Monthly Archives: July 2020

What If I Leave Public Employment?

Most of us will change jobs over our lifetimes, and some of us will leave public employment before retirement. But if you leave the public workforce, what will become of your NYSLRS retirement benefits?

leave public employment

NYSLRS has published a booklet to provide guidance in that situation. What If I Leave Public Employment? outlines what happens with your benefits and details your rights and responsibilities. If you recently left public employment or plan to leave in the future, here are some key points the publication can help you understand.

If You Leave Public Employment, Will You Still Get a Pension?

If you’re vested, you can still collect a NYSLRS pension when you reach retirement age. Members in Tiers 1 – 4 become vested after five years of service; members in Tiers 5 and 6 become vested after ten years. Most members can apply for a pension as early as age 55, but their pension may be reduced if they take it before full retirement age (62 or 63).

What if You End Your Membership?

If you’re not vested, you can end your membership and get a refund of your contribution balance, which includes accumulated interest. After you have been off the public payroll for 15 days, you can request a refund by filing a withdrawal application.

If you don’t withdraw your contributions, they will continue to earn 5 percent interest for seven years. If you’re still off the public payroll after seven years, your membership will automatically end. Your contributions will be deposited into a non-interest account but will not be refunded to you automatically. You must file a withdrawal application to receive them.

If you end your membership, you will no longer be eligible for any NYSLRS benefits. There may also be tax consequences to withdrawing your contributions.

What are Your Responsibilities?

If you leave public employment, but remain a member, it’s your responsibility to notify us of any address changes. You will also need to keep your beneficiary information current.

More Information

Please read What If I Leave Public Employment? to get the full story on leaving public employment.

Dual Membership in NYSLRS

The New York State and Local Retirement System (NYSLRS) consists of two retirement systems: the Employees’ Retirement System (ERS) and the Police and Fire Retirement System (PFRS). Your job title determines what system you’re in. In some cases, however, it’s possible to have a dual membership, to be a member of both systems.

How Does Dual Membership Work?

dual membership in NYSLRSLet’s say you work as a firefighter, so you’re a member of PFRS. You decide to take on a part-time job as a bus driver for your local school district. Your school district participates in ERS, so you’re eligible for ERS membership. You fill out the membership application, and now you’re a member of both ERS and PFRS. The date you join each system determines your tier in each membership.

Implications of Dual Membership

As a member of both systems, you’d have separate membership accounts. Let’s look again at our fire-fighting bus driver example. While working as a firefighter, you make any required contributions and earn service credit toward your PFRS pension only. The same is true for your work as a bus driver—your required contributions and earned service credit only go toward your ERS pension, not your PFRS pension.

There are other implications to dual membership. Assuming you’re vested in both memberships and meet the service credit and age requirements, you could retire and collect a pension from both systems. You’d need to file separate retirement applications for ERS and PFRS, and we’d calculate each pension separately. We’d calculate your ERS pension using the final average earnings (FAE) you earned as a bus driver and your PFRS pension using the FAE from your time as a firefighter.

And, since you’d have both an ERS pension and a PFRS pension, you would need to choose a beneficiary for each in the event of your death.

Questions?

You’ll want to make sure to know the details of your retirement plan in each system. If you have questions about dual membership, or want to discuss your particular situation when you decide to retire, please contact us.

Mortgage and Pension Verification Letters

For certain business transactions, such as getting a mortgage, you may need to verify your NYSLRS account information. Fortunately, Retirement Online allows members and retirees to access and print out account information in a few quick steps.

Members Can Now Generate Mortgage Letters Online

Members still on the public payroll can generate a mortgage verification letter using Retirement Online. In your account homepage, in the ‘I want to…’  section, click the Generate Mortgage Verification Letter link.

The printable letter will show your account summary, including the current balance of your contributions, and if you have a loan, the date of your last loan and current loan balance.

You can also email an account verification letter request using our secure contact form. Tell us what information you need and be sure to include your personal identification and contact information when you submit your email. In most cases, we’ll mail you a letter within five to seven business days.

pension verification letter infographic

 

How Retirees Can Get a Pension Verification Letter

As a retiree, you may need a letter verifying your pension income — maybe for housing or as part of an application for the Home Energy Assistance Program (HEAP). There are four ways to get a pension verification letter.

  1. Retirement Online

Retirement Online is fastest and most convenient way to get a pension verification letter. First, sign in. Then, on your account homepage, in the ‘I want to…’ section, click the Generate Income Verification Letter link.

A pop-up box with a confirmation message will appear. Once you click OK, your pension income verification letter will open in a new browser tab, ready for you to print or save.

  1. Email

You can email us your request using our secure contact form. Tell us what information you need, and be sure to include your daytime phone number, in case our customer service representatives have a question. In most cases, we’ll mail your letter in five to seven business days.

  1. Phone

You can call us with your request at 1-866-805-0990 (518-474-7736 in the Albany, New York area). Our Call Center is open Monday through Friday, 7:30 am – 5:00 pm. As with email, we usually mail letters in five to seven business days.

  1. Fax

You can also fax your request to 518-473-5590. Include your retirement or registration number, current address, signature and phone number in case we have questions. Tell us whether you want the letter mailed or faxed to you (provide a fax number).

Sending a Retiree Pension Verification Letter to a Third Party

At your request, we can send a letter verifying your pension income directly to a lending institution, housing authority, nursing home or other third party. However, because this information is confidential, we need your signed written permission.

If you decide you want us to send a letter to a third party, they must fax us a request and include a signed release from you giving us permission to release your information.

Avoiding Scams During the COVID-19 Pandemic

During this time of crisis, it’s important to be on the alert for those who would attempt to defraud you or your family. Here are some consumer warnings and safety tips from the Federal Trade Commission:  

  • Ignore offers for vaccinations and home test kits. Scammers are selling products to treat or prevent COVID-19 without proof that they work.
  • Be wary of ads for test kits. Most test kits being advertised have not been approved by the FDA, and aren’t necessarily accurate.
  • Hang up on robocalls. Scammers are using illegal robocalls to pitch everything from low-priced health insurance to work-at-home schemes.
  • Beware of emails claiming to be from the Centers for Disease Control (CDC) or the World Health Organization (WHO).
  • Do your homework when it comes to donations. Never donate in cash, by gift card or by wiring money.
scams

Reliable Sources of COVID-19 Information

Only rely on trusted sources for information about COVID-19. Don’t click on links from sources you don’t know. Here are some good online sources:

Reporting Fraud

If you are a victim of fraud, the New York Department of State’s Division of Consumer Protection may be able to help. You can call their Consumer Helpline at 1-800-697-1220 or visit their website.

The National Center for Disaster Fraud, which is part of the U.S. Department of Justice, is the federal agency responsible for investigating and prosecuting fraud schemes related to natural and man-made disasters. Call 1-866-720-5721.

You can report allegations of fraud involving New York State taxpayer money to the Office of the New York State Comptroller. Call 1-888-672-4555 or report government fraud online.

Protecting Your Identity Online: Tips for Secure Passwords

Secure Passwords

The rules for password creation have changed in recent years, so you may have to unlearn some of the things you’ve been taught in the past about secure passwords.

The National Institute of Standards and Technology (NIST), the federal agency that created the original password guidelines, recently revised those guidelines. Its current recommendations are based on research on both the habits of users and the techniques of hackers. Here are some of their findings:

  • Length is a major factor in a password’s strength, so the longer the password, the better.
  • Complex passwords, with a mix of character types, are hard for people to remember, and do little to deter hackers.
  • Strong passwords can be created from short phrases that are easy for you to remember, but would be meaningless to anyone else.
  • Passwords may be used indefinitely as long as they’re strong and have not been compromised. Obviously, if you have an account with a company that just had a data breach, you’ll want to change that password.

Other Ideas on Secure Passwords

Changing passwords every 30, 60 or 90 days was recommended for thwarting hackers, but some security experts now question that tactic. Changing passwords on a regular schedule may have little security value and can lead to bad habits. Research has shown that people tend to make only minor changes when updating their passwords or create weak passwords that are easier for them to memorize. You’re better off creating a strong password, memorizing it and holding on to it.

While NIST has changed some of its guidelines, some of the old ones still apply. Don’t share your secure passwords with anyone, or leave them on sticky notes by your computer. Create unique passwords for important accounts, such as your bank account and your email, and avoid bad passwords such as “password,” “12345678,” “qwerty” and “iloveyou.”