Tag Archives: estimate

How Much Will My Pension Be?

Estimate Your Pension

For anyone thinking about retirement, one big question looms: How much money will I have to live on after I stop working? Your NYSLRS pension is a lifetime benefit. Having a good idea of what that monthly amount will be is essential to effective retirement planning. Fortunately, we offer tools to help you estimate your future pension.

Most members* can use our Benefit Projection Calculator to estimate their pension. You can use this calculator even if your planned retirement date is a long way off. The calculator provides estimates based on information you enter. By changing each variable (date of retirement, average salary, beneficiary information), you can see the impact it would have on your pension benefit.
how to estimate pension infographic
If you are a vested member who has enough NYSLRS service to be eligible for a pension, you can request a benefit projection by calling our automated information line at 1-866-805-0990 (518-474-7736 in the Albany, New York area). This service is available 24 hours a day, seven days a week.

If you are nearing retirement eligibility and you aren’t certain that you have credit for all of your NYSLRS-eligible employment, complete and submit a Request for Estimate (RS6030) form. If you are a member of the Employees’ Retirement System (ERS), you may use this form if you will be eligible to retire within five years. Members of the Police and Fire Retirement System (PFRS) can submit this form within 18 months of their retirement eligibility date.

As part of your retirement planning process, you may also want to check on your Social Security benefits.

*At this time, you cannot use this calculator if you are in ERS Tier 5 or 6; PFRS Tier 3, 5 or 6; or certain special plans.

Countdown to Retirement: What to Do 1–3 Months before Your Retirement Date

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.

Next Steps

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:

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.