Category Archives: General News

NYSLRS – One Tier at a Time: ERS Tier 2

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When you joined the New York State and Local Retirement System (NYSLRS), you were assigned to a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS) – so there are many different ways to determine benefits for our members. Our series, NYSLRS – One Tier at a Time, walks through each tier and gives you a quick look at the benefits members are eligible for before and at retirement.

NYSLRS created Tier 2 on July 1, 1973, marking the first time NYSLRS created any new member group. Today’s post looks at one of the major Tier 2 retirement plans in ERS. ERS Tier 2 as a whole represents less than one percent of NYSLRS’ total membership.

ERS-Tier-2-Benefits_001aIf you’re an ERS Tier 2 member in an alternate plan, you can find your retirement plan publication below for more detailed information about your benefits:

Be on the lookout for more NYSLRS – One Tier at a Time posts. Next time, we’ll take a look at another ERS tier. Want to learn more about the different NYSLRS retirement tiers? Check out some earlier posts in the series:

NYSLRS – One Tier at a Time: PFRS Tier 1

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When you joined the New York State and Local Retirement System (NYSLRS), you were assigned to a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS) – so there are many different ways to determine benefits for our members. Our series, NYSLRS – One Tier at a Time, walks through each tier and gives you a quick look at the benefits members are eligible for before and at retirement.

Today’s post looks at Tier 1 in the Police and Fire Retirement System, which has only 123 members. PFRS Tier 1 represents the smallest percentage – 0.4 percent – of NYSLRS’ total membership.

PFRS-Tier-1-Benefits_002

If you’re a PFRS Tier 1 member, you can find your retirement plan publication below for more detailed information about your benefits:

Be on the lookout for more NYSLRS – One Tier at a Time posts. Next time, we’ll take a look at another one of our ERS tiers. Want to learn more about the different NYSLRS retirement tiers? Check out some earlier posts in the series:

Change Your Mind, or Plans? Here’s How to Withdraw a NYSLRS Retirement Application

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Even though you’ve been preparing for retirement, sometimes certain life events happen and you may find yourself in a position where you just aren’t ready to retire. In some cases, this can happen right after you’ve already filed your NYSLRS retirement application. Don’t panic – you can pull your retirement application at any time before your retirement date.

How Can I Stop a Retirement Application I’ve Already Submitted?

To withdraw your application, you can either submit the Withdrawal of Application for Service Retirement (RS6354) form or send us a signed letter indicating you wish to withdraw your retirement application. Please include your name, address and registration number and/or the last four digits of your Social Security number in your letter.

Filing Forms with the Comptroller

Filing a form to withdraw your service retirement application is just like filing a form to apply for a service retirement. For any form to be considered “filed with the Comptroller,” it must be received by:

We will consider a form filed on the day you deliver it personally or when the Post Office delivers it to us. If you are concerned about meeting a deadline, you can mail the document via “Certified Mail – Return Receipt Requested” and we will consider it filed on the date it was mailed. You can also send the document to us via fax, but you must still mail us the original to meet the filing requirement. Please see our Contact Us page for more information.

Please keep in mind that if your retirement withdrawal is filed on or after your effective date of retirement, it is invalid and you will be officially retired.

When We Receive Your Retirement Withdrawal

Once we receive your request to withdraw your retirement application, we’ll send you an acknowledgment letter and also notify your employer, but we strongly encourage you to let your employer know immediately of your decision. That will help you and your employer avoid any unnecessary termination processing.

When Your Circumstances Change

When you’re ready to retire, you’ll need to file a new Application for Service Retirement (RS6037) form. Your application must be on file with us at least 15 days, but not more than 90 days, before your new retirement date.

Contact us if you have any questions about withdrawing your retirement application or any other retirement-related topic you might have.

Top Five Pre-Retirement Goals For NYSLRS Members in 2015

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This is the time of year when people set goals for themselves. At the New York State & Local Retirement System (NYSLRS), we believe in setting realistic financial goals, especially when it comes to preparing for retirement. Here are five goals we think you can achieve in 2015:

  1. Choose a sensible savings plan that works for you. There are several ways to save for retirement, including starting a deferred compensation plan like the New York State Deferred Compensation Plan. The most important part of developing a savings plan is to start early. The sooner you start saving, the more time your money has to grow. And if you’re nearing retirement age, “binge saving” is always an option worth considering. Check out our Weekly Investment Plan to see how making a weekly investment can grow by age 65.

  2. Track your current and future monthly expenses and income. We feature worksheets to help you prepare a post-retirement budget on our website. Keep track of what you spend now for a month or two to get an idea of how you spend your money. You should include periodic expenses, such as car insurance payments, or property and school taxes as well. Use another of our worksheets to help you summarize your current monthly income and estimate your post-retirement monthly income. Having a post-retirement budget can help you decide how to spend money in retirement, and if you’ll need to supplement your pension.

  3. Request a NYSLRS retirement estimate. A NYSLRS retirement estimate provides you with an estimation of what your pension could be based on the information we have on file for you. You should request an estimate 18 months before your anticipated date of retirement. Many members don’t request an estimate because they don’t know their exact retirement date, but don’t let that stop you. It’s a good way to determine how retirement ready you are. At the very least, you should use our online Benefit Calculator to estimate your pension based on information you enter. Have your Member Annual Statement handy to help fill in key information.

  4. Pay off your NYSLRS loans, if you have any. An outstanding loan balance at retirement will permanently reduce your NYSLRS retirement benefit. You cannot make loan payments after you retire, and the reduction does not go away after we recover the funds. Visit our website for information about making additional payments or increasing your loan payment amount.

  5. Consult a financial planner or accountant. Financial planners don’t manage your money, but will assess your present financial condition and develop a practical plan to meet your specific goal and needs.

If you ever have any retirement-related questions, please contact us. And Happy New Year!