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Important Information for Furloughed NYSLRS Members

Unfortunately, the economic impacts of the COVID-19 pandemic have resulted in record growth in unemployment. If you are a NYSLRS member who finds yourself out of work or furloughed (on an authorized leave of absence or temporarily laid off), you may find the following information helpful.

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What Happens to Your NYSLRS Loan?

If you have an outstanding NYSLRS loan and are furloughed from your job, you can defer payments until you go back to work, provided you return to work within one year.

You still must repay your loan within the original five-year repayment period. When you return to work, your loan will be recalculated and your minimum payment will be increased to ensure your loan balance is paid off on time. Interest will still accrue during the deferment, and the added interest will be included in the recalculation.

In order to receive this deferment, you must have your employer send a fax to us (518-486-9877), on their letterhead, indicating the date your furlough began and when they predict it will end.

You can find more information about managing your NYSLRS loan payments in our recent blog post.

Leaving Public Employment

If you leave public employment and are not yet ready to retire, you may want to read our booklet What If I Leave Public Employment? This booklet describes your rights as a NYSLRS member and tells you how to claim any benefits you are entitled to when it comes time for you to retire.

If you decide that this is a good time to retire, you should be aware that you can now apply for retirement online. This new Retirement Online feature makes applying for retirement faster and easier than ever before. 

COVID-19 Information

We’ve compiled on our website a number of articles and updates about the COVID-19 emergency that you may find helpful. Here you will find information about enhanced death benefits for survivors of COVID-19 victims, filing for retirement benefits during the pandemic and what you can do to protect your loved ones if you become seriously ill.

10 thoughts on “Important Information for Furloughed NYSLRS Members

  1. Rocco Sagarese

    Although I am retired that seems very fair to members that are working and have been furloughed again great decisions by Mr DiNapoli

    Reply
    1. NYSLRS Post author

      The New York State Legislature occasionally enacts statewide retirement incentive programs, which must be approved by both houses and then signed into law by the Governor. The Retirement System (NYSLRS) administers programs that are signed into law. While there are several statewide retirement incentive bills that have been introduced, they have not progressed at all, as of yet, through the legislative process. We’ll notify your employer if a State incentive program is signed into law, and we’ll provide details for our NYSLRS members on Facebook and our website.

      Reply
  2. Sarah L. Myers

    If you retire August 1, 2020 and are 56 with almost 27 years of service if the state enacts incentives, that my employer who has said they will not participate but if NYScovers the cost would I be able to take advantage of it ?!

    Reply
    1. NYSLRS Post author

      While several statewide retirement incentive bills have been introduced in the Legislature, they have not progressed through the legislative process. If a State incentive program is signed into law by the Governor, we’ll notify your employer and provide details for our NYSLRS members on Facebook and our website.

      Reply
    1. NYSLRS Post author

      Furloughed employees who are not working and are not being paid by their employer do not earn service credit toward retirement.

      For account-specific information, you can email our customer service representatives using the secure email form on our website (http://www.emailNYSLRS.com). One of them will review your account and respond to your questions. Filling out the secure form allows us to safely contact you about your personal account information.

      Reply

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