Tag Archives: apply for retirement

Apply for Retirement in Retirement Online

Ready to retire? Retirement Online makes it fast and convenient to apply for retirement. There are no forms to mail in and nothing to have notarized. If you don’t already have an account, sign up today.

As a reminder, you must submit your application 15 – 90 days before your retirement date. Before you apply for retirement, make sure you have proof of your date of birth on hand. If you choose a pension payment option that leaves a lifetime benefit to a beneficiary when you die, we will need proof of their birth date too.

Retirement Online Makes It Fast and Convenient to Apply for Retirement

From there, you’ll go through a series of screens where you’ll be able to:

  • Choose a retirement date;
  • Get an estimate of your pension and the payment options available to you;
  • Select a payment option;
  • Enter federal tax withholding information;
  • Sign up for direct deposit (have your bank account information ready);
  • Upload required documents, such as proof of date of birth;
  • Pay off your NYSLRS loan or service credit purchase; and
  • Review your employment history.

After you click the “Submit” button, make sure you receive a confirmation message that your retirement application has been successfully submitted before closing your browser.

One Exception — Disability Retirement

NYSLRS provides disability benefits for members who are permanently disabled and cannot perform their duties because of a physical or mental condition. Applications for disability retirement can’t be submitted in Retirement Online. Members who wish to apply for a disability retirement need to submit a paper application. Visit our Disability Benefits page for more information.

For Benefit Information, Read Your Retirement Plan Publication

Your service and disability retirement benefits and death benefits are based on your tier, plan, service credit, and other factors. For comprehensive information about your available benefits, find your NYSLRS retirement plan publication.

What Members Can Do in Retirement Online

Retirement Online is a secure and convenient way for members to do business with NYSLRS. Submitting applications through Retirement Online speeds up the process and enables NYSLRS to serve more customers more quickly. Here’s a look at some of the things NYSLRS members (not yet retired) can do online.

View Your Account Information

Sign in to Retirement Online for easy access to key information about your NYSLRS account. On your Account Homepage, scroll down to the ‘Account Info’ section. There, you can find your date of membership, tier, retirement plan, estimated total service credit and more.

Update Your Contact Information

It’s important that we have your current contact information to make sure you receive the news, letters and statements that we send you. You can change your mailing address, phone number or email address in the ‘My Profile Information’ section of your Account Homepage. Just click “update” next to the item you’d like to change.

You can save time and reduce paper waste by going green and opting to receive information from NYSLRS electronically. Choose “E-mail” next to ‘Contact by,’ and when important information is ready for you to view in Retirement Online, we will send you an email to let you know.

Retirement Online for members

View and Update Your Beneficiary

NYSLRS retirement plans provide death benefits for beneficiaries of eligible members who die before retiring. It’s a good idea to review your beneficiaries from time to time to make sure your choices reflect your current wishes. Retirement Online is the fastest way to add or remove beneficiaries or update beneficiary information. Click “Manage My Beneficiaries” on the right, under “I want to…”

Estimate Your Pension

How much will your pension be? It’s an important question as you’re planning for retirement. In just a few steps, most members can estimate their retirement benefit based on up-to-date account information, then save or print the estimate. Entering different dates and comparing the results can help you choose the retirement date that’s right for you. From your Account Homepage, go to the ‘My Account Summary’ section and click the “Estimate my Pension Benefit” button.

Apply for a Loan

It’s easy to apply for a loan in Retirement Online. If you are eligible to take a loan, you can see how much you can borrow, what your repayment options will be and whether your loan will be taxable — all before you apply. And, of course, if you decide to go ahead with the loan, you can apply online too. Click “Apply for a Loan” on the right, under “I want to…”

After you’ve received your loan, click the “Manage My Loans” button to adjust your payment amount or to make a one-time payment.

Request Credit for Previous Service

If you worked for a participating employer before joining NYSLRS, you may be able to purchase service credit for that time. You can use Retirement Online to request credit for previous public employment (and for military service) and to upload any supporting documentation. Click “Manage My Service Credit Purchases” to get started.

View Your Member Annual Statement

Your Member Annual Statement can help you understand your benefits. It’s a snapshot of your NYSLRS account based on the information we have on file for you as of March 31 each year, which is the close of our fiscal year. From your Account Homepage, go to the ‘My Account Summary’ area, click the “View My Member Annual Statement” button and follow the steps to view, print or save your Statement. While you’re there, consider updating your MAS preference to “email” in the ‘My Profile Information’ area of your Account Homepage to receive your Statements faster.

Generate a Mortgage Verification Letter

If you need to show your NYSLRS account information for a mortgage, just click the link under ‘I want to…’ to the right of ‘My Profile Information.’ You can print a document that shows your contribution balance, and, if you have an outstanding loan, the date of your last loan, the current balance and the interest rate.

Apply for Retirement

When you are ready to retire, Retirement Online allows you to skip the hassle of mailing paper forms or visiting our office. You can apply for a service retirement benefit, choose your pension payment option, sign up for direct deposit and submit retirement-related paperwork online. A big advantage of applying online is that you don’t have to get anything notarized. Read our Applying for Retirement blog post for more information and links to resources.

Other Online Transactions

If you previously were a member of another New York State public retirement system before joining NYSLRS, your service could be recredited and your date of membership and tier restored. You can click “Reinstate a Previous Membership” to get started.

If you leave public employment with less than ten years of service credit, you can use Retirement Online to withdraw your membership. However, this will terminate your membership with NYSLRS, so you may wish to speak with a customer service representative before you submit your withdrawal application if you have any questions. You can call them at 866-805-0990 or message them using our secure contact form.

Retirement Online After You Retire

Retiring soon? Retirement Online will continue to be an essential tool throughout your retirement years. For information about what retirees can do online, read Retirement Online for Retirees Just Got Better.

Countdown to Retirement – 1-3 Months to Go

Congratulations! After years of hard work and planning, the big day is almost here. It’s time to file for retirement.

You must submit your service retirement application 15 to 90 days before your retirement date.

Countdown to Retirement – 1-3 Months to Go

Filing Online

Online filing offers a secure and convenient way to apply for a service retirement benefit. You can upload needed documents instead of having applications notarized and taking them to the post office. You can also check on the status of your application once you submit it through Retirement Online. To get started, sign in to your Retirement Online account, scroll to the ‘My Account Summary’ section and click the “Apply for Retirement” button.

From there, you’ll go through a series of screens where you’ll be able to:

  • Choose your retirement date;
  • Get an estimate of the pension payment options available to you;
  • Select a pension payment option and beneficiary;
  • Have federal taxes withheld;
  • Sign up for direct deposit; and
  • Upload required documents, such as proof of date of birth.

After you click the “Submit” button, do not close your browser until you receive a confirmation message saying your application has been successfully submitted.

Once you submit your application, you will see a summary page that will include all the information that you have submitted through Retirement Online. Review this information to be sure that your online application is complete and your chosen option benefit and beneficiary information are accurate. This is very important since there are specific deadlines for selecting or changing a pension option and beneficiary.

If you don’t have a Retirement Online account, you can sign up today.

Filing by Mail

If you prefer, you can submit a paper retirement application. Complete an Application for Service Retirement (RS6037) and mail it to NYSLRS. (Do not give your retirement application to your employer.) Your application must be signed, notarized, and received by NYSLRS. We recommend that you mail your application “certified mail, return receipt requested.”

If you have received a recent pension estimate and you know which pension payment option you want, you should include your pension payment option form when you mail your retirement application. If you have not received an estimate, we will send you one, along with an option form, after we receive your application, but you must select an option within the deadlines required by law.

If you file by mail, you must also send us the following documents:

 We cannot start paying benefits until we receive proof of your date of birth.

If you have questions about filing for your retirement benefits, you can schedule a pre-retirement telephone consultation. To make an appointment, call 1-866-805-0990 (or 518-474-7736 in the Albany, NY area), press 2, then follow the prompts.

Read the Rest of Our Countdown to Retirement Series

This is the final installment of our Countdown to Retirement series. Missed our earlier posts? Catch up with them here: