Category Archives: Retirees

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

Working After Retirement: Earnings Limit

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As a NYSLRS retiree, you can work and still receive your pension. However, there may be a limit on how much you can earn each year without affecting your NYSLRS pension.

Working After Retirement: Earnings Limit

Working While Receiving a Service Retirement Benefit

Note: Special rules apply to elected officials.

Under Retirement and Social Security Law (RSSL) Section 212, an earnings limit of $35,000 generally applies to NYSLRS retirees who:

  • Are under age 65;
  • Receive a service retirement benefit (see disability benefit rules below); and
  • Return to work for a public employer (including contract or consultant work, if you joined NYSLRS on or after May 31, 1973).

There is no earnings limit if you are self-employed or if you work for:

  • The federal government;
  • A state or local government in another state; or
  • A private employer.

Also, beginning in the calendar year you turn 65, the earnings limit no longer applies.

Update Regarding the Earnings Limit

The earnings limit for retirees employed by school districts or Boards of Cooperative Educational Services (BOCES) is suspended through June 30, 2027. (May 2025 legislation extended the date from 2025 to 2027.) This earnings limit suspension does not apply to retirees who work for a college, university or charter school.

For most other retirees under the age of 65, the $35,000 limit is in effect and applies to the entire calendar year in 2026.

NYSLRS retirees can return to work part-time for a public employer. However, Internal Revenue Service (IRS) rules and RSSL require a member have a bona fide termination from public service prior to their date of retirement.

When the employer and member expect the member will return to employment after their date of retirement, the member’s termination does not constitute a bona fide termination. If there is no bona fide termination, the service retirement will be voided. Any pension payments made in error due to a retirement that was invalid will be recovered by the Retirement System.

Working While Receiving a Disability Retirement Benefit

Almost all earnings for retirees who are working while receiving a disability retirement benefit are limited whether they work for a public or private employer. The limit is specific to each retiree. To find out your earnings limit, please contact us.

How the Earnings Limit Applies

The limit applies to all earnings for the calendar year, including money earned in the calendar year, but paid in a different calendar year (for example earned in December but paid in January).

The limit does not apply to:

  • Payments received after you retire from your employer, such as for vacation or sick time you earned when you were still working; and/or
  • A retroactive payment for a new union contract, if the earnings are for employment before you retired.

Reporting Your Earnings

It is your responsibility to notify NYSLRS if you earn more than the limit. If you know you are going to exceed the limit, contact us at least a month before you do.

You can message us using the secure contact form, or you can fax a letter to 518-402-2498. Be sure to include the name of your employer, the approximate date you expect to exceed the limit and a daytime phone number in case we have questions.

If You Exceed the Earnings Limit

If you earn more than the limit, you must:

  • Pay back NYSLRS for the pension payments you received after the date you reached the limit. If you continue to work, your pension will be suspended for the remainder of the calendar year and resume the following January.
    OR
  • Rejoin NYSLRS, in which case your pension will be suspended until you retire again at some future date. (You’d need to reapply.)

Earnings Limit Waiver

Under RSSL Section 211, employers may employ you and waive the earnings limit if they get approval before hiring you. Approval is not automatic; it is based on the employer’s needs and your qualifications. In most cases, the New York State Department of Civil Service is the approving agency. A Section 211 waiver covers a fixed period, normally up to two years. Notwithstanding RSSL Sections 211 or 212, however, a prearranged agreement to rehire an employee made prior to their date of retirement does not constitute a bona fide termination.

For More Information

Before you decide to return to work, please read our publication What If I Work After Retirement? It includes information such as how earnings limits are calculated for retirees receiving a disability retirement benefit, consequences to consider before returning to NYSLRS membership and more. If you have questions, please contact us.

Federal Tax Withholding and Your Pension

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Most NYSLRS pensions are subject to federal income tax. If your last federal tax bill or return was not what you expected, Retirement Online makes it fast and convenient to update your federal tax withholding.

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.

federal tax withholding and your pension

Understanding Your Federal Tax Withholding

NYSLRS is required to withhold federal income tax from your pension benefit at the default withholding status of “single with no adjustments” unless you inform us otherwise. The amount withheld is based on the information you provide to us on a W-4P Form (Withholding Certificate for Pension or Annuity Payments).

Note: The Internal Revenue Service (IRS) revised its W-4P Form, which no longer allows tax filers to adjust their withholding by electing a specific number of allowances. To comply with IRS requirements, NYSLRS updated its tax withholding form accordingly. You do not need to submit a new W-4P Form to NYSLRS unless you want to change the amount withheld for federal income tax.

Effective January 1, 2023, NYSLRS does not withhold federal income tax from pension benefits that are not subject to tax reporting.

Estimate Your Federal Tax Withholding

The IRS has a new Tax Withholding Estimator which may help you estimate the federal income tax you want withheld from your pension. When using the tool, be sure to have your most recent tax return, pension pay stubs (available in Retirement Online) and other income information—your results will be based on the information you enter.

Use Retirement Online to Update Your Withholding

Retirement Online is the fastest and most convenient way to complete the W-4P Form and update your federal tax withholding for your NYSLRS pension.

If you update your federal tax withholding online by the middle of the month, your changes will generally be applied to that month’s pension payment.

For more information, including instructions for updating your withholding, visit our Taxes and Your Pension page.

If You Need Help

The NYSLRS form is based on the IRS form. If you need assistance completing the form:

If you’re not sure whether you need to adjust your federal tax withholding or if you have other tax questions, you may want to consult a tax preparer.

Retiree Annual Statement Available Online

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Your Retiree Annual Statement provides a year-end summary of your pension payments for the last calendar year, including the total amount you received and a breakdown of credits, deductions and taxes. It also gives you an explanation of the pension payment option you chose at retirement.

We mail printed Retiree Annual Statements by the end of February. However, we make Statements available in Retirement Online sooner than printed copies are mailed—and you can sign in to your account now to access yours.

Reminder for members: Make sure you receive your Member Annual Statement, which is distributed beginning in May.

Get Your Statement Online Now

 To view, save or print your Statement:

  • Sign in to Retirement Online.
  • Look under My Account Summary.
  • Click View My Retiree Annual Statement button.
  • If Retirement System is blank, click Look Up icon and select ERS or PFRS from dialog box.
  • Click Look Up icon next to Calendar Year field and select an option from dialog box.
  • Click Generate Statement.

The document will download on to your computer.

If you don’t have an account, check out our Retirement Online Tools and Tips blog post where you’ll find a link to step-by-step instructions to help you register for Retirement Online.

Retiree Annual Statements are Available Online

Understanding Your Retiree Annual Statement

Your annual Statement provides year-end benefit and payment information for the previous calendar year, including:

  • Your total pension benefit amount before credits, deductions and taxes.
  • Credits for adjustments or reimbursements, such as a cost-of-living adjustment (COLA) or Medicare reimbursements. (Only applicable credits appear in your Statement.)
  • Deductions for recoveries, payments to an alternate payee, health insurance, or other dues or fees you’ve authorized to have deducted from your pension benefit. (Only applicable deductions appear in your Statement.)
  • The amount withheld for federal taxes.
  • Your total net benefit after credits, deductions and taxes.

If you have questions about the information and terms used in your Statement, check out our Guide to Your Statement for a short explanation of each.

Do Not Use Your Statement for Tax Purposes

While your Retiree Annual Statement includes pension payment and tax information, it is not a tax document. If your pension is taxable, we provide a 1099-R tax form (either through Retirement Online or by mail, depending on your delivery preference) for filing your taxes.

View Your Pension Pay Stub for Year-to-Date Information

Your pay stub gives you valuable insight into your monthly pension payment, including a breakdown of credits, deductions and taxes. Throughout the year, you can access your pay stubs online to see year-to-date totals.  

Get an Email Notification for Your Statement

Next year, you can get access to your Statement sooner by updating your delivery preference to email. When your Statement is available, we’ll send an email notifying you to sign in to Retirement Online.

  • Sign in to Retirement Online.
  • Look under My Profile Information.
  • Click update next to ‘Retiree Annual Statement by.’
  • Choose Email from dropdown.

Be sure the email address listed in your Retirement Online profile is current.

Note: If you choose email as your delivery preference, you will not receive a printed copy in the mail.

NYSLRS Retirees Contribute to New York State’s Economy

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NYSLRS benefits provide a lifetime monthly pension retirees can count on. And, in turn, NYSLRS retirees contribute to our local economies in both good times and bad.

Nearly 79 percent of NYSLRS retirees live right here in New York State, and they can be found in every region and county. That means, in every corner of the Empire State, NYSLRS retirees are there—patronizing local businesses and helping to create jobs. Retirees also pay a significant share of State, local and property taxes.

As of the State fiscal year ending, March 31, 2024, Suffolk County on Long Island is home to 39,837 retirees and beneficiaries—the most benefit recipients of the counties outside of New York City. They make up about 2.6 percent of the county’s residents, and they bring some $1.5 billion in pension payments to their region’s economy.

On the other hand, Hamilton County has the fewest NYSLRS benefit recipients—just 545. But, for this sparsely populated county in the heart of the Adirondacks, those retirees represent about 10 percent of the county’s population, and they inject more than $12.9 million of pension payments into their communities.

As the number of NYSLRS retirees in our State grows, you can count on their help in building a stronger New York for years to come. Visit our website to see more about how retirees contribute to every region in the State.

Retirees Contribute to New York State’s Economy

How Retirees Contribute to Economic Stability

A NYSLRS pension is a defined benefit plan, which provides guaranteed monthly pension payments to retirees for life. With a defined benefit plan, your pension will be calculated based on a preset formula. That means—unlike with 401(k)-style defined contribution plans, which are essentially retirement savings accounts—your contributions won’t affect the amount you receive in retirement. NYSLRS retirees don’t have to worry about their pension running out during retirement, and there’s no danger of a drop in monthly income based on the whims of the stock market.

A study by the National Institute on Retirement Security (NIRS) suggests retirees with steady sources of income such as Social Security and monthly pensions are better able to maintain their spending during economic downturns, which may play a stabilizing role in local economies. That stability is particularly important in rural parts of the State. These areas often lack the economic diversity of more densely populated regions, which can make them more susceptible to downturns.

Defined benefit pension plans don’t just help New York State. Across the nation, pension benefits support millions of retirees who in turn contribute to their communities. In 2020, defined benefit pension plans paid $612.6 billion to 24.6 million retired Americans. According to the same NIRS study, their spending supported 6.8 million jobs and generated $1.3 trillion in economic activity.

Where Do NYSLRS Retirees Live?

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NYSLRS provides pension benefits to more than 520,000 retirees and beneficiaries. You can find our retirees in every state in the US and in countries all around the world. However, most live right here in New York State.

Nearly 79% of NYSLRS Retirees Stay in New York

The vast majority of NYSLRS retirees—nearly 79 percent—stay in New York State, and their pension dollars flow right back into our communities. Retirees in New York pay local property and sales taxes. Their spending supports local businesses, generates thousands of jobs and stimulates the economy.

NYSLRS retirees in New York

Where in New York do these retirees call home?

Long Island is home to more than 66,000 retirees and beneficiaries. Suffolk County has the most and Nassau County has the third most benefit recipients of the counties outside of New York City. (The City, which has its own separate retirement systems for municipal employees, police and firefighters, has more than 24,000 retirees and beneficiaries.)

Erie County, which includes Buffalo, has the second most retirees—nearly 34,000. Albany County, home to the State capitol, is ranked fourth, with more than 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 $7 billion in retirement benefits in the fiscal year ending March 31, 2024.

Hamilton County has the fewest retirees. But, in this sparsely populated county in the heart of the Adirondacks, those 545 retirees represent about 10 percent of the county’s population and received $12.9 million in retirement benefits in the fiscal year ending March 31, 2024.

NYSLRS Retirees in the United States

NYSLRS retirees are found in every state. Florida, not surprisingly, is the second choice for retirees after New York. Roughly 41,000 call the Sunshine State home. North Carolina is third, followed by New Jersey and South Carolina. North Dakota has the fewest retirees and beneficiaries—only 23.

NYSLRS retirees in the United States

NYSLRS Retirees Around the World

There are 649 NYSLRS retirees and beneficiaries living around the world but the most common countries are:

  • Canada: 176
  • Israel: 48
  • England: 32
  • Philippines: 32
  • US Virgin Islands: 29

Learn More

Check out our 2024 Annual Comprehensive Financial Report for more information about NYSLRS, the Common Retirement Fund and our nearly 1.2 million members, retirees and beneficiaries.

Note: All data is as of the State fiscal year end, March 31, 2024.

Retirees: Update Your Contact Information

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Wherever retirement takes you, it’s important to keep NYSLRS informed of any changes to your contact information. That way, you’ll be sure to receive the tax information, news, correspondence and statements we send you. For example, we’ll be distributing 1099-R tax forms in January and Retiree Annual Statements in February.

If you choose to receive these documents by mail, it’s vital you review the address we have on file for you. If your information is incorrect or outdated, you must update your address by December 31. You can get access to your 1099-R and Statement sooner than printed copies are mailed by choosing email as your delivery preference—learn how to get email notifications for important documents below.

Please be aware, changing your address with the United States Postal Service (USPS) does not mean your records will automatically be updated with NYSLRS. Also, USPS will only forward mail to your new address for a limited time—generally, 12 months. To ensure you continue receiving mail from NYSLRS, you must submit a change of address directly to us. This is especially important if you receive your pension payment as a paper check.

Also, if you don’t already have an email address on file, please provide it so we can contact you quickly with important information, such as a change to your benefits.

Use Retirement Online To…

Retirement Online is the fastest and most convenient way to manage your NYSLRS account. 

Update Your Contact Information

Sign in to Retirement Online to check your mailing address, phone number and email address—and update them if needed.

Retirees: Update Your Contact Information

Schedule a Change of Address

If you spend time at a seasonal home, you can schedule a change of address to ensure you continue receiving mail from NYSLRS without interruption.

  • Sign in to Retirement Online.
  • Look under My Profile Information.
  • Click update next to mailing address.
  • Select or enter the effective date in Change As Of field.

Get Email Notifications for Important Documents

You can get access to your important documents sooner than printed copies are mailed by choosing to receive correspondence, your 1099-R tax form and your Retiree Annual Statement electronically. When you have something to view, we’ll send an email notifying you to sign in to Retirement Online.

To update your delivery preference to email:

  • Sign in to Retirement Online.
  • Look under My Profile Information.
  • Click update next to ‘Contact by,’ ‘1099-R Tax Form Delivery by,’ or ‘Retiree Annual Statement by.’
  • Choose Email from dropdown.

Be sure the email address listed in your Retirement Online profile is current.

Note: If you choose email as your delivery preference, you will not receive a printed copy in the mail.

Sign Up for Retirement Online

If you don’t have an account, learn more about Retirement Online and click Register Now to sign up. For help, check out our Retirement Online Tools and Tips blog post.

Sign In to an Existing Account

If you have an account but you haven’t signed in recently, you may have forgotten your user ID or password. Don’t worry—from the customer login page, you can:

  • Click the Forgot ID link to look up your user ID.
  • Click the Forgot Password link to reset your password.

Read our Forgot User ID and Forgot Password guides for step-by-step instructions.

Can You Change Your Beneficiary After You Retire?

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That depends. If you choose a pension payment option that provides a lifetime benefit for a beneficiary, you cannot change your beneficiary even if they die before you do. However, if you choose a pension payment option that provides a benefit for a certain period after retirement, you can change your beneficiary after you retire. Learn more about the different pension payment options and whether they allow you to change your beneficiary below.

If your retirement plan provides a one-time lump sum death benefit after you retire, you can also change your beneficiary (or beneficiaries) for that benefit.

Can You Change Your Beneficiary After You Retire?

Available Pension Payment Options

At retirement, you will choose a pension payment option:

  • Single Life Allowance option: Provides the maximum monthly benefit payment to you for the rest of your life. This option does not provide a continuing benefit so you will not select a beneficiary, and all payments stop when you die.
  • Joint Allowance options: Provide a lifetime benefit to a loved one in exchange for a reduction to your monthly benefit payment. After your death, your beneficiary will continue to receive your pension (or part of it, depending on the option you choose) for the rest of their life. If your beneficiary dies before you, your monthly benefit payment remains the same and all payments stop when you die. However, if you choose one of the Popup-Up/Joint Allowance options and your beneficiary predeceases you, your monthly benefit payments will increase to the amount payable under the Single Life Allowance option. For these options, you can only choose one beneficiary, and you cannot change your beneficiary after you retire.
  • Five Year Certain or Ten Year Certain options: Provide a benefit for a certain period after retirement in exchange for a reduction to your monthly benefit payment. If you die within the five- or ten-year period after your retirement (depending on the option you choose), your beneficiary will continue to receive your monthly pension payment for the remainder of the five- or ten-year period. For these options, you can choose more than one beneficiary, and you can change your beneficiary after you retire.

Post-Retirement Death Benefit

Your pension is not your only NYSLRS retirement benefit. Most NYSLRS retirees are eligible to leave a death benefit if they retired directly from payroll or within one year of leaving employment. The post-retirement death benefit is a one-time lump sum payment. For information on how it’s calculated, visit our Death Benefits for Retirees page.

You can change your beneficiary for this benefit at any time, and your beneficiaries for this benefit do not have to be the same as your pension payment option beneficiary.

Manage Your Beneficiaries in Retirement Online

The fastest way to view or update your beneficiaries for your post-retirement death benefit is in Retirement Online.

You should also review the contact information for your beneficiaries so we can find them when needed.

Where Are Your Important Documents?

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We accumulate a lot of important documents over a lifetime — things such as birth certificates, diplomas, deeds, wills, insurance policies and more. If you’re like many people, you may have papers stuffed in drawers, filing cabinets or boxes in the attic. If you need an important document, will you be able to find it? What’s more, when you pass away, will your loved ones be able to find what they need?
where are your important documents?

Organize Your Important Documents

Important documents should be kept in a secure but accessible place in your home. This includes personal documents, such as your passport, birth certificate, marriage certificate, will and burial instructions. You should also include information about your NYSLRS retirement benefits, income taxes, bank accounts, credit cards and online accounts. Important contact information, such as the names and phone numbers of your attorney, accountant, stockbroker, financial planner, insurance agent and executor of your will should also kept in a secure location.

Our fillable form, Where My Assets Are, can help make organizing your important documents a little easier. It will help you or your loved ones locate these documents when they are needed. It’s a good idea to review and update this information regularly.

Be aware that a safe deposit box may be sealed when you die. Don’t keep burial instructions, power of attorney or your will in a safe deposit box, because these items may not be available until a probate judge orders the box to be opened. However, a joint lessee of the box, or someone authorized by you, would be permitted to open the box to examine and copy your burial instructions.

Review Death Benefits and Beneficiary Designations

Depending on your tier and retirement plan, your beneficiaries may be eligible to receive a death benefit. Visit our member and retiree death benefit pages for more information.

Then, sign in to your Retirement Online account to review your named beneficiaries and update their contact information if needed. From your Account Homepage, click “View and Update My Beneficiaries” to get started.

Please note, when a NYSLRS member or retiree dies, it is important that survivors report the death to NYSLRS as soon as possible. Before any death benefits can be processed or paid, NYSLRS will need an original, certified death certificate.

COLA Increase

Retirees: Annual COLA Increase

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A Cost-of-Living Adjustment (COLA) is a permanent annual increase to your pension to help offset the impact of inflation. Eligible NYSLRS retirees will receive a COLA increase beginning with their end-of-September pension payment:

  • Direct deposited on September 30, 2025.
  • Checks mailed on September 29, 2025.

If you are eligible for COLA, you will receive a notice of the change to your net monthly retirement benefit by mail at the end of September. It will show the previous and new monthly amounts for your COLA, your net retirement benefit (the total pension payment amount you receive after credits, deductions and taxes) and any other changes to your credits, deductions or taxes. To determine your monthly COLA increase, subtract the amount listed under ‘Last Month’ from the amount listed under ‘This Month.’

COLA Increase

How COLA is Determined

In accordance with State law, the annual COLA percentage is 50 percent of the rate of inflation at the end of the State fiscal year (March 31), rounded up to the nearest tenth. COLA cannot be less than 1 percent or more than 3 percent annually.

This Year’s COLA Increase

The COLA for September 2025 through August 2026 is 1.2 percent.

The percentage is applied up to the first $18,000 of your annual pension benefit as if you had chosen the Single Life Allowance pension payment option, even if you selected a different option at retirement. Because the Single Life Allowance pays the maximum pension benefit, using this option gives you the highest possible COLA. If your annual pension benefit is $18,000 or more, you will receive the maximum monthly increase of $18 (for a total maximum annual increase of $216) before taxes.

COLA is cumulative, meaning the increase you receive each September is added to your existing monthly COLA amount.

For a breakdown of credits and deductions and to see year-to-date totals throughout the year, you can view your pension pay stub online.

  • Sign in to Retirement Online.
  • Look under I want to… (located at the top right).
  • Click View Pension Check link.
  • Select date of the pension payment to view.

Eligibility

To begin receiving COLA, you must be:

  • Age 62 or older and receiving a service retirement benefit for five or more years; or
  • Age 55 or older and receiving a service retirement benefit for ten or more years (applies to uniformed employees such as police officers, firefighters and correction officers who are covered by a special retirement plan that allows for retirement, regardless of age, after 20 or 25 years); or
  • Receiving a disability retirement benefit for five or more years; or
  • The spouse of a deceased retiree receiving a lifetime benefit under an option elected by the retiree at retirement (you’ll receive half the retiree’s COLA amount); or
  • A beneficiary receiving the accidental death benefit for five or more years on behalf of a deceased Employees’ Retirement System (ERS) member.

Once you’re eligible, you will automatically receive a COLA increase in your monthly pension payment beginning each September.

For More Information

For more information, including an example of how COLA is applied and information about receiving your first COLA, visit our Cost-of-Living Adjustment (COLA) page.

For more upcoming pension payment dates, check our pension payment calendar.

A Good Plan Can Ease Your Transition to Retirement

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When people talk about retirement planning, they’re usually talking about money. But there’s another aspect that people often forget: what will you do with all that newfound free time? After decades of hard work, the thought of sleeping late and taking it easy is pretty attractive. But the transition to retirement is a big deal, and many retirees don’t consider the psychological aspects of the change. We’ve gleaned some advice from professional sources.

A Good Plan Can Ease Your Transition to Retirement

Create a Plan and Schedule

However you feel about your job right now, it’s an important part of your life. It provides structure, mental stimulation and social interaction. Retiring can leave a void, and streaming the latest shows or making frequent trips to the grocery store may not be enough to fill it. Empty or aimless hours can lead to boredom, disenchantment and even depression.

You may have a long list of things to do, places to go, and hobbies to take up, but if you don’t decide where to begin, it can be hard to get started. You’ll need to actively plan your activities and create a schedule to successfully manage your time in retirement. Write down how you’d like to spend each day of the week, blocking out time for chores, social engagements, hobbies and exercise. Sticking to a schedule can keep your days structured and give you a sense of accomplishment.

Stay Engaged

For many people, staying busy and remaining socially engaged are essential to a satisfying transition to retirement. That’s one reason why some retirees take on part-time or seasonal jobs.

A job in retirement doesn’t necessarily mean continuing to do the same old thing. Retirement is an opportunity to reinvent yourself. Do something you’ve always wanted to do, something fun and challenging.

Maybe the job for you is one that doesn’t pay at all, at least monetarily. There are countless organizations looking for volunteers.

Volunteering just a few hours a week will give you something to look forward to and keep you connected to the outside world, which can improve both your mental and physical well-being.

Exercise Your Body and Brain

Regular exercise not only keeps you physically fit — it also increases your sense of well-being. Whatever you do to exercise, make it part of your regular schedule. Consider taking a fitness class at a local gym, which also adds a social element to your workout. Maybe you can up the ante by trying something new, like a martial arts class.

Don’t forget to exercise your brain. A course or workshop can help you discover a new side to yourself (the painter, the mystery writer, the master of topiary). You may even want to enroll in classes at a local community college or return to school full-time.

Whatever you do, make sure it’s part of a plan — a plan for a happier retirement.