Category Archives: General News

Visit NYSLRS at the New York State Fair

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If you’re visiting the Great New York State Fair, stop by and see us.

The celebration of everything New York begins Wednesday, August 21, and runs through Monday, September 2 (Labor Day). Our information representatives will be at the fairgrounds in Syracuse daily, from 10:00 am to 9:00 pm.

You’ll be able to:

  • Ask questions about your NYSLRS benefits.
  • Pick up retirement plan booklets or brochures.
  • Get help registering for a Retirement Online account.

NYSLRS will be in the Center of Progress Building, Building 3 on the State Fair map, near the Main Gate. Look for us at booth 227.

Visit NYSLRS at the New York State Fair

Find Unclaimed Funds at the State Fair

OSC’s Office of Unclaimed Funds booth will also be in the Center of Progress Building. An unclaimed fund is lost or forgotten money. If an organization such as a bank, insurance company, corporation or state agency owes you money but hasn’t been able to contact you, they turn that money over to the Comptroller’s Office.

You can Search for Lost Money and see if any unclaimed funds are yours. So far this year, State Comptroller Thomas P. DiNapoli and the Office of Unclaimed Funds have returned more than $332 million.

Special Fair Days

Wednesday, August 21

  • Opening Day

Thursday, August 22

  • Student Youth Day—Youth and students under 18 years of age are admitted free on this day. ID showing date of birth may be requested.
  • Agriculture Career Day

Friday, August 23

  • Pride Day—The first state fair in America to host an official Pride Day to celebrate the LGBTQIA+ community.
  • New Americans Day
  • Family Fishing Day

Monday, August 26

  • Law Enforcement Day—Free admission to any active or retired law enforcement or corrections personnel who present a badge or picture ID from the department where they are or were employed.
  • Maple Day

Tuesday, August 27

  • Fire, Rescue and EMS Day—Free admission to any active or retired member of a fire department, emergency services or EMS organization who presents a picture ID from that department or organization.
  • Beef Day

Wednesday, August 28

  • Women’s Day

Thursday, August 29

  • Comptroller DiNapoli Visits the Fair—He is the trustee of the New York State Common Retirement Fund, the administrative head of NYSLRS and custodian of unclaimed funds. He will present area residents and organizations with unclaimed funds, and he’ll be stopping by the NYSLRS booth.
  • Armed Forces Day—Free admission to any active-duty service member or veteran with military identification (military ID card, form DD-214 or NYS driver license, learner permit or nondriver ID card with a veteran designation).
  • Dairy Day

Friday, August 30

  • Native American Day—Free admission to all members of Native American tribes, no ID required.

Monday, September 2

  • Labor Day

Common Retirement Myths—Part 2

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Sometimes a small misunderstanding can have a big impact on your retirement benefits. We debunked some common retirement myths in an earlier blog post. Here are five more myths you should be aware of.

Retirement Myths vs Facts

retirement myths

I updated my contact information with my employer, so I don’t need to update it with NYSLRS.

retirement fact

You need to update your contact information with both your employer and NYSLRS. Your employer does not provide updated member contact information to us. Make sure we have your current mailing address, phone number and email address on file so you receive the news, correspondence and statements we send you. Retirement Online is the fastest way to view and update your contact information with NYSLRS.

retirement myths

I can’t estimate my pension benefit until I’m close to retirement.

retirement fact

Even if you are years away from retiring, you can estimate your pension benefit in minutes using Retirement Online. Enter different retirement dates and beneficiaries to see how your choices affect your potential benefit and customize your estimate by adjusting your earnings if you anticipate a pay increase before you retire. (Note: Some members may not be able to use the Retirement Online pension calculator because of their circumstances—the system will notify you if your estimate cannot be completed, and you can send us a message using our secure contact form to request one.)

retirement myths

If I retire with an outstanding loan, my pension payment will be reduced temporarily until the loan is paid off.

retirement fact

If you retire with an outstanding loan, your pension will be permanently reduced.* We do not withhold loan deductions after retirement and apply it toward the outstanding balance until it’s paid in full.

Also, all or part of your outstanding loan balance may be subject to federal income taxes. If you retire before age 59½, the IRS may charge an additional 10 percent penalty.

*Employees’ Retirement System (ERS) members can repay their NYSLRS loan after they retire. However, you would need to pay the full balance of the loan in a one-time lump sum payment. Your pension would then be recalculated to remove the reduction and your monthly payment would increase going forward, but it would not be retroactive to your date of retirement.

retirement myths

The only way to file for retirement and begin receiving my pension is by completing a bunch of paper forms.

retirement fact

You can apply for retirement in Retirement Online, which is faster and more convenient than printing and mailing forms, and there’s nothing to have notarized. And when you apply online, you can also make changes online before your date of retirement—for example, if you need to change your banking or tax information. Watch our video for more information.

retirement myths

I can change my pension beneficiary after I retire.

retirement fact

Most retirees have 30 days from the start of the month following their retirement date to change their option election. After those 30 days, only certain pension payment options let you change your beneficiary.

  • The Single Life Allowance option provides the maximum monthly benefit payment to you for the rest of your life, but all payments stop upon your death, so nothing will be paid to a beneficiary.
  • The Joint Allowance or Pop Up Joint Allowance options provide a lifetime benefit for a beneficiary. After the initial 30-day window, you cannot change your beneficiary for any reason.
  • The Five Year Certain or Ten Year Certain options provide benefit payments to a beneficiary for a finite period if you die within five or ten years of your retirement—if you choose one of these options, you can change your beneficiary at any time. If you live beyond the five- or ten-year period, your beneficiary will not receive a pension benefit upon your death.    

Note, most retirement plans also provide a post-retirement death benefit, which is a one-time lump sum payment to your beneficiaries—you can change your beneficiaries for this at any time.

You can find more facts about your NYSLRS benefits in your retirement plan publication. If you have account-specific questions, please message our customer service representatives using our secure contact form.

Common Retirement Myths—Part 1

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The laws governing your NYSLRS retirement benefit can be confusing. Sometimes a small misunderstanding can have a big impact on your finances. So base your financial decisions on retirement facts, not common myths.

Retirement Myths vs Facts

myth

My NYSLRS pension is like a 401(k)-style retirement savings account and I will get my contributions back when I retire.

fact

Your NYSLRS pension is a defined benefit plan. Your pension will be a lifetime benefit based on your earnings and years of service—it will not be based on your contributions. Member contributions support the benefits earned by current and future retirees and are an important asset of the Common Retirement Fund.

myth

If I work for more than one NYSLRS participating employer, the service credit from both will count toward my pension benefit.

fact

It depends. You can only earn one year of service credit in a 12-month period. If you work part-time for two participating employers, you would receive credit toward retirement from both, up to the maximum of one year. However, if you already work full-time for one NYSLRS employer, plus you work part-time for another employer, your part-time job won’t increase your retirement service credit. Also, if you are a full-time employee of a school district, you won’t earn extra service credit if you work during the summer.

myth

NYSLRS administers health insurance coverage for its retirees.

fact

NYSLRS does not administer health insurance programs. We may deduct premiums from a retiree’s monthly pension benefit to pay for health insurance coverage if their former employer instructs us to do so, but we can’t answer questions about coverage or changes in premium amounts.

The New York State Department of Civil Service administers the New York State Health Insurance Program (NYSHIP) for New York State retirees and some municipal retirees. If you are still working, your employer’s Human Resources (Personnel) office should be able to answer your questions about post-retirement coverage.

myth

I can take out a NYSLRS loan after I retire.

fact

You need to actively work for New York State or a participating employer to take a NYSLRS loan. They are not available to retirees.

myth

If I’m vested and no longer working for a public employer, NYSLRS will automatically start paying my pension as soon as I’m eligible.

fact

Your pension is not automatic. You must apply for retirement 15 to 90 days before your retirement date. Your retirement date is up to you. In order to retire, a NYSLRS member must terminate employment and be removed from the payroll of their employer(s) before the effective date of retirement.

Most NYSLRS members can begin collecting their pension as early as age 55. If you retire between age 55 and your full retirement age (62 or 63, depending on your tier and plan), you may face a permanent benefit reduction. If you have left public employment though, your benefit won’t increase after you reach full retirement age so don’t delay filing for retirement beyond that point.

You can find more answers about your NYSLRS benefits in your retirement plan publication. If you have account-specific questions, please message our customer service representatives using our secure contact form.

Check out Common Retirement Myths—Part 2 where we debunk five other retirement myths.

Public Service Recognition Week

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This Public Service Recognition Week, we proudly celebrate more than 695,000 members and 470,000 retirees of the New York State and Local Retirement System (NYSLRS) for their service to the people of New York State.

A Brief History of Public Service Recognition Week

This week was created in 1985 to honor those who serve our nation as federal, state, county and local government employees.

Congress officially designated the first full week of May as Public Service Recognition Week. This year, it is being celebrated May 5 through 11.

NYSLRS Members Deliver Critical Services

From the smallest village to our biggest cities, New York public employees like you provide the essential services that improve our quality of life. You work for employers such as:

  • New York State
  • Couties, Towns and Villages
  • School Districts
  • Correctional Facilities
  • Public Libraries
  • Fire and Water Districts

Whether they are protecting public health and safety, driving our children to school or clearing snow from the roads, NYSLRS members deliver the critical services New Yorkers depend on. Many NYSLRS members and retirees also give back to our state by volunteering in their communities or supporting charitable causes.

Public Service Recognition Week

Comptroller DiNapoli’s Faith in Public Service

New York State Comptroller Thomas P. DiNapoli is the administrator of NYSLRS and trustee of the Common Retirement Fund. His public service career began at 18 years old, when he won his first election to become a trustee on the Mineola Board of Education. That made him the youngest person in New York State history to be elected to public office. He is also the second longest-serving comptroller in New York State history.

Comptroller DiNapoli is understandably proud about the career path he has chosen, and he often speaks about the contributions that New York’s public employees make to their communities and their State. He encourages young people to consider a career in public service. “It’s more than a job,” he says. “It’s a career with purpose.”

Protecting Yourself from Scams

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Your retirement account can be an attractive target for scammers, and imposters continue to find new ways to try to impersonate government agencies, such as NYSLRS or the Social Security Administration. Learn to distinguish fake messages from official NYSLRS communications and protect yourself from scams.

protecting yourself from scams

How Scams Work

Imposters pretend to be an agency or organization you already know to gain your trust. They use similar logos or imagery in correspondence. They may contact you from an email address that mimics — but isn’t identical to — those used by employees of the actual organization. Some can even make a real agency’s phone number appear on caller ID (known as spoofing).

Usually, once they contact you, they claim there is a problem (or prize or new benefit available) that requires your immediate attention. But here’s the catch: to fix the problem or receive the reward, the imposter needs you to pay them a fee or provide personal data, such as your Social Security number or bank account information. They may even threaten you with legal action, a suspension of your benefits or arrest if you fail to act in time.

If someone contacts you and you notice these signs of a scam, remain calm. Hang up the phone or delete the message if you feel like something is off. It’s the easiest way to avoid accidentally giving away personal information.

Artificial Intelligence Gives Scammers a New Tool

You should also be aware of an emerging threat — artificial intelligence (AI), which allows machines to mimic certain human behaviors, such as speech and writing. AI can personalize phishing emails, making it harder to recognize a fraudulent communication. It can impersonate the voice of a family member or friend, making you think they are in trouble or need money.

Here are some things you can do to protect yourself from AI-enhanced scams:

  • Don’t share sensitive information through text or social media;
  • Don’t send or transfer money to unknown locations;
  • Consider designating a “safe word” for your family to use to identify themselves and share that word with family members and close contacts; and
  • When in doubt, hang up and call your loved one back.

Doing Business With NYSLRS

Retirement Online, the convenient and secure way to do business with NYSLRS, is only available from the NYSLRS website. There is no mobile app available from NYSLRS. If you have a Retirement Online account, keep your username and password in a safe place and don’t share them with anyone.

Generally, NYSLRS will only call you if we are following up on a previous communication from you, such as a phone call, secure email message, Retirement Online request, form or letter. For security, you can use your NYSLRS ID to identify yourself instead of providing your Social Security number. To find your NYSLRS ID, sign in to Retirement Online, or check your annual statement or other correspondence from NYSLRS.

It’s important to review the communications you receive from NYSLRS. We send you letters or emails (depending on your delivery preference in Retirement Online) whenever you update your Retirement Online account or benefit information. However, if you receive a notification of an account change you did not make, contact us immediately.

Keep Your Password Current

Also, be sure to sign in to Retirement Online at least once a year and update your password so it doesn’t expire.

A Look Inside NYSLRS

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The New York State and Local Retirement System (NYSLRS) administers two distinct systems. They are:

  • The Employees’ Retirement System (ERS) with 659,750 members; and
  • The Police and Fire Retirement System (PFRS) with 35,754 members.

During the State fiscal year that ended on March 31, NYSLRS provided pension benefits to nearly 515,000 retirees and beneficiaries. Altogether, that’s more than 1.2 million participants, making NYSLRS one of the largest public retirement systems in the nation.

A Look Inside NYSLRS

New York State Common Retirement Fund

NYSLRS benefits are provided by the New York State Common Retirement Fund. State Comptroller Thomas P. DiNapoli is administrative head of NYSLRS and trustee of the Fund, which is widely recognized as one of the best-managed and best-funded public retirement funds in the nation. It’s also exceptionally enduring; 2021 marked the 100-year anniversary of the Retirement System.

NYSLRS Members                                                          

But NYSLRS is more than just the pension fund. Here are some facts about NYSLRS members as of March 31:

  • 514,150 active members (that is, members still on the public payroll) work for 2,979 public employers statewide.
  • About one-third of those active members work for New York State. The rest work for counties, cities, towns, villages, school districts and public authorities.
  • Nearly 94 percent of total active members are in ERS. PFRS accounts for 6 percent of total active membership.
  • Almost 60 percent of all members are in Tier 6.
  • In ERS, 58.8 percent of members are in Tier 6, while 36.7 percent are in Tiers 3 and 4.
  • In PFRS, 51.1 percent of members are in Tier 6, while 43.4 percent are in Tier 2.

NYSLRS Retirees and Beneficiaries

The average pension for an ERS retiree was $27,227 as of March 31, 2023; the average for a PFRS retiree was $60,592. But these pension payments don’t just benefit retirees and beneficiaries. About 78 percent of retirees and beneficiaries stay in New York State and generate billions of dollars in economic activity. Their spending supports local businesses, contributes to local taxes and creates jobs in our communities.

Learn More About NYSLRS

Detailed information about our members and retirees, the Fund and Fund investments can be found in the 2023 Annual Comprehensive Financial Report.

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.

Use Retirement Online for a Pension or Mortgage Verification Letter

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For certain business transactions, such as getting a mortgage or housing, you may be asked to verify your NYSLRS benefit or account information. With Retirement Online, you can get your own verification letter in just a couple quick steps.

Use Retirement Online for a Pension or Mortgage Verification Letter

Pension Income Verification Letter for Retirees

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).

Retirement Online is the fastest way to get a pension verification letter. Sign in to your account and from the ‘I want to…’ section of your Account Homepage, click the “Generate Income Verification Letter” link.

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

Mortgage Verification Letter for Members

Members (not yet retired) can quickly generate a mortgage letter in Retirement Online. Sign in to your account and from your Account Homepage, in the ‘I want to…’ section, click the “Generate Mortgage Verification Letter” link.

The 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.

Note for both retirees and members: You can also request a pension income or mortgage verification letter using our secure contact form. Tell us what information you need the letter to include and be sure to provide 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.

Use Retirement Online

Retirement Online is the fastest and most convenient way to conduct business with NYSLRS. Submitting applications through Retirement Online speeds up the process and enables NYSLRS to serve you more quickly. 

If you need help signing in to your account, these tools and tips may come in handy.

Add a NYSLRS Publication to Your Summer Reading List

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Looking for some summer reading to add to your e-reader? Check out these publications from NYSLRS for important retirement information.

Add a NYSLRS Publication to Your Summer Reading List

1. Retirement Plan for ERS Tier 6 Members (Article 15)

Are you one of more than 350,000 Tier 6 Employees’ Retirement System (ERS) members covered by Article 15? Your retirement plan publication explains some of the benefits and the services available to you, including service retirement, disability retirement, death benefits and more. Read it now.

2. Retirement Plan for ERS Tier 3 and 4 Members (Articles 14 and 15)

If you’re not in Tier 6, you’re likely among more than 260,000 Tier 3 and 4 ERS members covered by Article 14 and 15. Check out your publication to find out about the benefits and the services available to you. Read it now.

3. Service Credit for Tiers 2 Through 6

The service credit you earn as a NYSLRS member is an important factor in the calculation of your pension. This publication explains the service you can earn credit for and how you can request to purchase credit for additional public employment or military service. Read it now.

4. What If I Leave Public Employment?

While we hope you stay a NYSLRS member throughout your working career, we understand that circumstances can change. If you leave public employment, this publication explains what you’ll need to do and what happens to your NYSLRS membership. Spoiler: It depends on how much service you have. Read it now.

5. What If I Work After Retirement?

Generally, NYSLRS retirees under age 65 can earn up to $35,000 per calendar year from public employers in New York State without affecting their NYSLRS pension. However, you should be aware of the laws governing post-retirement employment and how working after retirement may impact your retirement benefits. If you are considering working while collecting your pension, you should read this publication. If you already work in public employment as a NYSLRS retiree, read our Update Regarding Retiree Earnings Limit blog post for information about recent legislation and Governor’s executive orders that affect the limit.

Other Publications

Looking for other retirement plans? Maybe you’re a police officer, a firefighter, a sheriff or a correctional officer. You can find your retirement plan publication on our website. Visit our Publications page for more general information topics such as Life Changes: Why Should I Designate a Beneficiary?