Tag Archives: 1099-R

Retirement Online for Retirees Just Got Better

More than 495,000 members and retirees have discovered that Retirement Online is a secure, convenient way to do business with NYSLRS. Now retirees can do even more online.

Check out these new features in Retirement Online for retirees:

Manage Your Direct Deposit

Ninety-six percent of NYSLRS retirees already receive their pension payments with direct deposit. Now you can use Retirement Online to securely update your bank account information. Whether you’ve switched banks or just need to update your bank account information, you can make those changes online.

If you’re still receiving your pension by mailed paper check, sign up for direct deposit through Retirement Online and get your money faster.

View a “Pay Stub” of Your Pension Payment.

You can access full “pay stubs” for your payments from January 2023 onward by clicking the date of the payment you want to view. You can track year-to-date totals and any deductions for health insurance, union dues, tax withholding or disbursements under a domestic relations order. NYSLRS will also send you a notice whenever your net payment amount changes.

Other Retirement Online Features for Retirees

These new features add to what you can already do with Retirement Online:

Update Your Contact Information
Moving? Changing your phone number or email address? It’s easy to keep NYSLRS updated so you won’t have to worry about missing important news and information about your benefits.

You can schedule an address change so you’ll get NYSLRS mail at your seasonal home without interruption.

Manage Your Beneficiaries
Eligible retirees can change their beneficiary for their post-retirement death benefit or change the contact information for an existing beneficiary.

Retirement Online makes it easy to view your beneficiary selections and submit changes instantly.

Coming In 2024 — Print Your Own 1099-R

In January 2024, you will be able to view, download and print your 1099-R tax form in Retirement Online (starting with the 1099-R for your 2023 pension earnings).

Also, starting this summer, you’ll have the option to sign up to receive an email notification each January as soon as your 1099-R is ready to view in Retirement Online. From your account, you’ll be able to download and print the form rather than waiting to receive it in the mail.

If You Don’t Have an Account, Sign Up Today

If you don’t have a Retirement Online account, now is a great time to sign up. Click “Sign Up” on our Retirement Online Sign In page to get started. If you need help, we have step-by-step instructions on registering for your account and how to sign in for the first time. You may also find our Retirement Online Tools and Tips blog post helpful.

Already have an account? Sign in and make sure your email and mailing address are current to ensure that you receive important information from NYSLRS in the coming year.

If it’s been a while, you may need to look up your username or reset your password. If you still need assistance, call our customer service representatives at 866-805-0990, press 2 to access the retiree menu, follow the prompts, and then press 1 for Retirement Online assistance.

Retirees: Be Sure We Have Your Current Email and Mailing Address

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Retirees should make sure their mailing address is current before the end of 2022 in order to receive important information from NYSLRS in the coming year. We’ll be mailing 1099-R tax documents in late January and Retiree Annual Statements in February.

Remember, if you file an address change order with the Post Office, they will only forward your mail for a limited time.

If you don’t already have an email address on file, please provide one so we can contact you quickly if we need to notify you about important information such as a change to your benefits. Make sure the email address you use is a personal email address that you have access to when you are retired (rather than a work email address) and remember to keep it up to date.

You can also choose to have account updates sent to you electronically instead of by mail. From your Account Homepage, click the “Update” link next to ‘Contact by’ and select Email as your correspondence preference. When there’s an update to your account, NYSLRS will send you an email to let you know you can sign in to Retirement Online to view it.

Check and Update Your Contact Information With Retirement Online

Retirement Online is the fast and convenient way to check your mailing address, phone number and email address, and update them if needed. If you don’t already have an account, go to the Sign In page and click “Sign Up” under the ‘Customer Sign In’ button. (Need help with Retirement Online? See this post for handy tips.)

update your mailing address and contact info in Retirement Online

Other Ways to Update Your Mailing Address

There are other ways to update the mailing address we have on file for you.

By Email
If your new address is not a PO box or international address, you can email your address change information using the secure contact form on our website. Be sure to complete all form fields and provide your old and new addresses.

By Phone
For street addresses within the United States, you can call us toll-free 866-805-0990 (518-474-7736 in the Albany, New York area). Business hours are Monday through Friday, from 7:30 am to 5:00 pm. You will need to answer some questions to confirm your identity before we update your contact information in our records.

By Mail
You can complete and submit a change of address form by mail. (You’ll need this form if your new address is a PO box or an international address.) Mail your completed form to:

NYSLRS
110 State Street
Albany, NY 12244-0001

Questions About Your NYSLRS Membership? Look Here for Answers

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If you have general questions about NYSLRS or your benefits, we have a web page that can help you find the answers.

That’s because the NYSLRS Contact Us page does double duty. It not only lists contact information, it also helps you find answers for many of the common questions we get from members, retirees and beneficiaries. It covers subjects like address changes, loans, pension estimates, direct deposit and cost-of-living adjustments (COLA).

To get started, go to the Contact Us page and select the Member, Retiree or Beneficiary button to find the questions and answers you need. Each section has categories specific to that member group.

Member

Address Change
Forms
Loans
Member Annual Statement
Mortgage Letter/Account Verification Letter
Pension Estimates
Retirement Online
Service Credit
Withdrawing from NYSLRS

Retiree

1099-R Reprint
Address Change
Cost-of-Living Adjustment (COLA)
Direct Deposit
Federal Taxes
Forms
Health Insurance
Pension Checks
Pension Verification Letters
Retirement Online

Beneficiary

1099-R Reprint
Address Change
Direct Deposit
Federal Taxes
Forms
Pension Checks
Pension Verification Letters
Reporting a Death
Retirement Online
Who is a Beneficiary?

Getting Account-Specific Answers

The information on the Contact Us page is general. If you’re looking for information specific to your situation, like your loan balance or a breakdown of your pension payment, sign in to Retirement Online. If you don’t already have a Retirement Online account, sign up today.

Retiree Annual Statements Coming

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If you’re a NYSLRS retiree and received benefits in 2019, your Retiree Annual Statement should be coming in the mail soon, if you haven’t received it already.

The Retiree Annual Statement provides important information about your retirement account. You should keep your copy in a safe place.

What’s Inside Your Retiree Annual Statement

Your annual statement includes:

Your retirement number. To protect your privacy, use this number instead of your Social Security number when conducting business with NYSLRS.
Your monthly benefit before taxes, deductions and credits.
Your total net benefit for the year. (This is your benefit after taxes, deductions and credits.)
The total amount of any cost-of-living adjustment (COLA).
Your total Medicare credits (if eligible).
Federal tax withholding and other deductions taken from your pension, such as union dues.
Health insurance premiums. (NYSLRS doesn’t administer health insurance benefits, but we deduct retiree premiums at the request of your former employer.)

Not a Tax Document

While your Retiree Annual Statement includes information about your benefit payments and tax withholding, it is not a tax document and should not be used for filing your federal income tax return. NYSLRS mailed 1099-R tax forms to retirees and beneficiaries in January.

If you need a reprint of your 2019 1099-R to file your taxes, you can order one online. Reprints will be mailed to the address we have on file for you, so if you’ve moved recently, you should check to make sure your contact information is up to date before requesting a reprint. The fastest way to check and update your address is with Retirement Online. From your account homepage, you can also let us know how you would like to receive information from NYSLRS by choosing your correspondence preference.

Staying Informed

News & Notes, our semiannual newsletter, will be included with your Retiree Annual Statement. The newsletter will help you keep up with the latest news about NYSLRS and other topics of interest.

Your Statement provides a snapshot of your NYSLRS account as of December 31, 2019, but you can get up-to-date information by signing in to Retirement Online. If you don’t already have an account, you can learn more or register today.

NOTE: when there is a change in your net benefit amount, NYSLRS will notify you by mail or email.

Taxes and Your NYSLRS Retirement Benefit

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Your NYSLRS retirement benefit isn’t subject to New York State or local taxes, but it is subject to federal income tax. Before you retire, take some time to think about how taxes could affect your retirement planning.

Will Your Pension Get Taxed in Another State?

While New York State won’t tax your NYSLRS retirement benefit, other states might. If you’re thinking of moving after retirement, you’ll need to consider the tax laws of the state you move to. The Retired Public Employees Association keeps a list of which states tax pension income on their website. And remember, if you do move, we’ll need your updated mailing address for our records.

Federal Tax Withholding Status for Your Pension

taxes After you’ve filed for retirement, we’ll reply back to you with a confirmation letter and some forms. One of these forms will be a W-4P form (Withholding Certificate for Pension or Annuity Payments). You’ll need to fill out this form to choose the amount you want withheld from your benefit each month for federal taxes. You can choose the withholding tax status that suits you, and you can change it any time afterward by completing a new W-4P form.

If you’re not sure how much you’ll need withheld for federal taxes, consider meeting with a tax professional to assist you before submitting the form.

Getting Your 1099-R

Once you start receiving your pension benefit, we’ll send you a 1099-R form for federal income tax filing purposes. A 1099-R form lists the distributions you’ll receive from your NYSLRS pension. We mail 1099-Rs out each year by January 31, so make sure we have your correct mailing address on file. This is especially important if you plan on moving in retirement.

We also feature an interactive 1099-R tutorial on our website. It can be a helpful tool to look at the first time you receive your 1099-R.

Visit our Taxes and Your Pension page for more information.

New York Retirement News

News from the New York State and Local Retirement System