Monthly Archives: September 2014

Countdown To Retirement: What To Do 4-6 Months Before Your Retirement Date

There are important things you need to do in the final months leading up to your retirement date. Our Countdown to Retirement Series will help you remember what to do and when to do it.

Last month we talked about what you should do when you’re 8 months away from retirement. This post talks about preparing a post-retirement budget and researching your post-retirement health insurance coverage.

6 Months Out: Preparing a Post-Retirement Budget

In our post on requesting an NYSLRS retirement estimate, we talked about how your estimate will have an approximate amount of what your retirement benefit could be. You can use the amount from your estimate to prepare a post-retirement budget. Having a post-retirement budget helps you to decide how you want to spend your money in retirement and helps you keep your goals in focus.

We feature worksheets to help you prepare a post-retirement budget on our website. Keep track of what you spend now for a month or two to get an idea of how you spend your money. You should include periodic expenses, such as car insurance, or property and school taxes as well.

4 Months Out: Review Your Post-Retirement Health Insurance Coverage

You should also check your eligibility for post-retirement health insurance coverage, as NYSLRS does not administer health insurance programs for retirees. If you work for a non-State employer, contact your health benefits administrator for information on coverage available; if you work for a State employer, you can visit the New York State Department of Civil Service website for post-retirement health insurance information.

Counting Down

Your planned retirement date is just a few months away. Check back for more Countdown to Retirement posts on what to do after you’ve filed your Application for Service Retirement form. If you have any pre-retirement questions, please contact us.

Study Finds Retiree Spending a Big Supporter Of The Economy

retirees-in-NYS_top-10-countiesA recent National Institute on Retirement Security (NIRS) study reveals that pension benefit payments provide important support to the economy, generating more than $943 billion in total economic activity and 6.2 million jobs in the United States.

The NIRS study reports on the national economic impacts of public and private pension plans, as well as the impact of state and local plans on a state-by-state basis. It measures the ripple effect of the pension benefit income spent by retirees in 2012 – about $228.5 billion paid to 9 million retired employees of state and local government and their beneficiaries. Retiree spending helped to support labor income, paying nearly $307 billion, and also generated $135 billion in tax revenue at the local, state and federal levels.

New York Retirees Contribute Their Fair Share

At the time of the NIRS study, NYSLRS retirees* were responsible for more than $11 billion worth of economic activity in New York State. The pension benefits they received stimulated our local economies in a number of ways:

  • NYSLRS Retirees Stayed in New York: Seventy-eight percent of NYSLRS’ 413,436 pensioners – 302,954 retirees and beneficiaries – chose to live in New York in 2012. They made up 2.7 percent of the general population, but in some areas of the State, they accounted for nearly five percent of the residents.
  • NYSLRS Retirees Paid New York Taxes: In 2012-2013, NYSLRS retirees paid $1.4 billion in real property taxes – that’s 4.6 percent of the total collected in the entire State. Additionally, NYSLRS retirees paid an estimated $488 million in state and local sales tax in 2012.
  • NYSLRS Retirees Created Jobs: NYSLRS retirees were responsible for the creation of an estimated 61,000 jobs.

Public Pensions Are A Sound Investment In Our Future

The pensions earned by public service retirees don’t just benefit those who receive them, but they pay dividends to local businesses, build strong communities and create jobs. And, as the number of retired public service employees in New York grows, we can look forward to their help in building a stronger New York.

*Read Retirees Contribute (PDF) to see the latest numbers on how NYSLRS retirees have affected the state economy.

Countdown To Retirement: What To Do 8 Months Before Your Retirement Date

There are important things you need to do in the final months leading up to your retirement date. Our Countdown to Retirement Series will help you remember what to do and when to do it.

Last month we talked about what you should do when you’re 12 months away from retirement. This post goes over what to be aware of at 8 months out, when you should start reviewing what other sources of retirement income you’ll have available besides your New York State & Local Retirement System (NYSLRS) pension.

Review Your Post-Retirement Income

There’s a good chance your pension alone will not provide you with the same level of income during retirement as you had while you were employed. This is why it’s important to review any other sources of income you may have available to you in retirement, such as:

Some experts say that you’ll need at least 80 percent of your pre-retirement income to keep your current standard of living. You also may be retired for 15 to 20 years, or longer. It’s important to have a financial plan in place in case you need extra income once you’re retired, so take some time to review what you’ll have available.

Counting Down

Your planned retirement date is less than a year away. Check back for more Countdown to Retirement posts on issues such as your eligibility for post-retirement health insurance coverage and what to do after you’ve filed your Application for Service Retirement form.If you have any pre-retirement questions, please contact us.

NYSLRS Members Contribute to the Educational Bottom Line

schoolbus-81717_640As thousands of children in New York go back to school today and tomorrow, thousands of New York State & Local Retirement System (NYSLRS) members are headed back to school as well.

Although most public school teachers and teaching assistants in the Empire State belong to either the New York State Teachers’ Retirement System or the New York City Teachers’ Retirement System, non-instructional employees, like teacher aides, bus drivers, nurses and food service personnel, are members of NYSLRS. Like teachers, these professionals can be members of the New York State United Teachers (NYSUT) union and contribute to our children’s education too by helping to keep our students safe and healthy and assisting in classrooms. That’s why all of our NYSLRS members in the public education field should justifiably feel proud of the work they do.

And it’s not just elementary, middle-school and high school children who are influenced by these professionals. There are also 6,421 NYSLRS members in NYSUT affiliate United University Professions (UUP) – the union that represents more than 35,000 individuals on some 29 State University of New York campuses. NYSLRS members represented by UUP work as staff assistants, senior staff assistants and staff associates, among many others.

You’ll also find NYLRS members working for BOCES and New York State schools for the deaf and blind.

Where To Educate Yourself About ERS Benefits

As of March 31, 2014, NYSLRS had 524,427 active members. Perhaps you’re one of them. Our website is a good place to learn about your benefits and get information on planning for your retirement. If you’re a new member of NYSLRS, you might be interested in Benefit Information for Tier 6 Members: Frequently Asked Questions. You can also sign up for E-News, our email newsletter, for the latest retirement news. And if you have any questions, please contact us.