There’s a lot to know about being a NYSLRS member, and sometimes it can feel overwhelming learning about your retirement benefits when you join or when you’re getting ready to retire. That’s why we’d like to focus on ten things that are important to all our members.
- Your retirement benefits are guaranteed by the State Constitution. Under Article 5, Section 7, your pension cannot be “diminished or impaired.”
- You are part of a defined benefit pension plan. A defined benefit plan provides a lifetime benefit at retirement based on earnings and years of service.
- The Pension Fund, the pool of money your retirement benefits will be 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 retirement plan booklet contains a wealth of information about your benefits.
- Your tier determines your eligibility for benefits and how those benefits are calculated.
- Becoming vested is a key milestone in every NYSLRS member’s career. Once you’re vested, you’ll be eligible for a pension even if you leave public employment before retirement age.
- Your final average earnings (FAE) is a major factor in calculating your NYSLRS pension, rather than being dependent on the contributions you make toward retirement.
- You can estimate your pension online. Most members can use Retirement Online to create a benefit estimate based on information we have on file for them. (And if you can’t use this calculator, we have alternatives for you.)
- 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.
- Retirement savings can supplement your pension and Social Security and give you more flexibility in retirement. The sooner you start, the more time you have to grow your savings.
Already retired? Read our blog post, Ten Things Every NYSLRS Retiree Should Know.