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 members should know.
Retired? Check out 10 Things Retirees 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 members 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 is a Lifetime Benefit—And Your Pension Benefits are Secure
NYSLRS pensions are defined benefit plans, also known as traditional pension plans. When you retire, you will receive a monthly pension payment for the rest of your life. Your pension will be calculated using a preset formula based on your earnings and years of service—it will not be based on the individual contributions you paid into the system. Member contributions support the benefits earned by current and future retirees and are an important asset of the Common Retirement Fund, which holds and invests the money used to pay NYSLRS benefits. The Fund is widely recognized as one of the best-funded and best-managed public pension plans in the nation. Comptroller Thomas P. DiNapoli is administrator of NYSLRS and trustee of the Common Retirement Fund.
3. ‘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 Member 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.
4. Your Tier Determines Your Benefits
Your tier, which is based on your date of membership, determines your benefits, such as eligibility for death benefits or taking a NYSLRS loan and the formula used in the calculation of your benefits.
5. Vested Means You Qualify for a Retirement Benefit
Becoming vested is a crucial milestone for NYSLRS members. It means you have earned enough service to qualify for a retirement benefit once you meet the minimum age or service requirements established by your retirement plan. All members who have at least five years of service credit are vested.
6. Review Your Beneficiaries Periodically
NYSLRS retirement plans provide death benefits for beneficiaries of eligible members who die before retiring. 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.
7. Request Additional Service Credit as Early in Your Career as Possible
Service credit is a major factor in calculating your pension benefit. You earn a year of service credit for each year of full-time employment with a participating employer. You may also be able to request additional credit if you worked for your current or another public employer before joining NYSLRS or if you served in the U.S. Armed Forces and received an honorable discharge from active military duty. You must submit your request before retirement, and you should do it as early in your career as possible.
8. Estimate Your Pension
Finding out how much you can expect to receive is an important part of retirement planning. Most members can estimate their pension using Retirement Online in just a few quick and easy steps. Retirement Online uses your current earnings and service information to calculate your estimate, including your final average earnings (FAE) and the amounts for the pension payment options available to you. You can fine-tune your estimate or see how different choices would affect your benefit by entering different retirement dates or a beneficiary’s date of birth.
9. Supplement Your Pension with Retirement Savings
Think of retirement security as a three-legged stool. Each leg is a source of income to help support you when your working days are done. It’s important to understand all your potential sources of income to effectively plan for the future and boost your retirement confidence. Your pension can provide a significant part of your retirement income, but it’s a good idea to supplement your pension with retirement savings and start saving early so your money has time to grow.
10. Your Retirement Plan Publication is an Essential Resource
Your retirement plan publication is an essential resource that explains your NYSLRS benefits in detail—how long you’ll need to work to receive a pension, how your benefit is determined, what death and disability retirement benefits may be available, and more. You should consult it throughout your career, but it’s especially important to read as you prepare for retirement.
Dan 3/2
Is there a time frame of a final average salary recalculation as i don`t find the sick leave calculated in and my years of service time seems a little short . just asking
For account-specific information, 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.
Hello,
I am a new employee. I just named my beneficiary in the online tool. However, in the letter that was mailed to me, there is also a form to fill out (and notarize) to name beneficiaries. Do I need to do both or is the online option sufficient?
For questions about a letter you received, please message our customer service representatives using our secure contact form. Filling out the secure form allows them to safely contact you about your personal account information. You can also call 866-805-0990 (press 2, then follow the prompts).
When will final average salary be completed. I never received my final average salary showing vacation and sick leave being added to service credit. I also received a retroactive pay raise of over 4000 dollars in 2021 thru PEF contract. When will my this be recalculated.
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Hello,
I applied for retirement a few days ago and during the process entered my direct deposit information. At the end of the application process I uploaded my drivers license for proof of date of birth. My question – Do I have to fill out the NYSLRS “Electronic Funds Transfer Direct Deposit Enrollment Application” form that is in the drop down menu(where the date of birth upload is) at the end of the application process even though I filled out my direct deposit information during the application process?
Thank you,
Tom
If you have a joint account holder on your bank account, then yes. You’ll need to complete the Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370) and have your joint account holder sign the form. If you have a joint account holder and didn’t upload the completed form when submitting your application for retirement, you can upload the completed form later.
After you apply for retirement, within a couple weeks, we will mail you a letter letting you know whether we need additional information or documents from you.
For questions about your specific account and, 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.
Hello. I hope that this message finds you well and in great health. This is a super awesome article, and thank you for taking the time to put it together. I have a question about the Tier system. If I was a vested member of Tier 4 and changed jobs, and now I want to return to the public sector, would I still be part of Tier 4 or the new Tier 6?
That depends. If you had more than 10 years of service when you left public employment, or if your NYSLRS membership is still active, you would still be a Tier 4 member.
If you had less than 10 years of service and withdrew your membership and contributions, you would join as a new Tier 6 member. However members who leave public employment and withdraw their NYSLRS membership can reinstate their terminated membership if they return to public employment.
For account-specific information, please message our customer service representatives using our secure contact form. Filling out the secure form allows them to safely contact you about your personal account information.
can you clarify “or another public employer” for purposes of requesting service credit
You earn service credit for your paid employment with a public employer in New York State. Examples of public employers include New York State agencies, cities, counties, towns and villages. For more information about requesting service credit, visit our Get Credit for All Your Public Service webpage.
My husband passed away he was receiving ssd. He was 50 years old . He was a vested member from BHA. How do I ask about his benefits to the widow and children. I tried logging in but no.
We would like to extend our condolences on the loss of your husband. If he was a vested member of the New York State and Local Retirement System (NYSLRS), you can report his death by using our online death report form. Please complete all required fields on the report a death form and be sure to provide your phone number in case we need to call for additional information. You can upload a photocopy of the death certificate so NYSLRS can begin identifying any benefits that may be payable.
If you prefer, you can contact our customer service representatives at 866-805-0990, press 3 and then 1. You will be asked for your husband’s NYSLRS ID, retirement or registration number (or Social Security number if you don’t have these account numbers) and the date of death. You may also be asked for the address and phone numbers of immediate family members who may be beneficiaries.
Please note that we will need an original, certified death certificate before any death benefits can be processed or paid. Once we receive an original death certificate, we will send named beneficiaries, or their certified representatives (guardians, powers of attorney, executors), information about any continuing pension benefits and death benefits that may be payable based on the member or retiree’s tier and retirement plan. We will also send named beneficiaries the appropriate forms to complete.
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What is the estimated time for reviewing your final average earnings? I retired April 2024 and have not heard anything.
NYSLRS is experiencing delays finalizing pension benefits for our retirees. First and foremost, we apologize to our retirees. There are many factors driving the delays. We are working to resolve them and to finalize pension benefits more quickly.