Our Countdown to Retirement series highlights the steps you need to take as you approach your retirement date. This post focuses on the final three months.
Filing for Retirement
You must file your Application for Service Retirement (RS6037) with us 15–90 days before you plan to retire. You can get the form from our website or our consultation sites. Make sure to provide all the requested information and have it notarized.
If you send the form by “Certified Mail — Return Receipt Requested,” we will consider your application filed on the date it was mailed. Please don’t give your application to your employer; send it directly to NYSLRS.
Once we receive your application, we’ll mail you a confirmation letter. If you’ve received an estimate from us within the past 18 months, we will include three forms with the letter:
- W-4P form (to choose the amount you want withheld from your pension benefit for federal taxes)
- Direct Deposit Enrollment Application (to have us automatically deposit your pension benefit into your bank account)
- Option Election form (to choose how you want your monthly pension benefit paid)
If you haven’t previously received an estimate, we will send you just the W-4P and Direct Deposit Enrollment forms, and we’ll begin processing your estimate. Once your estimate is complete, we will send it to you with the Option Election form.
Choosing Your Pension Payment Option
Select a payment option based on your most recent estimate, which shows what your pension benefit could be based on the pension payment options available to you. All of the options provide a monthly benefit for life, and some provide payments to a designated beneficiary when you die. You must file this form by the last day of the month in which you retire (unless otherwise notified).
Make Sure You’re Prepared
As your retirement date draws near, it’s important to understand the retirement process. Think about scheduling a consultation at one of our offices to file for retirement. Our information representatives can answer any questions to you have, help you complete the paperwork and notarize your retirement application. You can also contact us, if you have questions.