Tag Archives: COLA

COLA Coming in September

Eligible NYSLRS retirees will see a cost-of-living adjustment (COLA) in their monthly pension payments at the end of September 2023. This is a permanent annual increase to your retirement benefit that is based on the cost-of-living index and a formula set by State law. For upcoming pension payment dates, check our pension payment calendar.

How the COLA is Determined

The COLA is based on the rate of inflation, as reflected in the consumer price index published by the U.S. Bureau of Labor Statistics. The law requires that COLA payments be calculated based on 50 percent of the annual rate of inflation, as measured at the end of the State fiscal year (March 31). Once you are eligible, your annual increase will be at least 1 percent, but no more than 3 percent.

The percentage is applied to the first $18,000 of your benefit as if you had chosen the Single Life Allowance pension payment option, even if you selected a different option at retirement. Using the Single Life Allowance gives you the highest COLA amount possible, since this option pays the highest benefit. Once your COLA payments begin, you will automatically receive an increase to your monthly benefit each September.

The September 2023 COLA is 2.5 percent, for a maximum annual increase of $450.00, or $37.50 per month before taxes.

When Will You See the Increase?

Eligible retirees will see the annual 2023 COLA in their end-of-September pension payment, which will be available to those with direct deposit on September 29, 2023. If you receive a paper check, your COLA will be included in the check mailed on September 28, 2023.

Viewing Your Benefit Payment

You can view your benefit payment pay stubs, including your current COLA amount, in Retirement Online. At the end of September, if you are eligible for the increase, you’ll be able to view a breakdown of your September payment with your new COLA amount.

To view your pension payments, sign in to Retirement Online. From the top of your Account Homepage, in the ‘I want to’ section, click the “View Pension Check” link. Then select the date of the pension payment that you want to view. You’ll see a list of payments you received beginning with your January 2023 payment and going forward. If you have direct deposit, you will also receive a notification of the net change in your monthly payment amount at the end of September.

Ten Things Every NYSLRS Retiree Should Know

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Even after you retire, it’s important to stay informed about your NYSLRS benefits. Here are ten things every NYSLRS retiree should know.

Your retirement benefits are guaranteed by the State Constitution. Under Article 5, Section 7, your pension benefit cannot be “diminished or impaired.”
The Common Retirement Fund, the pool of money your retirement benefits are paid from, is safe and secure. It has been widely recognized as one of the best-funded and best-managed public pension funds in the nation.
Your NYSLRS pension is not subject to New York State or local income taxes, but it may be subject to federal income tax. Visit our Taxes and Your Pension page for more information.
If you move to another state, your pension may be subject to that state’s income tax. Find out which states tax NYSLRS pensions.
More than 95 percent of NYSLRS retirees use direct deposit for their monthly payment and their payments promptly arrive in their accounts on the last business day of each month. You can find out when your next pension payment is coming by checking our online pension payment calendar.
You can stay informed about your benefits with Retirement Online. Creating an account is easy, and in many cases, you can use Retirement Online instead of sending in forms or calling NYSLRS.
If you need proof of your retirement income to rent an apartment or get a mortgage, you can generate a pension verification letter in Retirement Online.
Once you become eligible for a cost-of-living adjustment (COLA), you will receive annual increases in your pension amount. When your net benefit amount changes, NYSLRS will inform you.
Your beneficiaries may be entitled to a death benefit after you die.
A Guide for Retirees is a handy resource on our website. It provides important information about your benefits and the services NYSLRS provides for its retirees.

Not retired yet? Read our blog post Ten Things Every NYSLRS Member Should Know.

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.