Monthly Archives: August 2021

Retirees Contribute: A Century of Economic Impact

Over the past century, NYSLRS has provided pension security for retired public workers, whose spending has contributed to the economic strength and stability of their communities.

Currently, there are more than 384,000 NYSLRS retirees and beneficiaries living in New York. In every corner of the Empire State, NYSLRS retirees shop at local stores and patronize local businesses, which in turn helps create jobs. NYSLRS retirees also pay a hefty share of local taxes.

Retirees Contribute: A Century of Economic Impact

Economic Stability

Spending by NYSLRS retirees provides something else for their communities: economic stability.

Because a NYSLRS pension is a defined-benefit retirement plan, retirees and beneficiaries receive a guaranteed monthly payment for life. Defined-benefit plans, which pay benefits based on a pre-set formula, differ from defined-contribution plans, such as a 401k, which are essentially retirement savings accounts.

Recipients of defined-benefit plans don’t have to worry about their money running out during retirement or a drop in their monthly income because of a dip in the stock market. They are better able to maintain their spending during economic downturns, which helps local businesses stay afloat during hard times.

That stability is particularly important in rural parts of the State, which are more susceptible to downturns because they lack the economic diversity of more-urban areas.

Defined-benefit pensions don’t just help New York State. Across the nation, these pensions are benefitting millions of pensioners and their communities. In 2018, defined-benefit pension plans paid $578.7 billion to 23.8 million retired Americans, and their spending supported 6.9 million jobs and generated $1.3 trillion in economic activity, according to a study by the National Institute on Retirement Security (NIRS).

See You at the New York State Fair

The Great New York State Fair is back and NYSLRS will be there.

The 18-day celebration of everything New York begins Friday, August 20, and runs through Monday, September 6 (Labor Day). Our information representatives will be at the fairgrounds in Syracuse to help members and retirees with their retirement planning and benefit questions. You’ll also be able to pick up retirement plan brochures and forms, request an estimate that will be mailed to you and get help registering for a Retirement Online account.

The NYSLRS booth will be in the Center of Progress Building, building 6 on the State Fair map, near the Main Gate.

father and son discuss power of attorney

Find Unclaimed Funds at the State Fair

OSC’s Office of Unclaimed Funds booth will be in the same building. An unclaimed fund is lost or forgotten money, perhaps in old bank account or insurance policy, that has been turned over to the State. See if any of that money is yours. So far this year, State Comptroller Thomas P. DiNapoli and the Office of Unclaimed Funds have returned more than $253 million.

Special State Fair Days

Friday, August 20

  • Opening Day

Monday, August 23

  • Fire & Rescue Day — Free admission for active and retired members of fire departments and emergency services organizations

Wednesday, August 25

  • Women’s Day — $1 admission for women ages 13-64 (Children 12 and under and seniors 65 and over are always free.)

Friday, August 27

  • Pride Day – The LGBTQ event includes a flag-raising ceremony at 10:30 am

Monday, August 30

  • Comptroller DiNapoli Visits the Fair — He is trustee of the New York State Common Retirement Fund and is the administrator of NYSLRS. He’ll be stopping by the NYSLRS booth during the day.
  • Law Enforcement Day — Free admission for active and retired law enforcement and corrections personnel

Thursday, September 2

  • Armed Forces Day — Free admission for active duty or veterans

Monday, September 6

  • Labor Day – Show your support of working women and men at the Fair’s Labor Day rally

Note: ID required for free admissions listed above. For details, check out the complete schedule of Special Fair Days.

Cost-of-Living Adjustment Coming in September

Eligible NYSLRS retirees will see a cost-of-living adjustment (COLA) increase in their monthly pension payments beginning in late September 2021. For payment dates, check our pension payment calendar.

This COLA is a permanent annual increase to your retirement benefit. It is based on the cost-of-living index and is designed to address inflation.

cost-of-living adjustment (COLA) coming soon

How Cost-of-Living Adjustment is Determined

COLA payments are based on the rate of inflation, as reflected in the consumer price index published by the U.S. Bureau of Labor Statistics. The law requires that COLA payments be calculated based on 50 percent of the annual rate of inflation, measured at the end of the fiscal year (on March 31st). In addition, the COLA cannot be less than 1 percent or greater than 3 percent of your benefit.

The COLA adjustment is applied to the first $18,000 of your benefit calculated as a Single Life Allowance, even if you selected a different pension payment option. Once your COLA payments begin, you will automatically receive an increase to your monthly benefit each September.

The September 2021 COLA equals 1.4 percent, for a maximum annual increase of $252.00, or $21.00 per month before taxes.

eligibility for cost-of-living adjustment (COLA)

When Will You See the Increase?

Eligible retirees will see the first 2021 COLA payment in their September pension payment. It will be available to those with direct deposit on September 30, 2021. If you receive a paper check, the COLA will be included in the check mailed on September 29, 2021.

You can sign in to your Retirement Online account to view a current breakdown of your pension payment. If you have direct deposit and are eligible for a COLA increase, you will receive notification of the net change in your monthly payment amount in September.

If you are not eligible for a COLA yet, you will receive your first increase in the month after you become eligible. This payment will include a prorated amount to cover the month you became eligible. After that, you will receive a COLA increase each September.