As a NYSLRS member, you are enrolled in a defined benefit plan, also known as a traditional pension plan.
If you are vested and retire from NYSLRS, you will receive a monthly pension payment for the rest of your life. Your pension will be calculated using a preset formula based on your earnings and years of service—it will not be based on the individual contributions you paid into the system.
Member contributions support the benefits earned by current and future retirees and are an important asset of the Common Retirement Fund.
Defined benefit plans are supported by contributions from both members and employers. With defined benefit plans, retirement assets are pooled and the investment risk is shared. These plans are usually administered by professional managers, whose long-term investment strategies help to reduce the impact of market turmoil. NYSLRS employs an experienced group of investment managers.
The New York State Common Retirement Fund, which holds and invests the assets of NYSLRS, is one of the largest public pension plans in the United States, providing retirement security for over 1.2 million NYSLRS members, retirees and beneficiaries. The Fund has consistently been ranked as one of the best managed and best funded plans in the nation.
Defined Contribution Plans—And Their Risks
Defined benefit plans are often confused with 401(k)-style retirement savings plans, which are known as defined contribution plans.
With a defined contribution plan, the employee, the employer or both contribute to an individual retirement account for the employee, and the money in the account is invested. In most cases, the employee decides how and where the money is invested (or the plan may offer pre-packaged investment options). At retirement, the employee will be able to draw from the accumulated value of contributions and investment returns, minus any fees.
The amount of money the employee has at retirement often relies on the investment returns of the individual account. So, market downturns, especially near retirement, can negatively affect the value of the benefit. Employees depending on defined contribution plans run the risk of outliving their savings.
NYSLRS’ Defined Benefit Plans
We administer nearly 300 retirement plan combinations. NYSLRS retirement plans:
- Provide a guaranteed benefit for life.
- Offer a pension based on final average earnings and years of service.
- Provide a right to pension benefits (vesting) with five years of service credit.
- Build a cost-of-living adjustment (COLA) into pensions to help offset the effect of inflation.
- Include disability retirement and death benefits.
We strongly encourage you to review your retirement plan publication for a complete description of your benefits. Visit our Find Your NYSLRS Retirement Plan Publication page and follow the steps listed.
We receive our raises in July. If FAE is calculated based on April 1-March 31 and I retire in early July, will the higher salary that starts in July be at any way calculated into my FAE?
When we determine final average earnings (FAE) to calculate your pension, we find the consecutive years when your earnings were highest. These are usually your years of employment immediately before retirement, but they can be anytime in your career and do not need to match up with calendar years or fiscal years.
You can find more information on our Final Average Earnings page.
For questions about your specific situation, please call our customer service representatives at 866-805-0990 (press 2, then follow the prompts). You can also message them using our secure contact form. Filling out the secure form allows them to safely contact you about your personal account information.
I bought back 3 years military time a few years ago. My ERS Article 20 shows .76 years. I thought I was supposed to have 3.0 years credit. Is this correct?
For account-specific questions, please message our customer service representatives using our secure contact form (see link below). Filling out the secure form allows NYSLRS to safely contact you about your personal account information. Or you can call them at 866-805-0990 (press 2, then follow the prompts).
http://www.emailNYSLRS.com
I would all my retirement money cause no long work for my employer
If you leave public employment with less than ten years of service credit, you may end your NYSLRS membership and request a refund of your contributions. Withdrawing your contributions terminates your NYSLRS membership, and you would become ineligible for any NYSLRS benefits.
If you have ten or more years of credited service, you cannot withdraw from NYSLRS.
For more information—including how to apply to withdraw your membership—visit our website.
For account-specific information, please message our customer service representatives using our secure contact form. Filling out the secure form allows them to safely contact you about your personal account information.
My last day will be June 27th, 2025, with first day of retirement June 30, 2025.
I have already submitted all paperwork.
When can I expect to get my first payment?
Most members will receive their first pension payment at the end of the month following their retirement month. So, if you retire in June, your first payment will likely be the end of July (mailed July 30, or available by direct deposit July 31).
Congrats!!!!!!!!!!!!!
How does accumulated sick leave effect my retirement benefit? And can the time accumulated be used both for pension calculation and health care credit toward monthly payments?
If your employer offers the option to receive service credit for unused, unpaid sick leave days at retirement, receiving payment for medical insurance will not prevent you from receiving the service credit benefit.
Since NYSLRS doesn’t administer health insurance benefits, you can check with your employer for answers to your questions.
I have tried unsuccessfully to find where and how I can change from Single Life Allowance to another choice like Joint Allowance or Pop Up/Joint Allowance; can you please let me know how and where to change this? Thanks.
When you apply for retirement, you choose your pension payment option. You only have 30 days after the last day of your retirement month to change your option. After that date, you cannot change your option for any reason.
For information about your specific situation—including how to change a pension payment option within that 30-day window—please call our customer service representatives at 866-805-0990. Press 2, then follow the prompts. You can also message them using our secure contact form. Filling out the secure form allows them to safely contact you about your personal account information.
I’m retiring on May 22nd 2025.
How can I find the amount of pension I will be receiving?
Most NYSLRS members can create their own pension estimates in minutes using Retirement Online. Your estimate will be based on the most up-to-date account information we have on file for you. You can enter different retirement dates and beneficiaries to see how those choices would affect your benefit.
To get started:
Sign in to Retirement Online.
Look under My Account Summary.
Click Estimate My Pension Benefit button.
Enter Retirement Date or Your Age at Retirement.
If you are planning on retiring soon, you may also want to schedule a pre-retirement consultation to speak with one of our representatives, who can review your benefits and answer your questions.
I will have 30 years of service, i am a tier 4 , but i am 51 yoa, if i leave in June, will i start collecting my pension at 55? and is there a penalty?
Generally, members in regular retirement plans can retire as early as age 55, but they may face significant pension reductions if they retire before their full retirement age (age 62 for Tier 4 members). However, benefit reductions don’t apply to ERS Tier 4 members if they retire with 30 or more years of service.
You can find more information on our About Benefit Reductions page.
For details about your NYSLRS benefits—including how long you’ll need to work to receive a pension, how your benefit is determined, what death and disability benefits may be available and more—consult your plan publication. Use our Find Your NYSLRS Retirement Plan Publication tool to find the publication for your specific retirement plan.
If you’re nearing retirement, you may want to schedule a pre-retirement consultation to review your benefits and answer any questions you may have.
If you receive a large increase in salary from one year to the next, is all of that increase considered income and calculated in your retirement income?
Your NYSLRS pension benefit amount will be determined by several factors, including what’s called your final average earnings (FAE). When you retire, your FAE will be based on the average of your three highest consecutive years of earnings. (These are usually the years of employment immediately before retirement, but they can be anytime in your career and do not need to line up with calendar years or fiscal years.)
If your earnings increase significantly through the years used in your FAE, some of those earnings may not be used toward your pension. Your specific limit depends on whether you’re an ERS or PFRS member and your tier.
For more information about how FAE are calculated and what earnings are included, read our Calculating Your Final Average Earnings blog post.
For account-specific questions, please message our customer service representatives using our secure contact form. Filling out the secure form allows them to safely contact you about your personal account information.
I’m 55 YOA with 20.5 on my NYSLRS account as a NYS Employee. I understand that I can opt for an early retirement and get 27%-30% less on my NYS pension. Is it possible that I can be given a Retirement Incentive?
Also, I’m aware that I can sign up for Medicare 3 months before age 65. If, at some point, I decide to do an early retirement, can I continue my healthcare until, or even after, I’m eligible for Medicare?
Thanks,
Danny
If you’re considering an early retirement, we recommend messaging our customer service representatives using our secure contact form. Filling out the secure form allows them to safely contact you about your personal account information.
At this time, we’re not aware of any statewide retirement incentives. The New York State Legislature (not NYSLRS) occasionally enacts these retirement incentive programs, which are approved by both houses and signed into law by the Governor. The NYSLRS administers programs that are signed into law.
Also, NYSLRS doesn’t administer health insurance programs for its retirees. For New York State retirees and some municipal retirees, the New York State Department of Civil Service administers the New York State Health Insurance Program (NYSHIP). We recommend you contact them regarding your healthcare coverage.
Hello
I retired 6/27/2024 I have not received any retirement payments as of today,
I had HR department help me with my retirement paperwork at HPC OMH. 36 years.
Line # 4 on the form was left blank and I was rejected from retirement. They said I lost over 4 months of retirement pay and are refusing to pay me, although my retirement date is at the bottom of that form.
This is Terrible!!! I need help,
they said to request a hearing and I think the incompetence of common sense scares me away. I don”t know what to do. I need to get paid immediately!!!
I am supposed to be guaranteed a monthly check for the rest of my life.
Timothy Fahy
timothyfahy513@gmail.com
Your message is important to us, and we have sent you a private message in response.
When I try to access my account it says I am not there. But thanks to my checks.
We’d like to help resolve your issue. Your message is important to us, and we have sent you a private message in response.
What is the cola going to be in September?
Eligible NYSLRS retirees will see a COLA increase in their end-of-September pension payment. The September 2024 COLA is 1.8 percent, for a maximum annual increase of $324, or $27 per month before taxes. You can find more information about COLA, including eligibility requirements, on our Cost-of-Living Adjustment page.
Thankful for my defined monthly pension but would still feel better about my final calculated average being completed since was promised this when employment began many years ago.