Tag Archives: Employees’ Retirement System

Make Sure You Receive Your Member Annual Statement

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NYSLRS distributes Member Annual Statements beginning in May. Don’t wait for a copy in the mail—get your Statement sooner online!

Reminder for Retirees: Your Retiree Annual Statement is available online, and we mailed printed Statements by the end of February.

Get Your Member Annual Statement Sooner and Help Us ‘Go Green’

You can get access to your Member Annual Statement sooner than printed copies are mailed by updating your delivery preference to email. When you choose to get your Statement online, it’ll save you time—and it’ll help us ‘go green’ by reducing paper waste.

To update your delivery preference:

  • Sign in to Retirement Online.
  • Look under My Profile Information.
  • Click update next to ‘Member Annual Statement by.’
  • Choose Email from dropdown.

Be sure the email address listed in your Retirement Online profile is current.

When your Statement is available, we’ll send an email notifying you to sign in to Retirement Online.

Note: If you choose email as your delivery preference, you will not receive a printed copy in the mail.

Get Your Member Annual Statement Faster with Retirement Online

Update Your Contact Information

We distribute Member Annual Statements based on the mailing or email address we have on file, so you should make sure your information is current. Retirement Online is the fastest and most convenient way to review your contact information and update it if needed.

To update your contact information:

If you don’t already have an email address on file, please provide it so we contact you quickly with important information, such as a change to your benefits. Use a personal email address you will have access to after you retire, not a work email address.

Use Retirement Online to Stay Informed

Your Member Annual Statement is a snapshot of your NYSLRS membership and benefits as of March 31, the end of the State fiscal year. For up-to-date account information throughout the year, sign in to Retirement Online. You can manage your beneficiaries, estimate your pension, request additional service credit, apply for retirement and more—without the hassle of printing and mailing forms or calling. Check out what else members can do in Retirement Online.

If you don’t have an account or for help signing in to an existing account, check out our Retirement Online Tools and Tips blog post where you’ll find information to help you register, reset your password, unlock your account and more.

A Look Inside NYSLRS

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Let’s take a look inside the New York State and Local Retirement System (NYSLRS) and what makes it one of the largest and best retirement systems in the United States.

NYSLRS administers two distinct systems. They are:

  • The Employees’ Retirement System (ERS) with 677,604 members; and
  • The Police and Fire Retirement System (PFRS) with 36,198 members.

In addition, NYSLRS provides pension benefits to more than 520,000 retirees and beneficiaries. Altogether, that’s more than 1.2 million participants!

A Look Inside NYSLRS

New York State Common Retirement Fund

State Comptroller Thomas P. DiNapoli is administrative head of NYSLRS and trustee of the New York State Common Retirement Fund, which was valued at $267.4 billion as of March 31, 2024. The Fund is widely recognized as one of the best-managed and best-funded public pension plans in the nation. Since its establishment in 1921, the Fund’s prudent investment management, solid returns, and constitutionally protected benefits have provided retirement security for generations of hard-working New Yorkers.

NYSLRS Members                                                          

How did NYSLRS earn the distinction of being one of the largest systems? Here are some facts about NYSLRS members:

  • 527,404 active members (that is, members still on the public payroll) work for 2,988 public employers statewide.
  • About one-third of those active members work for New York State. The rest work for counties, cities, towns, villages, school districts and public authorities.
  • Nearly 94 percent of total active members are in ERS while only 6 percent of total active members are in PFRS.
  • Tier 6 is our largest benefit group, with more than 60 percent of all members (62.6 percent in ERS, 56 percent in PFRS).
  • In ERS, Tiers 3 and 4 are the second largest benefit group, with 33.1 percent of members.
  • While, in PFRS, Tier 2 is the second largest benefit group, with 38.7 percent of members.

For more information about our largest ERS tiers, see our blog posts, ERS Tier 6 Milestones and ERS Tiers 3 and 4 Milestones. You can also learn more about the PFRS Milestones our police and fire fighters across New York State will reach over the course of their careers.

NYSLRS Retirees and Beneficiaries

The average pension for an ERS retiree was $27,870; the average for a PFRS retiree was $62,391. But these pension payments don’t just benefit retirees and beneficiaries. During 2022, approximately 78 percent of retirees lived in New York State and were responsible for $17.3 billion in economic activity. By supporting local businesses, helping to create jobs and paying their fair share of taxes, NYSLRS retirees contribute to the economic health of our communities.

Learn More About NYSLRS

Detailed information about NYSLRS members, retirees and beneficiaries as well as the Fund’s position and performance can be found in the 2024 Annual Comprehensive Financial Report.

Note: All data is as of the State fiscal year end, March 31, 2024.

Pension Payment Options: Providing a Lifetime Benefit for a Single Beneficiary

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Your NYSLRS pension will provide you with a monthly benefit for the rest of your life. When you apply for retirement, you’ll have the option to choose the maximum amount payable or a reduced benefit in exchange for possibly continuing payments to a beneficiary upon your death. In this post, we’ll explore the Joint Allowance and Pop-Up/Joint Allowance pension payment options which provide a lifetime benefit for a single beneficiary.

Joint Allowance and Pop-Up/Joint Allowance Pension Payment Options

Joint Allowance Pension Payment Options

In exchange for a permanent reduction in your monthly pension payment, the Joint Allowance options provide a lifetime benefit to a beneficiary after you die.

You can select either:

  • Full: Your beneficiary will receive the same monthly pension payment as you were receiving for life.
  • Half: Your beneficiary will receive half of the monthly pension payment you were receiving for life.
  • Partial: Your beneficiary will receive either 75, 50, or 25 percent of the monthly pension payment you were receiving for life.

You can only choose one beneficiary under a Joint Allowance option, and you cannot change your beneficiary after you retire—regardless of the circumstances. If your beneficiary dies before you, all payments will stop when you die.

Pension payment amounts are based on the birth dates of both you and your beneficiary. Because life expectancy is a factor, the reduction to your pension payment amount will be more if you select a child or grandchild than a spouse of a similar age as you.

If you designate your spouse as your beneficiary, they would be eligible to receive 50% of your cost-of-living adjustment.

Pop-Up/Joint Allowance Pension Payment Options

The Pop-Up/Joint Allowance options have all the same terms of the Joint Allowance options with added security—if your beneficiary dies before you, your monthly pension payment will “pop up” or increase to the amount you would have been receiving had you chosen the Single Life Allowance option at retirement. (Note: This only affects future payments. You would not be entitled to retroactive payments.) Therefore, the Pop-up/Joint Allowance options reduce your monthly pension payment a little more than a comparable Joint Allowance option.

Other Pension Payment Options

The Single Life Allowance provides the maximum monthly pension payment to you for the rest of your life. However, this option does not provide a continuing benefit. All payments will stop when you die, and nothing will be paid to a beneficiary.

Some pension payment options provide a limited benefit for multiple beneficiaries.

Things to Consider

When choosing your pension payment option, you may want to consider both your spouse’s and your:

  • Financial needs (for instance, whether you have a mortgage, unpaid loans or other monthly payments).
  • Other sources of retirement income (for example, Social Security or savings).
  • Options for continuing benefits (for example, whether your retirement plan includes a death benefit or if you have life insurance).
  • Age and health at retirement.

You only have 30 days after the last day of your retirement month to change your option. After that date, you cannot change your option for any reason.

Estimate Your Pension in Retirement Online

Most members can use Retirement Online to create a pension estimate based on the most up-to-date salary and service information we have on file. You can enter different retirement dates, beneficiaries and pension payment options to see how they affect your potential benefit.

When you’re done, print your pension estimate or save it for future reference.

NYSLRS – One Tier at a Time: ERS Tier 6

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When you join the New York State and Local Retirement System (NYSLRS), you’re assigned a tier based on the date of your membership. This post looks at Tier 6 members of the Employees’ Retirement System (ERS).

Your tier determines such things as your eligibility for benefits, the calculation of those benefits, death benefit coverage and whether you need to contribute toward your benefits.

ERS has six tiers. Anyone who joined ERS on or after April 1, 2012 is in Tier 6. There were 350,986 ERS Tier 6 members as of March 31, 2022. At 54 percent of membership, Tier 6 is the largest ERS tier.

Most ERS Tier 6 members (unless they are in special retirement plans) retire under the Article 15 retirement plan. Check out the graphic below for the basic retirement information for Tier 6 members in this plan.

ERS Tier 6

Membership Milestones

As of April 9, 2022, Tier 6 members only need five years of service credit to become vested. If you are a vested member in the Article 15 retirement plan, you are eligible for a lifetime pension benefit as early as age 55, but if you retire before the full retirement age of 63, your benefit will be reduced.

If you retire with fewer than 20 years, the benefit is 1.66 percent of your final average earnings (FAE) for each year of service. If you retire with exactly 20 years of service, the benefit is 1.75 percent of your FAE for each year of service (35 percent of your FAE).

If you retire with more than 20 years of service, you’ll receive 35 percent for the first 20 years, plus 2 percent for each additional year. For example, with 35 years of service you can retire at age 63 with 65 percent of your FAE.

Where to Find More ERS Tier 6 Information

For more information about ERS Tier 6 membership, find your NYSLRS retirement plan publication. It’s a comprehensive description of the benefits provided by your specific plan.

You can check your service credit total and estimate your pension using Retirement Online. Most members can use our online pension calculator to create an estimate based on the salary and service information NYSLRS has on file for them. You can enter different retirement dates to see how your choices would affect your potential benefit.

Members may not be able to use the Retirement Online calculator in certain circumstances, for example, if they have recently transferred a membership to NYSLRS, or if they are a Tier 6 member with between five and ten years of service. These members can contact us to request an estimate or use the “Quick Calculator” on our website. The Quick Calculator generates estimates based on information you provide.  

A Good Plan Can Ease Your Transition to Retirement

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When people talk about retirement planning, they’re usually talking about money. But there’s another aspect that people often forget: what will you do with all that newfound free time? After decades of hard work, the thought of sleeping late and taking it easy is pretty attractive. But the transition to retirement is a big deal, and many retirees don’t consider the psychological aspects of the change. We’ve gleaned some advice from professional sources.

A Good Plan Can Ease Your Transition to Retirement

Create a Plan and Schedule

However you feel about your job right now, it’s an important part of your life. It provides structure, mental stimulation and social interaction. Retiring can leave a void, and streaming the latest shows or making frequent trips to the grocery store may not be enough to fill it. Empty or aimless hours can lead to boredom, disenchantment and even depression.

You may have a long list of things to do, places to go, and hobbies to take up, but if you don’t decide where to begin, it can be hard to get started. You’ll need to actively plan your activities and create a schedule to successfully manage your time in retirement. Write down how you’d like to spend each day of the week, blocking out time for chores, social engagements, hobbies and exercise. Sticking to a schedule can keep your days structured and give you a sense of accomplishment.

Stay Engaged

For many people, staying busy and remaining socially engaged are essential to a satisfying transition to retirement. That’s one reason why some retirees take on part-time or seasonal jobs.

A job in retirement doesn’t necessarily mean continuing to do the same old thing. Retirement is an opportunity to reinvent yourself. Do something you’ve always wanted to do, something fun and challenging.

Maybe the job for you is one that doesn’t pay at all, at least monetarily. There are countless organizations looking for volunteers.

Volunteering just a few hours a week will give you something to look forward to and keep you connected to the outside world, which can improve both your mental and physical well-being.

Exercise Your Body and Brain

Regular exercise not only keeps you physically fit — it also increases your sense of well-being. Whatever you do to exercise, make it part of your regular schedule. Consider taking a fitness class at a local gym, which also adds a social element to your workout. Maybe you can up the ante by trying something new, like a martial arts class.

Don’t forget to exercise your brain. A course or workshop can help you discover a new side to yourself (the painter, the mystery writer, the master of topiary). You may even want to enroll in classes at a local community college or return to school full-time.

Whatever you do, make sure it’s part of a plan — a plan for a happier retirement.

Sex Identification and Your NYSLRS Membership

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As of January 1, 2023, when new members are enrolled in NYSLRS, they can choose “x” as their sex identification instead of “male” or “female.”

sex identification

Updating Your Sex Identification With NYSLRS

If you’re already a member or a retiree, you can update your sex identification with us at any time.

Sign in to Retirement Online to check what information we have on file for you. You can find your current sex identifier on your Account Homepage under ‘My Profile Information.’

If you need to change or correct your sex identification, send us a signed letter requesting the change. Please include your NYSLRS ID on the letter. No additional documentation is required to change your sex identifier.

You can send us the letter by attaching it to our secure contact form, or by mailing it to:

NYSLRS
110 State Street
Albany, NY 12244-0001

We are working to update Retirement Online so members and retirees can sign in and update their sex identification on their own. This feature is expected to be available sometime in 2023. (Need help accessing Retirement Online in the meantime? See our Tools and Tips post for more information.)

Need a Name Change Too?

If you’re changing your last name, you can make the update, and upload copies of the documentation showing the change, in Retirement Online. Sign in to your account, go to the ‘My Profile Information’ section of your Account Homepage and click the “update” link next to your name. A list of acceptable documentation will be provided.

To update your first or last name, send us a Name Change Notice (RS5483) form. You will need to provide original documentation, such as a court order, if the name change is for a reason other than a change in marital status. We can also accept a certified copy of the documentation.

Find Your Retirement Plan Publication

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Your retirement plan publication is an essential resource that explains your NYSLRS benefits in detail — how long you’ll need to work to receive a pension, how your benefit is determined, what death and disability benefits may be available and more. You should consult it throughout your career, but it’s especially important to read as you prepare for retirement.

finding your retirement plan publication

Finding Your Retirement Plan Publication

NYSLRS administers two retirement systems, six membership tiers and many retirement plans that are described in dozens of retirement plan publications. We want to make sure you find the specific retirement plan information that pertains to you, which is why we have a new tool to help you Find Your NYSLRS Retirement Plan Publication. To use it, you just need to know your retirement plan code. You can find your code in the ‘My Account Summary’ section of your Retirement Online account homepage, or check the second page of your latest Member Annual Statement. You also can also use the new tool to search for your plan publication by retirement system, tier and occupation type (uniformed or non-uniformed).

Looking Up Your Plan Milestones

Once you have found your publication, check to see what minimum age or service milestones you’ll need to reach to receive your pension. Most retirement plans allow for full pension benefits at 62 (63 for Tier 6 members) or a reduced benefit starting at age 55. Members in some plans can apply for their pension once they reach 20 or 25 years of service credit, regardless of age.

The years of service credit you earn may also change the calculation of your pension. For example, the percentage of earnings used to determine your retirement benefit may increase once you reach certain milestones — such as when you have 20 years of credited service — but that depends on what retirement plan you are in.

Knowing your plan-specific age and service requirements can help you decide when to retire and anticipate the income your benefit would provide in retirement. If you want to work until a certain age or need to earn a specific amount of service, now you can set that goal and prepare accordingly.  

For more detailed information on what you can find in your plan publication, check out our blog post, How to Read Your Retirement Plan Booklet.

Help for New Members

New NYSLRS members may also be interested in our New Member webpage. This page collects several resources that can help you understand your NYSLRS membership and pension.