Tag Archives: change of address

What to Know When Leaving Public Employment

There may come a time when you leave public employment. Even though you’d no longer work for a New York public employer, you’d still be a NYSLRS member. If you ever leave public employment, you should be aware of the effect it could have on your membership and benefits.

What Happens to My Contributions If I Leave Public Employment?

If you have less than ten years of service credit, you may end your membership and request a refund of your contributions by filing a Withdrawal Application (RS5014) pdf-icon.

If you are not vested (eligible for a retirement benefit) and do not withdraw your contributions, they will continue to earn 5 percent interest for seven years. After seven years, if you are still off the public payroll, your membership will automatically end and your contributions will be deposited into a non-interest-bearing account. Your contributions will not be automatically refunded.
Leave Public Employment

How Will Leaving Public Employment Affect My Death Benefits?

If you have at least ten years of service credit, 50 percent of your death benefit may still be payable if you die after leaving public employment. If you have less than ten years of service credit, the 50% death benefit is only available to you if you die within one year of leaving public service.

How Can I Pay Back My Outstanding Loans?

If you have any outstanding NYSLRS loans when you leave the public payroll, you must make payments directly to NYSLRS at least once every three months. You must repay your loan within five years of the date it was issued or you will default on the loan. Please note: since you will be required to pay ordinary income tax and possibly an additional 10 percent penalty on the taxable portion of the loan, defaulting on a loan carries considerable tax consequences.You also won’t be eligible to take a NYSLRS loan once you are off the public payroll.

How Can I Stay Informed About My Membership If I Leave Public Employment?

If you leave public employment, but haven’t ended your NYSLRS membership, you’ll still:

You’ll also need to keep your membership information updated. This includes information like:

Read our publication Life Changes: What if I Leave Public Employment? (VO1800) for more information.

How To Keep Your NYSLRS Records Up-to-date

NYSLRS specialists are here to assist you as you plan and get ready for retirement. However, if your records are incomplete or incorrect, it can cause delays later on. We need your help to make sure your personal information is correct and accurate. So whether you have just recently joined NYSLRS or have been a member for a number of years, here are some instances where you should get in touch with us right away:

  • Let us know when your mailing address changes. This is especially important if you leave public employment before becoming eligible for retirement. Having your correct address on file will help us keep you up-to-date about benefits. Just complete our Change of Address Form (RS5512) and return it to us.
  • Report any date of birth errors. Let us know if your date of birth is incorrect on any official documents or paperwork we send you. You can write to our Member & Employer Services Bureau Registration Unit, 110 State Street, 5th Floor, Albany, NY 12244-0001 to correct your date of birth, and include any supporting documentation (such as your birth certificate). You don’t need to send us an original document to prove your birthdate, but if you do, we’ll return it to you.
  • Name changes. You can change your name by submitting a Name Change Notice Form (RS5483). A signed letter requesting such a change is also acceptable. (If a court order was required for the change, a copy of the court order must be submitted.)
  • Naming or changing your beneficiary. If you wish to update your beneficiaries, you must complete a Designation of Beneficiary Form (RS5127) and send it to us. Please list all beneficiaries you wish to designate. Remember, submitting a new designation of beneficiary form replaces any previous designations you made.

You can read more about your obligations as a NYSLRS member in our publication, Membership in a Nutshell.