Tag Archives: disability benefit

Planning for an Unplanned Retirement

Retirement comes too soon for some people. Poor health, an injury, family situations, layoffs and other unforeseen circumstances could force you into an unplanned retirement.

unplanned retirement

You may already have a plan based on the date you would like to retire, but do you have a backup plan if that date comes a few years earlier than expected?

Know Your Benefits

As a NYSLRS member, you’re entitled to benefits that may help. Most vested members can begin collecting a lifetime pension as early as age 55, though your benefit may be permanently reduced if you retire before full retirement age. (Full retirement age for NYSLRS members is either 62 or 63, depending on your tier. Full retirement age for Social Security benefits depends on your year of birth.)

If you can no longer do your job because of a physical and mental condition, you may be eligible for a Social Security Disability, or a NYSLRS disability benefit if your disability is permanent.

You may also want to look into Workers’ Compensation if you are injured on the job or Unemployment Insurance if you have been laid off from a position.

Other Ways to Plan for the Unexpected

Doing your homework is important. The more you understand the potential benefits available to you, the better you can estimate your income if you are forced to retire early. Unfortunately, the numbers you come up with may not be enough when dealing with an unplanned retirement.

But one potential source of income can make a big difference: retirement savings. Your savings could help you get by until you are eligible to collect your NYSLRS pension or another retirement benefit. If you are not saving for retirement, consider starting now. And if you are saving, consider increasing your savings. It could become a lifeline if the unexpected happens.

New York State employees and some municipal employees can also save for retirement through the New York State Deferred Compensation Plan. Ask your employer if you are eligible.

For more information about the benefits offered by your NYSLRS retirement plan, visit our website to read your plan publication.

NYSLRS’ Disability Benefit: What You Should Know

Meeting filing requirements and submitting medical documents are key

A disabling condition can happen to anyone at any time. As a member of the NYSLRS, you may be eligible for a disability retirement if you become disabled and unable to work.Applying for a NYSLRS Disability Benefit

Disability benefits are based on your tier and retirement plan. The eligibility and filing requirements can vary too. Most members with 10 or more years of service credit can apply for an ordinary (non-job-related) disability benefit, and in some circumstances, your employer can file for you. If you become disabled due to a job-related accident, there’s no minimum service required.

If you decide to file for a disability retirement, please remember to keep the following in mind:

Meet Our Filing Requirements

You can file your disability retirement application while:

  • You are still on your employer’s payroll, or
  • As soon as possible after you stop receiving your salary.

You can find a list of all the disability retirement applications on our website. You can also read about the filing requirements in your retirement plan publication.

Make Sure We Have Your Medical Documentation

If your application meets the filing requirements, we will request medical reports from the doctors and treatment facilities you listed on your application. We may also ask you to make an appointment, paid for by NYSLRS, with one or more independent medical examiners whose specialty relates to your disability.

A medical or administrative review board will then make a determination about your eligibility.

If you aren’t approved for a disability retirement, you may request an administrative hearing and redetermination within four months from the date of denial. This gives you an opportunity to provide more evidence to support your request for disability benefits.

Because of the multiple steps that can be involved in the process, these cases typically take longer than regular retirement cases. So, since it may take some time to process your application, we encourage you to file the application while you are still on the payroll. This can help minimize any financial hardship you may encounter during the time it takes to process your application.

For more information about the disability retirement process or how to file, read our publication, Life Changes: Applying for Disability Retirement (VO1802).