to take even longer now?

    Reply
    1. NYSLRS

      We are continuing to provide services to our members, retirees, beneficiaries, and employers to the best of our abilities while balancing the health strategy of social distancing to limit the spread of COVID-19. We appreciate your patience during this time. If you would like to follow up on the status of your final recalculation, please email our customer service representatives using our secure contact form.

      Reply
  7. William M. Grant

    Both, my spouse and I, are members of the NYS Retirement System and not yet retired. We both mailed in a Power of Attorney Form. The form designates our ability to sign for each other and activate, each others pension, thru our signature on the appropriate documents. We downloaded the forms from your website and completed them according to instructions provided on the document. The forms were sent in a few weeks ago and we should be receiving a denial/or confirmation letter soon. My questions are as follows: The forms will enable either one of us to request each others pension to be processed, if one of us becomes incapacitated – such as due to the Corona – Virus situation. As an example, God forbid, if something was to happen to me, health wise and I ended up in the hospital – then would my spouse need to act with a signature before I passed on. How long is the approximate wait under normal circumstances for my spouse to start receiving the funds. I chose a Full Pop Up Plan for disbursement to my self and then 100% of the pension to my spouse. She chose the individual plan with no disbursement to me, if she was to pass on first. Thank you in advance for responding. PS. Keep up the excellent work as good stewards of a magnificent retirement program!

    Reply
    1. NYSLRS

      We understand your concerns. We recently posted information on our Disability webpage that you may find helpful. There are two basic types of retirement benefits; service retirement benefits and disability retirement benefits. NYSLRS members who become seriously ill may wish to file a disability retirement application in order to provide a continuing pension benefit to their beneficiary if they were to die. Eligible members may file for service retirement, however, a service retirement must be on file with NYSLRS at least 15 days prior to the retirement date, and a service retirement cannot be cancelled if the date of retirement has passed. If you have specific questions about your options and receiving these benefits, please email our customer service representatives using the secure email form on our website.

      Reply
  8. Lenny Purcell

    Being that our State is $6 Billion dollars in the red this year even before this pandemic outbreak, and now tax receipts are severely reduced due to business shutdowns, the only solvent area of our state government is our pension system. The State Constitution protects our pensions. Where is the State going to make up the severe budget shortfall? Tax increases, budget cuts, or a combination of both? People are already leaving our state in droves because it’s the highest taxed state in the nation.

    Reply

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