If you’re a new NYSLRS member, or have been part of the Retirement System for years, you’re sure to have at least some questions about your NYSLRS benefits. What is vesting? Final average salary? Maybe you’re wondering what tier you’re in or why that even matters. Whether you’re a firefighter on Long Island or a State worker in Buffalo, you can find answers to many of your questions in Membership in a Nutshell. This publication is about the basics. It defines terms and explains concepts that are common to all NYSLRS retirement plans. Consider it essential reading.
What’s Inside Membership in a Nutshell?
Membership in a Nutshell provides a brief description of the Retirement System, which comprises the Employees’ Retirement System (ERS) and the Police and Fire Retirement System (PFRS). It also explains the Comptroller’s role as administrator of the System.
That’s followed by a list of some of the benefits provided to members, including:
- Service Retirement Benefits (Pensions)
- Disability Benefits
- Death Benefits
- Vesting of Benefits
- Loans for Contributing Members
A larger section is dedicated to the details of membership, such as tier status, membership contributions, earning service credit and becoming vested.
Services We Offer
Perhaps the most helpful section describes Services We Offer Members. We want to provide you with the information you’ll need to plan for your retirement and make critical decisions about your future.
Retirement Online is a safe and convenient way to conduct business with NYSLRS, and to access benefit information such as your tier, retirement plan, service credit and beneficiaries. Register today if you don’t already have an account.
As you get closer to retirement, you can request an estimate of your pension from NYSLRS based on our records of your salary and years of service. We also offer one-on-one consultations with NYSLRS information representatives who can explain your benefits, answer your questions and help you feel confident about making your retirement decision.
As a member, it’s important that you keep your information with NYSLRS up to date. This section discusses the different kinds of information, such as your mailing address and beneficiaries, that you should keep current. Much of this information can be updated using Retirement Online, or you can contact us.
There’s more information in this publication, but we’ll let you find it for yourself. We’ll also be featuring other publications in future blogs, including such favorites as: