Category Archives: Retirees

News and Information for members of the retirement system who are enjoying their retirement

Ten Things Every NYSLRS Retiree Should Know

Even after you retire, it’s important to stay informed about your NYSLRS benefits. Here are ten things every NYSLRS retiree should know.

NYSLRS retiree
  1. Your retirement benefits are guaranteed by the State Constitution. Under Article 5, Section 7, your pension benefit cannot be “diminished or impaired.”
  2. The Common Retirement Fund, the pool of money your retirement benefits are paid from, is safe and secure. It has been widely recognized as one of the best-funded and best-managed public pension funds in the nation.
  3. Your NYSLRS pension is not subject to New York State or local income taxes, but it may be subject to federal income tax. Visit our Taxes and Your Pension page for more information.
  4. If you move to another state, your pension may be subject to that state’s income tax. Find out which states tax NYSLRS pensions.
  5. More than 95 percent of NYSLRS retirees use direct deposit for their monthly payment and their payments promptly arrive in their accounts on the last business day of each month. You can find out when your next pension payment is coming by checking our online pension payment calendar.
  6. You can stay informed about your benefits with Retirement Online. Creating an account is easy, and in many cases, you can use Retirement Online instead of sending in forms or calling NYSLRS.
  7. If you need proof of your retirement income to rent an apartment or get a mortgage, you can generate a pension verification letter in Retirement Online.
  8. Once you become eligible for a cost-of-living adjustment (COLA), you will receive annual increases in your pension amount. When your net benefit amount changes, NYSLRS will inform you.
  9. Your beneficiaries may be entitled to a death benefit after you die.
  10. A Guide for Retirees is a handy resource on our website. It provides important information about your benefits and the services NYSLRS provides for its retirees.

Not retired yet? Read our blog post Ten Things Every NYSLRS Member Should Know.

Where in New York are NYSLRS Retirees?

NYSLRS retirees tend to stay in New York, where their pensions are exempt from State and local income taxes. In fact, 79 percent of NYSLRS’ 496,628 retirees and beneficiaries lived in the State as of March 31, 2021. And more than half of them lived in just ten of New York’s 62 counties.

So where in New York do these retirees call home? Well, there are a lot of NYSLRS retirees and beneficiaries on Long Island. Suffolk and Nassau counties are home to nearly 63,000 recipients of NYSLRS retirement benefits, with annual pension payments exceeding $2.2 billion. But that shouldn’t be surprising. Suffolk and Nassau counties have the largest and third largest number of pension benefit recipients, respectively, of all the counties in the State outside of New York City by population. (The City, which has its own retirement systems for municipal employees, police and firefighters, had 23,655 residents who were NYSLRS retirees and beneficiaries.)

NYSLRS retirees in New York

Erie County, which includes Buffalo, ranked number two among counties in the number of NYSLRS retirees, with more than 32,000. Albany County, home to the State capital, ranked fourth with close to 20,000. Monroe, Westchester, Onondaga, Saratoga, Dutchess and Oneida counties round out the top ten.

All told, retirees and beneficiaries in the top ten counties received $6.2 billion in NYSLRS retirement benefits in 2020-2021.

Hamilton County had the fewest NYSLRS benefit recipients. But in this sparsely populated county in the heart of the Adirondacks, those 496 retirees represent nearly 10 percent of the county’s population. During fiscal year 2020-2021, $11 million in NYSLRS retirement benefits was paid to Hamilton County residents.

NYSLRS Retirees Across the Globe

Outside of New York, Florida remained the top choice for NYSLRS retirees, with 38,872 benefit recipients. North Carolina (9,695), New Jersey (8,078) and South Carolina (6,873) were also popular. There were 638 NYSLRS benefit recipients living outside the United States as of March 31, 2021.

A Snapshot of NYSLRS Retirees

NYSLRS was providing pension benefits to 496,628 retirees and beneficiaries as of March 31, 2021.

Nearly 79 percent of NYSLRS retirees and beneficiaries — some 391,454 — live right here in New York State, and they can be found in every county. The Capital District, for instance, is home to more than 63,000 retirees and beneficiaries, while more than 62,000 live on Long Island.

These New York retirees live in our communities, and their pension money flows right back into our neighborhoods. Retirees in New York pay local property and sales taxes, and their spending supports local businesses, stimulates the economy and generates thousands of jobs.

NYSLRS Retirees in the US

NYSLRS Retirees in the US

NYSLRS retirees can also be found in every state. Florida, not surprisingly, is the number two choice, with nearly 39,000 calling the Sunshine State home. North Carolina is third, with 9,695 retirees, followed by New Jersey, with 8,078. North Dakota has the fewest, with only 23 retirees and beneficiaries. Another 638 live outside the United States.

Learn More

Extensive information about our retirees and members, the Common Retirement Fund and Fund investments can be found in our latest Comprehensive Annual Financial Report. This report, published each fall, has a wealth of information about the Retirement System, its investments, strategies and financial position. It also provides details about NYSLRS’ 1.1 million members, retirees and beneficiaries.

Power of Attorney

Under normal circumstances, NYSLRS won’t release your benefit information – even to close family members­ – without your permission. However, if we have an approved copy of your power of attorney (POA) form on record, we can discuss your information with the person you named as your agent in your POA.

For example, your agent could ask for details about your pension payments, get help completing a loan application or call us for clarification if you don’t understand a letter you received.

father and son discuss power of attorney

Your agent could be your spouse, another family member or a trusted friend. You may designate more than one person as your agent, and you may authorize those agents to act together or separately. You may also designate “successor agents” to act on your behalf if the primary agent is unable or unwilling to serve.

A POA form may be filed with NYSLRS at any time, so there’s no need to wait until a “life event” happens to file. With a POA already on record, the designated agent can act immediately in case of emergency, hospitalization or unexpected illness.

What Can Agents Do?

The agent named in your POA is authorized to act on your behalf and conduct business with NYSLRS for you.

Agents can file applications and forms, such as service or disability retirement applications. They can get account-specific benefit information, request copies of retirement documents, update addresses and phone numbers, and take out loans. For retirees, agents can change the amount withheld from your pension for taxes.

The NYSLRS POA Form

NYSLRS provides a Special Durable Power of Attorney form that is specific to retirement transactions and meets all New York State legal requirements.

If you use the NYSLRS POA form, and your agent or successor agent is your spouse, domestic partner, parent or child, they have “self-gifting authority.” That means they can designate themselves as a beneficiary of your pension benefits or, if you are not yet retired, choose a retirement payment option that provides for a beneficiary after your death and designate themselves as a beneficiary for that benefit.

If your agent or successor agent is not your spouse, domestic partner, parent or child, they do not automatically have self-gifting authority. If you want them to be able to designate themselves as beneficiaries, you should indicate that in the Modifications section of the POA. You should identify your agent by name and specify the authority you want granted to them.

It’s important to note that the NYSLRS POA form only covers Retirement System transactions. It does not authorize an agent to make health care decisions or changes to a Deferred Compensation plan.

Changes to the POA Law

The law governing POA requirements was changed effective June 13, 2021. Any POA executed on or after that date must comply with the following requirements (the NYSLRS form complies with the requirements):

  • All POAs must be signed by two disinterested witnesses (witnesses who are not listed as an agent in the POA or named in the POA as a person who can receive gifts).
  • The use of a Statutory Gift Rider to grant gifting authority has been eliminated. If you do not use the NYSLRS POA form and instead submit a separately prepared Statutory POA form, gifting authority, even for a close family member, must be granted in the Modifications section of the POA. (See our Power of Attorney page for details.)

If you have an approved POA on file with NYSLRS, you do not need to send a new one. POAs executed before June 13, 2021, will be reviewed in accordance with the laws in effect at the time. POAs executed on or after June 13, 2021, that use an old POA form or do not comply with other requirements of the new law will not be valid.

How to Submit a POA Form

You can scan and email a copy of your POA to NYSLRS using our secure email form.

You can also mail your POA (original or photocopy). You may wish to mail it certified mail, return-receipt requested, so you know when NYSLRS receives it. Mail it to:

NYSLRS
110 State Street
Albany, NY 12244-0001.

Find Out More

A power of attorney is a powerful document. Once you appoint someone, that person may act on your behalf with or without your consent. We strongly urge you to consult an attorney before you execute this document.

You may revoke your POA at any time by sending us a signed, notarized statement.

Please read the Power of Attorney page on our website for additional information.

Mortgage and Pension Verification Letters

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

Members Can Generate Mortgage Letters Online

Members still on the public payroll can generate a mortgage verification letter using Retirement Online. On 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 request an account verification letter 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 the form. 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 the fastest way to get a pension verification letter. 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 send 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 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. 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.

Financial Literacy and Retirement

April is Financial Literacy Month. But what is financial literacy? Basically, it’s the ability to understand and use financial skills to make wise decisions about your finances.

Financial literacy encompasses a variety of skills, but we’d like to focus on some basic skills that are relevant to planning for a successful retirement. Whether you’re just starting your career, planning on retiring soon or already retired, mastering these skills will help you and your future financial security.

financial literacy

Taking Stock of Your Finances

A good place to start building your financial literacy is by getting a handle on your current financial situation. Ask yourself some basic questions:

  • How much do you earn and spend each month?  
  • How much debt do you have?
  • Do you have any major expenses on the horizon?

If you know where you stand, you’ll be in a better position to plan for the future.

If you’re planning for retirement, you can estimate your pension by using the benefit calculator in Retirement Online. (You can also check your future Social Security benefit online.)

Creating a Budget

This financial planning tool helps you track your income and expenses. Having a budget can help you make better financial decisions, avoid debt, prepare for emergencies and save money.

If you don’t know how to get started, here are some tips on creating a budget. If you plan to retire soon, you can use our worksheet to create a post-retirement budget.  

Understanding Interest Rates

Interest is great if you’re on the receiving end, but not so great if you are paying it. Unfortunately, consumers can pay very high interest rates on credit. The average interest rate on a new credit card account is nearly 18 percent, and many consumers pay 20 percent or more on their credit cards.

If you have credit card debt, and only pay the minimum each month, you’ll make little progress on reducing the balance while the interest you pay every month adds up. For example, if you owed $1,000 on a credit card with an 18 percent interest rate, and made payments of $40 a month, it would take you 71 months to pay off and your total interest cost would be nearly $500. On the other hand, if you paid $100 a month, it would be paid off in half the time and your total interest would be about $160.

Managing Debt

Debt is not necessarily bad, but it can easily derail your financial plans if you’re not careful. Credit cards pose a particular risk because they are so easy to use, but you can learn strategies to avoid credit card debt.

Saving

As a NYSLRS member, you’ll receive a lifetime pension that will be based on your years of service and earnings. But your personal retirement savings can be an important supplement to your pension and Social Security. It’s never too early or too late to start saving for retirement. To learn more building your savings, read our recent blog post Saving for Retirement. Is Now the Right Time?

Follow our blog for future posts on retirement savings and related topics.

Popular Blog Posts from 2020

Here are some of our most popular blog posts from the past year. Not surprisingly, during 2020 members and retirees were interested in information about doing business with NYSLRS online. Fortunately, new Retirement Online features made that a lot easier during a challenging time.

most popular blog posts of 2020
  1. Retirement Online Makes Retirement Fast, Easy
    You can now file your service retirement application in Retirement Online. This convenient new feature can reduce paperwork and save you a trip to the post office.

  2. What to Know About ERS Tier 6
    Employees’ Retirement System (ERS) Tier 6 includes members who have joined NYSLRS since April 1, 2012. It now accounts for 45 percent of all ERS membership. This is a basic overview of retirement benefits for ERS Tier 6 members.

  3. Do We Have Your Correct Contact Information?
    Keeping your mailing address and other contact information up to date ensures that you receive important information from NYSLRS about your benefits. Once again, Retirement Online makes the task easy to accomplish.

  4. Doing Business With NYSLRS
    Retirement Online is a secure, easy way to check your benefit information and conduct transactions in real time. Here’s a rundown of the many features it offers.

  5. Estimate Your Pension in Retirement Online
    How much will your pension be? Most NYSLRS members can use the pension calculator in Retirement Online to get a benefit estimate based on information we have on file for them. You can enter different retirement dates to compare potential benefits.

NYSLRS Retirement Online Routine System Maintenance

Retirement Online will be unavailable for a few days while we complete routine year-end maintenance. Retirement Online will be offline from 3:00 pm on Tuesday, December 29 until 7:00 am on Friday, January 1.

Using the NYSLRS Automated Phone System During the Maintenance Period

Another way you can get information about your NYSLRS benefits is through our automated phone system, which allows you to get personal account information, order forms and conduct other retirement transactions without having to speak with a customer service representative. The automated phone system is generally available 24 hours a day, seven days a week, so you can conduct business with NYSLRS on your schedule.

Retirees can use the automated phone system to:

  • Request that NYSLRS forms be mailed to them,
  • Report a lost, stolen or late pension check,
  • Get tax information,
  • Get information about cost-of-living adjustments (COLAs), and
  • Request a direct deposit form.

Members can use the automated phone system to:

  • Request that NYSLRS forms be mailed to them,
  • Find out if they are eligible for a loan or get their current loan balance,
  • Request that a benefit projection be mailed to them, and
  • Get personalized information about purchasing credit for previous service.

Here are the retiree menu options for the phone system:

automated phone system for retirees

Here are the member menu options for the phone system:

automated phone system for members

Other Ways to Get Information

If you are looking for general information about NYSLRS benefits, you can: