Tag Archives: pension payments

Retirement Online for Retirees Keeps Getting Better

More than 480,000 members and retirees have discovered that Retirement Online is the fastest way to do business with NYSLRS. It’s secure and convenient, and helps you avoid calling or mailing forms. It also gives you instant access to information about your benefits. And, your important documents will be available online, sooner than printed copies are mailed.

Retirees Can Do Even More in Retirement Online

The Fastest Way to Get Your 1099-R Tax Document

With Retirement Online, you can get the tax information you need faster. If you receive a taxable benefit from NYSLRS, your 1099-R is now available online. Sign in to view, save or print your tax form for 2023.

View Your Retiree Annual Statement Online

Your Retiree Annual Statement provides important information about your benefit amount, deductions and tax withholding. Beginning with your 2023 Statement, you can now access it in Retirement Online.

Make the Switch to Email and ‘Go Green’

Be the first to know when documents are available online — email delivery gives you access to your important documents sooner. It also helps the environment by reducing paper consumption. ‘Go green’ by choosing the paperless option.

It’s easy to make the switch. To receive an email when your 1099-R tax form and Retiree Annual Statement are available in Retirement Online next year:

Sign in to Retirement Online.
From your Account Homepage, click the “update” link next to ‘1099-R Tax Form Delivery by’ or ‘Retiree Annual Statement by.’
Choose “Email” from the dropdown.

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

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

Don’t Forget These Timesaving Features

Change Your Federal Tax Withholding

No forms needed — Retirement Online is the fastest way to update your withholding. If you submit your changes by the middle of the month, they will generally be applied to that month’s payment.

Generate a Pension Verification Letter

There are organizations that may ask you for a letter verifying your pension income — maybe for housing or as part of an application for the Home Energy Assistance Program (HEAP). You can use Retirement Online to save or print your own letter any time you need one.

Manage Your Direct Deposit

Use Retirement Online to securely update your direct deposit bank account information. Whether you’ve switched banks or need to move your deposits to a different account, you can make those changes quickly with Retirement Online. Changes are generally applied within one to two payments, and more quickly than if you send in a paper form.

View Your Pension Pay Stubs

You can access pay stubs for your benefit payments by clicking the date of the payment you want to view. You can track year-to-date totals and any deductions for health insurance, union dues, tax withholding or disbursements under a domestic relations order, giving you greater insight into your benefits. NYSLRS will also send you a notice whenever the amount of your monthly payment changes.

Update Your Contact Information

Let us know if you move or your phone number or email address change. Update your contact information quickly in Retirement Online to make sure you continue to receive important news and information about your benefits.

You can even schedule an address change, so you’ll get NYSLRS mail at your seasonal home without interruption.

Manage Your Beneficiaries

Eligible retirees can change their beneficiary for their post-retirement death benefit or update contact information for an existing beneficiary.

If You Haven’t Opened Your Account, Sign Up Today

If you don’t have a Retirement Online account, now is a great time to sign up. Click “Sign Up” on our Retirement Online Sign In page to get started. We have step-by-step instructions on registering for your account and how to sign in for the first time. If it’s been a while, you may need to look up your user ID or reset your password.

You may also find our Retirement Online Tools and Tips blog post helpful.

COLA—Cost-of-Living Adjustment

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Eligible NYSLRS retirees will see a Cost-of-Living Adjustment (COLA) in their monthly pension payments at the end of September. This is a permanent annual increase to your retirement benefit, 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 law requires COLA payments to be calculated based on 50 percent of the annual rate of inflation, 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 annual pension 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.

The September 2024 COLA is 1.8 percent, for a maximum annual increase of $324.00, or $27.00 per month before taxes.

When Will You See the Increase?

Eligible retirees will see the annual 2024 COLA in their end-of-September pension payment, which will be available to those with direct deposit on September 30, 2024. If you receive a paper check, your COLA will be included in the check mailed on September 27, 2024.

Once your COLA payments begin, you will automatically receive an increase to your monthly benefit each September.

Viewing Your Benefit Payment

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

Sign in to Retirement Online.
Click View Pension Check link.
Select the date of the pension payment that you want to view.

As a result of this increase in your monthly payment amount, you will receive a notification of the net change by mail at the end of September from NYSLRS.

Direct Deposit Pension Payments

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With direct deposit, your retirement benefit payment is automatically deposited to your financial institution (bank or credit union) on the last business day of each month. And now, thanks to recent upgrades to Retirement Online, retirees can update direct deposit account information online.

Changing Your Direct Deposit Bank Account Information

If you change financial institutions, or want your payment to go into a different account at the same institution, sign in to your Retirement Online account to update your account number and routing information. From the top of your Account Homepage, in the ‘I want to…’ section, click the “Update Direct Deposit” link to get started.

If you have a joint account holder on your account, you need to complete a paper Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370). Make sure the joint account holder signs the form as well. You can upload your completed application in Retirement Online, or you can mail it to the address on the form.

If you choose not to update your deposit information through Retirement Online, you can complete and mail in the paper application. If you want your payment to go into a savings account, or if you don’t have a voided check to attach, a bank official will need to complete Section 3 of the form.

If you are updating account numbers but not changing your financial institution, you can have a bank representative fax the information to 518-473-5323. The fax should be on their letterhead and include:

Your name;
Your retirement number, registration number or NYSLRS ID;
Old and new account numbers and routing number; and
A bank representative’s signature.

To avoid a delay in your payment, please wait for confirmation of your direct deposit change before closing your old bank account.

Sign Up for Direct Deposit

Ninety-six percent of NYSLRS retirees and beneficiaries receive their pension payments by direct deposit. Direct deposit has always been the safe, quick and convenient way to get your pension payment. If you’re still getting your pension payment by check, sign up for direct deposit today. Sign in to your Retirement Online account. From the top of your Account Homepage, in the ‘I want to…’ section, click the “Update Direct Deposit” link. You will need your financial institution’s account number and routing number to sign up.

You can also complete and submit an Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370) to sign up for direct deposit.

For More Information

Our Pension Payment Calendar lists a schedule of direct deposit dates by month.

Visit our Direct Deposit page for more information.

New York Retirement News

News from the New York State and Local Retirement System