Category Archives: Videos

New Report Questions Retirement Readiness of U.S. Workforce

Fewer Americans are participating in employer-sponsored defined benefit and defined contribution plans. In fact, according to a recent report from the New School’s Schwartz Center for Economic Policy Analysis, from 1999 through 2011, 53 percent of working Americans were not enrolled in a retirement plan at work — down from 61 percent. When you add in people who did not participate in a plan offered to them or who were not working, 68 percent of working-age people (25-64) did not participate in an employer-sponsored plan.

According to the report, because of these low retirement plan enrollment numbers, 55% of U.S. households nearing retirement may have to rely on Social Security income exclusively for financial survival in retirement.

The Dwindling Number of Defined Benefit Plan Participants Fare Best

The report, entitled Are U.S. Workers Ready for Retirement? Trends in Plan Sponsorship, Participation and Preparedness, was released in April and co-authored by Theresa Ghilarducci, a nationally recognized expert in retirement security. It found that of working-age Americans with an employer-sponsored retirement plan available to them, only 16 percent had a defined benefit plan, while 63 percent had a defined contribution plan such as a 401(k).

In a comparison of net worth, the households who are enrolled in a defined benefit pension plan fare the best, with a median net worth of $116,973, compared to $107,250 for those in a defined contribution plan, and $4,450 for those without an employer-sponsored plan of any kind.

Regrettably, as bleak and discouraging as this picture is, things could still be worse.

Too Many Future Retirees Face the Possibility of Poverty

According to the report, 33 percent of current workers aged 55 to 64 are likely to be poor or near-poor in retirement based on their current levels of retirement savings and total assets. While a sizable share of the retiree population will be at risk of living in poverty in all states, workers in Massachusetts and Virginia are more likely to enjoy a secure retirement than their counterparts nationally, with only 22 percent of workers 55 to 64 likely to be at-risk for a poor standard of living in retirement.

It’s a much more troubling story here in New York where 32 percent of near-retirement workers may experience poverty or near-poverty in retirement based on their current savings levels.

Comptroller DiNapoli’s Position On Retirement Security

New York State Comptroller Thomas P. DiNapoli, the administrator of the New York State and Local Retirement System (NYSLRS), has long addressed the topic of retirement security and said that policy makers and the community-at-large should be directing their energies to ensure retirement security for everyone, including workers in the private sector.

Comptroller DiNapoli discusses this issue in remarks he delivered last June during a Retirement Summit at the Schwartz Center.

This is Public Service Recognition Week

This week we proudly celebrate the more than 600,000 members and 400,000 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

Public Service Recognition Week (PSRW) was created in 1985 to honor the men and women who serve our nation as federal, state, county and local government employees. Congress officially designated the first week of May as PSRW. This year, it is being celebrated May 3 through May 9.

PSRW publicly honors all the men and women who dedicate their careers – and sometimes their lives – to keep others safe and provide for the common needs of our society. These individuals strive to help make life better in our communities.

The Public Servants of NYSLRS

NYSLRS is a public retirement system full of stories about State workers and municipal employees finding value and meaning in the work they do, especially when they help another New Yorker. These are stories you may not read or hear about, because to some public employees, they’re just doing their job.

Whether they are picking up our garbage, educating our children, or cleaning our roads during snowstorms, NYSLRS members deliver the critical resources and services many New Yorkers depend on. Likewise, many NYSLRS members and retirees also give back to our state by serving their communities as volunteers and supporters of charitable causes.

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 when he was elected as a trustee to the Mineola Board of Education at the age of 18, making him the first 18-year-old in New York State to hold public office. 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; not just as engaged citizens, but as individuals who bring value to the communities where they live:

Preparing for Retirement: Part Seven — Choosing Your Retirement Option

After many months of retirement planning, finally filing your retirement application is a major milestone. But your retirement process isn’t finished yet – you still need to choose your NYSLRS retirement option. When choosing your retirement option, it’s important to think about what your needs will be in retirement so you can pick how you’d like your monthly pension benefit paid to you.

Retirement Planning — Choosing Your NYSLRS Retirement Option

The Preparing for Retirement 7-part video series discusses the main aspects of retirement planning to help NYSLRS members nearing retirement make good, informed decisions for the future. In Part Seven – Choosing Your Retirement Option, you’ll go over what an option election is and how you can learn more about them before making your decision.

Important Links for Retirement Planning

Where to Find More Retirement Planning Information

If you are close to retirement and have more questions, consider scheduling an appointment to meet with an information representative at one of NYSLRS’ consultation sites in New York State. Even though the Preparing for Retirement video series is complete, you can always review previous retirement planning videos like:

When You’re Retired

Our website has many resources to help you prepare for retirement, but don’t forget to check back with us after you retire. Our Retiree home page can keep you informed about pension payments, tax information and other relevant retiree news. Make sure to check it out.

Retirement Planning – Filing for Retirement

After many months of retirement planning, it’s time to fill out your NYSLRS retirement application. Applying for retirement is easy, especially if you’ve done your research and taken the proper steps to prepare for your retirement in advance.

Preparing for Retirement: Part Six – Filing Your NYSLRS Retirement Application

The Preparing for Retirement 7-part video series discusses the main aspects of retirement planning to help NYSLRS members nearing retirement make good, informed decisions for the future. In Part Six – Filing Your NYSLRS Retirement Application – you’ll learn about the important parts of the form, and how to file your NYSLRS retirement application with the Office of the State Comptroller.


Important Links for Retirement Planning

Where to Find More Retirement Planning Information

If you are close to retirement and have more questions, consider scheduling an appointment to meet with an information representative at one of NYSLRS’ consultation sites in New York State. Even though the Preparing for Retirement video series is almost complete, you can always review previous retirement planning videos like:

The last video will take you through choosing the option of how your pension benefit will be paid to you.

Retirement Planning – Divorce and Your Pension

One aspect of retirement planning some members may not consider is how a divorce may affect their retirement benefit. In New York, retirement benefits are considered marital property and can be divided between you and your ex-spouse. While some divorced couples may choose not to divide retirement benefits, it’s important to think about what you will need to do if your pension will be affected by divorce.

Preparing for Retirement: Part Five — Divorce and Your Pension

The Preparing for Retirement 7-part video series discusses the main aspects of retirement planning to help NYSLRS members nearing retirement make good, informed decisions for the future. In Part Five – Divorce and Your Pension, you’ll hear about how if you are divorced, your ex-spouse may be entitled to part of your pension. NYSLRS needs a valid domestic relations order (DRO) on file so we can have the instructions on how your pension benefits should be divided. You’ll also learn what resources NYSLRS has available to help you construct a DRO, if needed.

Important Links for Retirement Planning

Where to Find More Retirement Planning Information

If you are close to retirement and have more questions, consider scheduling an appointment to meet with an information representative at one of NYSLRS’ consultation sites in New York State. Don’t forget to check back for the rest of the Preparing for Retirement video series, which includes retirement planning topics like:

Retirement Planning — Start Thinking Outside The Box

Even though your retirement planning is helping you get ready for your last day of work, take the time to start thinking about what your life will be like after retirement. Will your financial situation be stable once you start receiving your pension, or will you need to supplement your income with your personal savings or Social Security? What will your health insurance situation be like when you are no longer working? These are important questions to ask before you file for retirement, and it’s the perfect time to start finding answers.

Preparing for Retirement: Part Four – Plan Outside the Box

The Preparing for Retirement 7-part video series discusses the main aspects of retirement planning to help NYSLRS members nearing retirement make good, informed decisions for the future. In Part Four – Plan Outside the Box, you’ll hear about other aspects of retirement planning you may be overlooking. By making sure your post-retirement financial situation is secure, you can be better prepared for the future.

Important Links for Retirement Planning

Where to Find More Retirement Planning Information

If you are close to retirement and have more questions, consider scheduling an appointment to meet with an information representative at one of NYSLRS’ consultation sites in New York State. Don’t forget to check back for the rest of the Preparing for Retirement video series, which includes retirement planning topics like:

Retirement Planning – Getting Your NYSLRS Retirement Estimate

When it comes to retirement planning, it’s vital to get informed about your NYSLRS retirement plan, but also to make sure your records with NYSLRS are up to date. Keeping your records current, like your public employment history or who your beneficiary should be, helps us provide you with more accurate information about your retirement benefit. One way we do this is with a NYSLRS retirement estimate, an essential step of retirement planning. The NYSLRS retirement estimate provides you with an estimation of what your pension could be based on a retirement date of your choosing and the information we have on file for you.

Preparing for Retirement: Part Three – Request a NYSLRS Retirement Estimate

The Preparing for Retirement 7-part video series discusses the main aspects of retirement planning to help NYSLRS members nearing retirement make good, informed decisions for the future. In Part Three – Request an Estimate, you’ll learn what form you need to fill out to request a NYSLRS retirement estimate and what information you’ll receive about your estimated benefits. As you’ll see in the following video, having a NYSLRS retirement estimate can help you decide how ready you are for retirement.

Important Links for Retirement Planning

Where to Find More Retirement Planning Information

If you are close to retirement and have more questions, consider scheduling an appointment to meet with an information representative at one of NYSLRS’ consultation sites in New York State. Don’t forget to check back for the rest of the Preparing for Retirement video series, which includes retirement planning topics like:

  • Personal financial planning during retirement
  • How divorce may affect your pension
  • Filing your retirement application
  • Choosing the option of how your pension will be paid

Retirement Planning – Start Planning Ahead

This post was originally published on May 21, 2014. The video was updated on 6/8/16 to include 2016 loan reduction amounts.

In our first Preparing for Retirement post, we talked about finding the information you need to start your retirement planning. Now that you’ve researched more about your retirement plan, it’s important to spend the last few years of your public employment career making sure your records with the New York State and Local Retirement System (NYSLRS) are up to date and that you’ll be able to retire within your timeframe. It’s best to take care of these matters now instead of at the last minute.

Preparing for Retirement: Part Two – Repaying Your Retirement System Loans

The Preparing for Retirement 7-part video series discusses the main aspects of retirement planning to help NYSLRS members nearing retirement make good, informed decisions for the future. In Part Two – Repaying Your Retirement System Loans, you’ll learn how having an outstanding NYSLRS loan balance at retirement can impact your pension benefit. As you’ll see in the following video, it’s crucial to repay any NYSLRS loans you may have before you file for retirement.

Important Links for Retirement Planning

Where to Find More Retirement Planning Information

If you are close to retirement and have more questions, consider scheduling an appointment to meet with an information representative at one of NYSLRS’ consultation sites in New York State. Don’t forget to check back for the rest of the Preparing for Retirement video series, which includes retirement planning topics like:

  • Requesting a retirement benefit estimate
  • Personal financial planning during retirement
  • How divorce may affect your pension
  • Filing your retirement application
  • Choosing the option of how your pension will be paid

Retirement Planning – The First Step Is Getting Informed

Are you getting into a retirement state of mind? The last few years of your public employment career is the perfect time to start retirement planning. You’ll be asking important questions like when you will be eligible to retire or what type of New York State and Local Retirement System (NYSLRS) pension benefit option will best suit you, but it doesn’t have to be complicated. As long as you take the time to learn about your NYSLRS retirement plan and the benefits available to you, the transition from employment to retirement should go smoothly.

Preparing for Retirement: Part One – Information is the Key

The Preparing for Retirement 7-part video series discusses the main aspects of retirement planning to help NYSLRS members nearing retirement make good, informed decisions for the future. In Part One – Information is the Key, you’ll take a walk through the NYSLRS website, learning about the different publications and retirement planning tools available to you. As you’ll see in the video, knowing where to find retirement information is just the first step in preparing for retirement.

Important Links for Retirement Planning

Where to Find More Retirement Planning Information

If you are close to retirement and have more questions, consider scheduling an appointment to meet with an information representative at one of NYSLRS’ consultation sites in New York State, or you could schedule a phone consultation instead. Don’t forget to check back for the rest of the Preparing for Retirement video series, which includes retirement planning topics like:

  • Service credit
  • Requesting a retirement benefit estimate
  • Personal financial planning during retirement
  • How divorce may affect your pension
  • Filing your retirement application
  • Choosing the option of how your pension will be paid

Defined Benefit Plans like NYSLRS Work

Fewer workers today have access to a retirement plan that provides specific benefit payments when they retire. Many workers have had their traditional pension plans replaced by 401K-style plans, which has been discussed in New York. Let’s take a breath and consider why defined benefit plans like the New York State and Local Retirement System (NYSLRS) work.

For more than 90 years, NYSLRS has done what a pension system is supposed to do, provide retirement security for our members. Our pension system is among the best funded and best run in America. With a solid 2012-13 annual return of 10.38 percent, the New York State Common Retirement Fund is now valued at more than $160 billion. And despite the market’s recent volatility, the Fund remains well positioned for the future.

As Comptroller Thomas P. DiNapoli notes in this video, NYSLRS is as strong as it’s ever been and serves as a powerful counterweight to the arguments that public pension systems are unsustainable.