Tag Archives: retirement application

Your Checklist to Apply for Retirement

After months of planning and preparation, you’re ready to apply for retirement. To get your NYSLRS  pension benefit, you need to send in an application. Let’s look at what you should include with the form to help make the retirement process go more smoothly.

Filling Out the Retirement Application

Unless you’re filing for a disability retirement, you’ll need to fill out the Application for Service Retirement (RS6037). As you fill out the form, make sure you:

  • Know your registration number. You can find it on your most recent Member Annual Statement or retirement estimate.
  • Know your past employment. To help ensure you receive the proper credit for your public service, please list your public employment history. Include any military service and memberships in other New York public retirement systems.
  • Include your beneficiary’s information. You won’t make an official beneficiary designation with this form, but including these details will help us give you specific amounts for the pension payment options  that offer a lifetime benefit for a beneficiary.
  • See a notary. The form must be filled out completely and signed by a notary public.

Proof of Birth

Make sure we have proof of your birth date. You can send it with your retirement application or before or after, but we cannot pay pension benefits without it. We accept photocopies of the following as proof:

Other Forms

Option Election

You’ll need to choose your pension payment option, or how you want your pension paid. Option election forms are available on our website, but we will also send you a form after we process your application. If you choose an option that provides your beneficiary a lifetime pension benefit when you die, you must provide proof of your beneficiary’s birth date.

Federal Income Tax Withholding

Your NYSLRS pension isn’t subject to New York State income tax, but it is subject to federal tax. You can fill out a W-4P form  any time to tell us how much to withhold from your monthly benefit. We don’t withhold income tax for other states. Visit the Retired Public Employees Association’s website to see whether your benefit will be taxed in another state.

Direct Deposit

Direct deposit is the fastest and most secure way to receive your pension benefits. You can enroll in our direct deposit program when you file for retirement. Just fill out a Direct Deposit Enrollment Application (RS6370), and return it to us.

Domestic Relations Order

If an ex-spouse is entitled to part of your pension, you should send us a copy of your domestic relations order (DRO) as soon as possible. The DRO gives us specific instructions on how to divide your benefits. We cannot finalize your pension until we review it and calculate the court-mandated distribution of your benefit. For more detailed information, please read our Guide to Domestic Relations Orders.

Questions

If you have other questions about applying for retirement, read our publication, Life Changes: How Do I Prepare to Retire? or contact us.

Retirement on the Horizon? Here Are a Few Things to Think About

Things to think aboutYou’re probably looking forward to the day when you file your application for a NYSLRS pension. But before you retire, there are a few questions you should ask yourself. After all, by filing for retirement, you’re making critical decisions about your financial future. And once you’ve retired, some of those decisions will be irrevocable. Whether your planned retirement date is just around the corner or a few years off, this checklist could help you avoid costly mistakes.

Do I have all the service credit I think I have?
Under some retirement plans, service milestones (20 years, 30 years, full retirement age) can have a big impact on the amount of your benefit. If you’re aiming for one of these milestones, but retire just short of reaching it, your pension will take a big hit. To make sure you have enough service credit on your planned retirement date, sign in to Retirement Online to see how much service credit you currently have. You can also file a Request for Estimate form or talk with an information representative at our Contact Center (1-866-805-0990 or 518-474-7736 in the Albany, New York area).

Do I have previous service credit I want to purchase?
You may be able to buy credit for previous public employment or military service, which in most cases would increase your pension. But you can’t purchase service credit after you retire. You can use the “Information about Your Public Employment” section of the Request for Estimate form to request credit for previous public and military service. Read our booklet, Service Credit for Tiers 2 through 6, for more information.

Do you have a balance on a NYSLRS loan?
You cannot pay off your NYSLRS loan after you retire. If you retire with an outstanding balance, your pension will be permanently reduced. You can check your loan balance with Retirement Online or through our automated phone system. Call the toll-free number (above), then press 3 for members, 1 or 2 for the Employees’ Retirement System or the Police and Fire Retirement System, and 1 for loan services. If your retirement is still a few years away, you can increase your payroll deductions or send in extra payments to pay off your loan.

Am I ready to retire?
Are you really ready? The fact that you can retire doesn’t necessarily mean you should. Am I financially prepared? Am I psychologically ready for retirement? These are questions you’ll have to answer for yourself, but there are resources available:

Filing Your Application for Retirement

You’ve carefully planned your retirement, received your benefits estimate and are ready to take the big step. But before you can start receiving a pension, you’ll need to complete and submit your Application for Service Retirement (RS6037). You can also get a copy of the form from your employer or by contacting our Call Center.

Timing is important. We must have your application on file at least 15 days, but not more than 90 days, before your retirement date. (The 15-day rule does not apply if you are over 70 or left the public payroll before age 55.)

Be sure to list all of you public employment on the form. If you’ve ever been a member of another public retirement system in New York State, you’ll need to note that as well. Because your application is a legal document, you must sign it in the presence of a notary public. Many members make an appointment at a Consultation Site to file their applications. Our information representatives can notarize your application, help you with your paperwork and answer any questions.

Filing for Retirement

If you don’t wish to file in person, you can send your application by mail. Mailing the application “Certified Mail — Return Receipt Requested” will help you track this important document. Certified mail is also a good idea if you are close to a filing deadline because we consider the day it was mailed as the filing date. The mailing address is:

NYSLRS
110 State Street
Albany, NY 12244-0001

At the same time you submit your application you can also file a W-4P, so federal taxes can be withheld from your payments, and a Direct Deposit Enrollment Application, so your pension can be deposited directly into your bank account. If you’ve had a recent pension estimate, you can submit a payment option election form along with your retirement application. You should also submit a photocopy of proof of your date of birth

For more information, read our booklet “Life Changes: How to Prepare to Retire” or contact us.

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.