NYSLRS is one of the largest retirement systems in the world, administering benefits for more than 1.2 million members, retirees and beneficiaries. Take a look inside NYSLRS and brush up on your NYSLRS knowledge—here are 10 things retirees should know.
Not retired yet? Check out 10 Things Members Should Know.
1. Retirement Online is the Fastest, Most Convenient Way to Do Business With NYSLRS
Retirement Online is the fastest way to manage your NYSLRS account. Skip printing forms, having them notarized and sending them through the mail. When you submit your requests through Retirement Online, NYSLRS has them immediately, and your changes will be completed more quickly. It’s convenient and secure. Check out what retirees can do in Retirement Online.
If you don’t have an account or for help signing in to an existing account, check out our Retirement Online tools and tips for step-by-step instructions to register, reset your password, unlock your account and more.
2. Your Pension Benefits Are Secure
The New York State Common Retirement Fund holds and invests the assets of NYSLRS on behalf of members, retirees and their beneficiaries and continues to be one of the best-funded and best-managed public pension funds in the nation. Comptroller Thomas P. DiNapoli is the administrator of NYSLRS and trustee of the Common Retirement Fund.
3. It’s Important to Keep Your Contact Information Up to Date
Wherever retirement takes you, it’s important to keep NYSLRS informed of any changes to your contact information. That way, you’ll be sure to receive the tax information, news, correspondence and statements we send you. If you receive correspondence and statements by mail, it’s vital you review the address we have on file for you. Changing your address with the United States Postal Service (USPS) does not mean your records will automatically be updated with NYSLRS. To ensure you continue receiving mail from NYSLRS, you must submit a change of address directly to us. This is especially important if you receive your pension payment as a paper check.
4. ‘Go Green’ and Get Your Important Documents Sooner
You can help us ‘go green’ and reduce paper waste by choosing email as your delivery preference for correspondence and other important documents, such as your 1099-R tax form and Retiree Annual Statement. When you have something to view, we’ll send an email notifying you to sign in to Retirement Online. And it will save time—you’ll get access to your important documents sooner than printed copies are mailed. Learn how to get email notifications for important documents.
5. There May Be an Earnings Limit for Working After Retirement
As a NYSLRS retiree, you can work and still receive your pension. However, there may be a limit on how much you can earn each year without affecting your NYSLRS pension. An earnings limit of $35,000 generally applies to NYSLRS retirees who are under age 65 and returning to work for a public employer while receiving a service retirement benefit. However, the earnings limit for retirees employed by school districts or Boards of Cooperative Educational Services (BOCES) is suspended through June 30, 2027.
6. You Should Review Your Beneficiaries Periodically
Most NYSLRS retirement plans provide a post-retirement death benefit for beneficiaries of eligible retirees who die after retiring directly from service or within one year of leaving public employment. It’s a good idea to review your beneficiaries from time to time to make sure they reflect your current wishes. The beneficiary you named before might not be the one you would choose today. You should also review the contact information for your named beneficiaries so we can find them when needed and share this information about reporting a retiree’s death to NYSLRS with your survivors.
7. Adjust Your Tax Withholding Online
Most NYSLRS pensions are subject to federal income tax. If your last federal tax bill or return was not what you expected, Retirement Online is the fastest way to update your federal tax withholding. Changes submitted by the middle of the month will generally be applied to that month’s payment.
8. View Your Pay Stubs for Insight Into Your Monthly Pension Payments
Your pension pay stub gives you valuable insight into your monthly pension payment, including a breakdown of credits and deductions for health insurance, union dues, tax withholding or disbursements under a domestic relations order. Throughout the year, you can access your pay stubs online and see year-to-date totals.
9. Update Your Direct Deposit Information Online if Changing Banks or Accounts
Changing financial institutions or accounts will affect whether you receive your monthly pension payment. It’s important to update your direct deposit information with NYSLRS as soon as possible—and you can update your information quickly and conveniently with Retirement Online. Changes submitted online will generally be applied to your next month’s pension payment. Not using direct deposit yet? Don’t wait to receive a check in the mail—direct deposit is fast, convenient and secure. Sign up for direct deposit now and get your money sooner.
10. Generate a Pension Income Verification Letter Quickly and Easily Online
You may need proof of your retirement income for housing or as part of an application for the Home Energy Assistance Program (HEAP). With Retirement Online, you can quickly and easily generate a pension income verification letter any time you need one.
I am trying to find the department that will help me remedy checks from NYS retirement that were not cashed on time. Where do I start?
For help with uncashed checks, please call our customer service representatives at 866-805-0990 (press 2, then follow the prompts). You can also message them using our secure contact form. Filling out the secure form allows them to safely contact you about your personal account information.
If I go down town in Buffalo, complete and hand in the paperwork can I go on line be later to update some information for my retirement?
Easily updating your application is one of the benefits applying for retirement through Retirement Online makes possible. Unfortunately, if you submit a printed application, you won’t be able to make changes later.
If you apply through Retirement Online, there are also no forms to mail in and nothing to have notarized. You’ll be able to upload required documents like proof of date of birth, too.
If I want to retire by July of 2026, how soon should I apply/submit for retirement benefits?
You need to submit your application at least 15 days, but no more than 90 days, before your chosen retirement date.
When you are ready to retire, Retirement Online makes it fast and convenient to apply. There are no forms to mail in and nothing to have notarized. You can find out more in our Apply for Retirement in Retirement Online blog post.
I review my withholding every year because of other income (S.S., IRA, etc.) and would like to adjust
it by inserting a fixed dollar amount. What is the best way to do that.
Also, I know many people have Apple phones, Ipads & laptops but can’t access the retirement system bercause of the Safari operating system. Terribly inconvenient. WHY????
Retirement Online is the fastest and most convenient way to update your withholding information.
You may want to use the Internal Revenue Service (IRS) Tax Withholding Estimator to help you estimate the federal income tax you want withheld from your pension.
The NYSLRS form is based on the IRS form. If you need assistance completing the form:
If you update your federal withholding online by the middle of the month, your changes will generally be applied to that end-of-month pension payment.
NYSLRS has been working recently to improve compatibility between Retirement Online and Apple iOS devices. We encourage you to try our updated iOS compatibility.
I need a income verification letter and can not sign in it will not let me it says to call
We’re sorry you’re having trouble signing in to Retirement Online. For help, check the Tools & Tips section of our Retirement Online page. You can find step-by-step guides to retrieving your user ID, resetting your password, unlocking your account and more.
If you still need help, please call our customer service representatives at 866-805-0990. You can also message them using our secure contact form. Filling out the secure form allows them to safely contact you about your personal account information.
Very useful information but you should also address the shortcomings of Retirement Online. The most significant one is that I cannot sign in for my account from abroad and/or using a VPN. While this might be for “good” reason such as to help a superparanoid IT technician or an ignorant administrator sleep well it is extremely inconvenient for a retiree like me who finds himself restricted in their movements and access to their account information.
This also limits access to tax information and annual statement that you pretend is available (but again NOT from abroad).