Over the last year, NYSLRS has seen an increase in check fraud and the delayed receipt of pension checks sent by mail. That is why we are urging all retirees and beneficiaries who still receive pension checks by mail to enroll in our Direct Deposit program, just as the Social Security Administration requires you to receive that benefit.
Direct deposit is fast, convenient and secure. Your pension payment will be deposited directly into your bank account on the last business day of each month and available to you immediately. No more waiting for a check in the mail or having to travel to the bank to cash it. And you won’t need to worry about your check being lost or stolen.
Use Retirement Online to Sign Up for Direct Deposit
Retirement Online is the fastest and most secure way to sign up for direct deposit.
From Account Homepage, look under I want to… (located at the top right)
Click Update Direct Deposit link.
Follow steps to add your bank account number and routing number.
If you have a joint account holder on your bank account, you’ll need to print and complete the Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370) and have your joint account holder sign the form. It’s best to do this in advance so you can upload the completed form while signing up in Retirement Online. (However, you can upload the completed form later.)
Other Ways to Sign Up for Direct Deposit
If you don’t have a Retirement Online account, you can download and complete an Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370). However, please be aware, you must attach a voided check or have a bank representative complete Section 3 of the form. Paper forms also take longer to process.
Attach your completed form using the Browse… button.
Or by mail:
NYSLRS 110 State St. Albany, NY 12244-0001
Keep Your Direct Deposit Information Updated
It’s important to notify NYSLRS as soon as possible if you change financial institutions or accounts. Retirement Online is the fastest and most convenient way to update your bank account information. Your changes will generally be applied to your next month’s pension payment. Our Pension Payment Calendar lists the dates your pension payment will be deposited into your bank account each month.
With direct deposit, your pension payment is deposited directly into your bank account on the last business day of each month. It’s fast, convenient and secure. And if you change banks or open a new account, you can avoid delays or any interruption in receiving your pension payments by using Retirement Online to update your direct deposit information.
Keep Your Direct Deposit Information Updated
It’s important to notify NYSLRS as soon as possible if you change financial institutions or accounts. After you submit changes, we’ll send you a confirmation letter with the effective date of the change.
Important: You should keep your current bank account open until you receive our letter confirming the date we will begin depositing your pension payment into your new account.
Use Retirement Online to Update Your Direct Deposit Information
Retirement Online is the fastest and most convenient way to update your direct deposit information. Your changes will generally be applied to your next month’s pension payment.
Follow steps to update your bank account number and routing number.
If you have a joint account holder on your account, you’ll need to print and complete the Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370) and have your joint account holder sign the form. It’s best to do this in advance, so you can upload the completed form while updating your information in Retirement Online. However, you can upload the completed form later.
Other Ways to Update Your Direct Deposit Information
You can update your direct deposit information by completing an Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370) and submitting it using our secure contact form or by mail. Please note, using a paper form will take longer for the information to reach us, and it may take up to 60 days to apply your changes. Be sure to attach a voided check or have a bank representative complete section three of the form.
If you are updating account numbers but not changing banks, your bank can fax your direct deposit changes to 518-473-5323. A bank representative must include the following information on their letterhead:
Your name;
Your NYSLRS ID or retirement number;
Old and new account numbers and bank routing number; and
A bank representative’s signature.
Note: If your bank faxes your request, you don’t have to update your direct deposit information in Retirement Online or submit a paper application.
Sign Up for Direct Deposit
With direct deposit, your pension payment is deposited directly into your bank account—it’s fast, convenient and secure. You’ll avoid mailing delays, trips to the bank in bad weather and standing in line to cash a check. And you won’t need to worry about your check being lost or stolen.
Retirement Online is the fastest way to manage your NYSLRS account. Skip printing forms, having them notarized and sending them through the mail. When you submit your requests online, NYSLRS has them immediately, and your changes will be completed more quickly. It’s convenient and secure. Also, your important documents will be available online, sooner than printed copies are mailed.
If you don’t have an account or for help signing in to an existing account, check out our Retirement Online tools and tips for step-by-step instructions to register, reset your password, unlock your account and more.
Monthly benefit amount after credits and deductions;
Payment method; and
The date of the last payment you received.
Update Your Contact Information
It’s important we have your current contact information so you receive the tax information, news, correspondence and statements we send you.
To update your contact information:
Look under My Profile Information.
Click update next to email address, mailing address or phone number.
You can even schedule an address change, so you’ll get NYSLRS mail at your seasonal home without interruption. Select or enter the effective date in the Change As Of field.
Get Email Notifications for Important Documents
You can help us ‘go green’ and reduce paper waste by choosing email as your delivery preference for correspondence and other important documents. When you have something to view, we’ll send an email notifying you to sign in to Retirement Online. And it will save time—you’ll get access to your important documents sooner than printed copies are mailed.
To update your delivery preferences:
Look under My Profile Information.
Click update next to ‘Contact by,’ ‘1099-R Tax Form Delivery by’ or ‘Retiree Annual Statement by.’
Choose Email from dropdown.
Be sure the email address listed in your profile is current.
If you choose email as your delivery preference, you will not receive a printed copy in the mail.
View Your Pension Pay Stubs
Your pension pay stub gives you valuable insight into your monthly pension payment, including a breakdown of credits and deductions. Throughout the year, you can access your pay stubs online to see year-to-date totals.
To view your pension pay stubs:
Look under I want to… (located at the top right).
Click View Pension Check link.
Select date of the pension payment to view.
Change Your Direct Deposit 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. Your changes will generally be applied to your next month’s pension payments.
To update your direct deposit information:
Look under I want to… (located at the top right).
Click Update Direct Deposit link.
Follow steps to update your bank account number and routing number.
Not using direct deposit yet? Don’t wait to receive a check in the mail—direct deposit is fast, convenient and secure. Sign up for direct deposit now and get your money sooner.
Adjust Your Federal Tax Withholding
Retirement Online is the fastest and most convenient way to complete the W-4P Form and update your federal tax withholding for your NYSLRS pension.
Look under My Account Summary.
Click Update My W-4P Tax Information button.
Follow steps to update your withholding.
If you update your federal tax withholding online by the middle of the month, your changes will generally be applied to that month’s pension payment.
For more information, including instructions for updating your withholding, visit our Taxes and Your Pension page.
Get Your 1099-R Tax Form
While your NYSLRS pension is not subject to New York State or local income tax, most NYSLRS pensions are subject to federal income tax. Each year, we provide a 1099-R tax form with the information you need to file your taxes. We mail printed 1099-Rs by January 31. However, we make 1099-Rs available in Retirement Online sooner than printed copies are mailed.
To view, save or print your 1099-R tax form:
Look under My Account Summary.
Click Manage My 1099-R Tax Forms button.
Select an option from Year dropdown.
Click Generate button.
Generate a Pension Income Verification Letter
Some organizations may ask for a letter verifying your pension income—maybe for housing or as part of an application for the Home Energy Assistance Program (HEAP). Retirement Online is the fastest way to get a pension income verification letter.
Look under I want to… (located at the top right).
Click Generate an Income Verification Letter link.
Manage Your Beneficiaries
Most NYSLRS retirement plans provide a post-retirement death benefit for beneficiaries of eligible retirees who die after retiring directly from service or within one year of leaving public employment.
It’s a good idea to review your beneficiaries from time to time to make sure they reflect your current wishes. The beneficiary you named before might not be the one you would choose today. You should also review the contact information for your named beneficiaries so we can find them when needed.
To add or remove beneficiaries or update their contact information:
Look under My Account Summary.
Click View and Update My Beneficiaries button.
Get Your Retiree Annual Statement
Your Retiree Annual Statement provides a year-end summary of your pension payments for the last calendar year, including the total amount you received and a breakdown of credits, deductions and taxes. We mail printed Retiree Annual Statements by the end of February. However, we make Statements available in Retirement Online sooner than printed copies are mailed.
To view, save or print your Statement:
Look under My Account Summary.
Click View My Retiree Annual Statement button.
If Retirement System is blank, click Look Up icon and select ERS or PFRS from dialog box.
Click Look Up icon next to Calendar Year field and select an option from dialog box.
Your Retiree Annual Statement provides a year-end summary of your pension payments for the last calendar year, including the total amount you received and a breakdown of credits, deductions and taxes. It also gives you an explanation of the pension payment option you chose at retirement.
We mail printed Retiree Annual Statements by the end of February. However, we make Statements available in Retirement Online sooner than printed copies are mailed—and you can sign in to your account now to access yours.
If Retirement System is blank, click Look Up icon and select ERS or PFRS from dialog box.
Click Look Up icon next to Calendar Year field and select an option from dialog box.
Click Generate Statement.
The document will download on to your computer.
If you don’t have an account, check out our Retirement Online Tools and Tips blog post where you’ll find a link to step-by-step instructions to help you register for Retirement Online.
Understanding Your Retiree Annual Statement
Your annual Statement provides year-end benefit and payment information for the previous calendar year, including:
Your total pension benefit amount before credits, deductions and taxes.
Credits for adjustments or reimbursements, such as a cost-of-living adjustment (COLA) or Medicare reimbursements. (Only applicable credits appear in your Statement.)
Deductions for recoveries, payments to an alternate payee, health insurance, or other dues or fees you’ve authorized to have deducted from your pension benefit. (Only applicable deductions appear in your Statement.)
The amount withheld for federal taxes.
Your total net benefit after credits, deductions and taxes.
If you have questions about the information and terms used in your Statement, check out our Guide to Your Statement for a short explanation of each.
Do Not Use Your Statement for Tax Purposes
While your Retiree Annual Statement includes pension payment and tax information, it is not a tax document. If your pension is taxable, we provide a 1099-R tax form (either through Retirement Online or by mail, depending on your delivery preference) for filing your taxes.
View Your Pension Pay Stub for Year-to-Date Information
Your pay stub gives you valuable insight into your monthly pension payment, including a breakdown of credits, deductions and taxes. Throughout the year, you can access your pay stubs online to see year-to-date totals.
From Account Homepage, click View Pension Check link.
Select date of the pension payment to view.
Get an Email Notification for Your Statement
Next year, you can get access to your Statement sooner by updating your delivery preference to email. When your Statement is available, we’ll send an email notifying you to sign in to Retirement Online.
A Cost-of-Living Adjustment (COLA) is a permanent annual increase to your pension to help offset the impact of inflation. Eligible NYSLRS retirees will receive a COLA increase beginning with their end-of-September pension payment:
Direct deposited on September 30, 2025.
Checks mailed on September 29, 2025.
If you are eligible for COLA, you will receive a notice of the change to your net monthly retirement benefit by mail at the end of September. It will show the previous and new monthly amounts for your COLA, your net retirement benefit (the total pension payment amount you receive after credits, deductions and taxes) and any other changes to your credits, deductions or taxes. To determine your monthly COLA increase, subtract the amount listed under ‘Last Month’ from the amount listed under ‘This Month.’
How COLA is Determined
In accordance with State law, the annual COLA percentage is 50 percent of the rate of inflation at the end of the State fiscal year (March 31), rounded up to the nearest tenth. COLA cannot be less than 1 percent or more than 3 percent annually.
This Year’s COLA Increase
The COLA for September 2025 through August 2026 is 1.2 percent.
The percentage is applied up 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. Because the Single Life Allowance pays the maximum pension benefit, using this option gives you the highest possible COLA. If your annual pension benefit is $18,000 or more, you will receive the maximum monthly increase of $18 (for a total maximum annual increase of $216) before taxes.
COLA is cumulative, meaning the increase you receive each September is added to your existing monthly COLA amount.
For a breakdown of credits and deductions and to see year-to-date totals throughout the year, you can view your pension pay stub online.
Age 62 or older and receiving a service retirement benefit for five or more years; or
Age 55 or older and receiving a service retirement benefit for ten or more years (applies to uniformed employees such as police officers, firefighters and correction officers who are covered by a special retirement plan that allows for retirement, regardless of age, after 20 or 25 years); or
Receiving a disability retirement benefit for five or more years; or
The spouse of a deceased retiree receiving a lifetime benefit under an option elected by the retiree at retirement (you’ll receive half the retiree’s COLA amount); or
A beneficiary receiving the accidental death benefit for five or more years on behalf of a deceased Employees’ Retirement System (ERS) member.
Once you’re eligible, you will automatically receive a COLA increase in your monthly pension payment beginning each September.
For More Information
For more information, including an example of how COLA is applied and information about receiving your first COLA, visit our Cost-of-Living Adjustment (COLA) page.
Over the last year, NYSLRS has seen an increase in check fraud and the delayed receipt of pension checks sent by mail. That is why we are urging all retirees and beneficiaries who still receive pension checks by mail to enroll in our Direct Deposit program, just as the Social Security Administration requires you to receive that benefit.
Direct deposit is fast, convenient and secure. Your pension payment will be deposited directly into your bank account on the last business day of each month and available to you immediately. No more waiting for a check in the mail or having to travel to the bank to cash it. And you won’t need to worry about your check being lost or stolen.
