Tag Archives: pension verification letter

Retirement Online for Retirees

More than 427,000 members and retirees are using Retirement Online — a secure and convenient way to do business with NYSLRS.

Retirement Online for Retirees

You can use Retirement Online to:

View Your Benefit Information

Review the most up-to-date information about your account. Check on the details of your pension and review deductions.

Generate an Income Verification Letter

You may need to prove your pension income for any number of reasons, such as applying for a mortgage or renting an apartment. With Retirement Online, you can generate an income verification letter any time you need one.

Update Your Contact Information

Moving? Changing your phone number or email address? It’s easy to keep NYSLRS updated so you won’t have to worry about missing important news and information about your benefits.

Snowbirds, take note. You can schedule an address change so you get NYSLRS mail at your seasonal home without interruption. This will ensure that you get your 1099-R tax forms in time to file your tax return.

Manage Your Beneficiaries

You can change the beneficiary for your post-retirement death benefit or change the contact information for an existing beneficiary.

Retirement Online makes it easy to view your beneficiary selections and submit changes instantly.

New Retiree Features Coming in January

We continue to improve and expand the services Retirement Online offers. In fact, this January, we’re adding new retiree features. They’re designed to give you greater insight into your retirement account and enable you to conduct business with your Retirement System without having to mail in forms or make a phone call.

Retirement Online for Retirees – New FeatureManage Your Direct Deposit

Ninety-five percent of NYSLRS retirees already receive their pension payments with direct deposit, and it’s about to get even more convenient. Soon, you’ll be able to use Retirement Online to update your bank account information. Whether you’ve switched banks, need to update your account details or want to add a joint account holder, you’ll be able to make those changes online.

Are you still receiving your pension by check? You’ll soon be able to sign up for direct deposit through Retirement Online and get your money faster.

Retirement Online for Retirees – New FeatureChange Your Federal Tax Withholding

If you need to adjust the amount of federal tax withholding coming out of your pension payments, you’ll be able to sign in to your account to update your filing status, change your dependents or make other adjustments to your withholding.

Retirement Online for Retirees – New FeatureView a “Pay Stub” of Your Pension Payment

Right now, you can look up your current monthly benefit details in Retirement Online, but soon you’ll be able to access full “pay stubs” for your payments from January 2023 onward by clicking the date of the payment you want to view. You’ll also be able to track year-to-date totals.

How to Get Ready

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. If you need help, we have step-by-step instructions on registering for your account and how to sign in for the first time. You may also find our Retirement Online Tools and Tips blog post helpful.

Retirement Online is secure and safe to use. When you sign up for an account, for security reasons, you will be asked to identify yourself, confirm your Social Security number, verify your identity and create credentials. Retirement Online also uses a two-step sign-in process for secure sign in. Remember, one of the best ways to prevent online fraud is for you to open your Retirement Online account using the personalized credentials you choose. That simple step will prevent any fraudster from trying to open an account in your name, whether it’s Retirement Online or any other online account.

Already have an account? Sign in and make sure your email and mailing address are current to ensure that you receive important information from NYSLRS in the coming year. If it’s been a while, you may need to look up your username or reset your password.  If you’re having trouble accessing your account, email us using our secure contact form or call our customer service representatives at 866-805-0990 (518-474-7736 in the Albany, NY area). Press 2 to access the retiree menu, follow the prompts, and then press 1 for Retirement Online assistance.

Ten Things Every NYSLRS Retiree Should Know

Even after you retire, it’s important to stay informed about your NYSLRS benefits. Here are ten things every NYSLRS retiree should know.

NYSLRS retiree
  1. Your retirement benefits are guaranteed by the State Constitution. Under Article 5, Section 7, your pension benefit cannot be “diminished or impaired.”
  2. The Common Retirement Fund, the pool of money your retirement benefits are 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.
  3. Your NYSLRS pension is not subject to New York State or local income taxes, but it may be subject to federal income tax. Visit our Taxes and Your Pension page for more information.
  4. If you move to another state, your pension may be subject to that state’s income tax. Find out which states tax NYSLRS pensions.
  5. More than 95 percent of NYSLRS retirees use direct deposit for their monthly payment and their payments promptly arrive in their accounts on the last business day of each month. You can find out when your next pension payment is coming by checking our online pension payment calendar.
  6. 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.
  7. If you need proof of your retirement income to rent an apartment or get a mortgage, you can generate a pension verification letter in Retirement Online.
  8. Once you become eligible for a cost-of-living adjustment (COLA), you will receive annual increases in your pension amount. When your net benefit amount changes, NYSLRS will inform you.
  9. Your beneficiaries may be entitled to a death benefit after you die.
  10. A Guide for Retirees is a handy resource on our website. It provides important information about your benefits and the services NYSLRS provides for its retirees.

Not retired yet? Read our blog post Ten Things Every NYSLRS Member Should Know.

Mortgage and Pension Verification Letters

For certain business transactions, such as getting a mortgage, you may need to verify certain NYSLRS account or benefit information. Fortunately, Retirement Online allows members and retirees to access and print a mortgage or pension verification letter in a few quick steps.

Members Can Generate Mortgage Letters Online

Members still on the public payroll can generate a mortgage verification letter using Retirement Online. On your account homepage, in the ‘I want to…’ section, click the “Generate Mortgage Verification Letter” link.

The printable letter will show your account summary, including the current balance of your contributions, and if you have a loan, the date of your last loan and current loan balance.

You can also request an account verification letter using our secure contact form. Tell us what information you need and be sure to include your personal identification and contact information when you submit the form. In most cases, we’ll mail you a letter within five to seven business days.

pension verification letter infographic

 

How Retirees Can Get a Pension Verification Letter

As a retiree, you may need a letter verifying your pension income — maybe for housing or as part of an application for the Home Energy Assistance Program (HEAP). There are four ways to get a pension verification letter.

  1. Retirement Online

Retirement Online is the fastest way to get a pension verification letter. On your account homepage, in the ‘I want to…’ section, click the “Generate Income Verification Letter” link.

A pop-up box with a confirmation message will appear. Once you click OK, your pension income verification letter will open in a new browser tab, ready for you to print or save.

  1. Email

You can send us your request using our secure contact form. Tell us what information you need, and be sure to include your daytime phone number, in case our customer service representatives have a question. In most cases, we’ll mail your letter in five to seven business days.

  1. Phone

You can call us with your request at 866-805-0990 (518-474-7736 in the Albany, New York area). Our Call Center is open Monday through Friday, 7:30 am – 5:00 pm. We usually mail letters in five to seven business days.

  1. Fax

You can also fax your request to 518-473-5590. Include your retirement or registration number, current address, signature and phone number in case we have questions. Tell us whether you want the letter mailed or faxed to you (provide a fax number).

Sending a Retiree Pension Verification Letter to a Third Party

At your request, we can send a letter verifying your pension income directly to a lending institution, housing authority, nursing home or other third party. However, because this information is confidential, we need your signed written permission.

If you decide you want us to send a letter to a third party, they must fax us a request and include a signed release from you giving us permission to release your information.

NYSLRS

Doing Business with NYSLRS from Home

When we first launched Retirement Online, we were proud to provide our members and retirees a new, convenient way to review their benefit information and do business with NYSLRS. But as a result of recent upgrades, Retirement Online now offers a variety of time-saving features that make doing business from home a snap.

Doing Business with NYSLRS from Home

What Can You Do in Retirement Online?

Retirement Online gives you an easy and secure way to review your NYSLRS benefit information and conduct transactions in real time. In many cases, you can use Retirement Online instead of sending forms through the mail or calling NYSLRS. Here’s a quick look at some of its features:

  • Update Contact Information
    Do you have a new mailing address, email address or phone number? Make sure NYSLRS can get in touch with you by updating your contact information.
  • Update Your Beneficiary Information
    You can designate beneficiaries for your death benefits, and also make updates to existing beneficiaries.
  • Create a Pension Verification Letter or Mortgage Letter
    If you’re a retiree and need to provide proof of your retirement income, you can generate and print an income verification letter from your account. If you’re a member and need to verify your retirement account information, you can generate and print a mortgage letter when you need it.
  • Update Your Last Name
    If you changed your last name recently, you can change it online instead of submitting a Name Change form.
  • Change Your Correspondence Preference
    Would you prefer to receive emails from NYSLRS instead of mail? You can update your correspondence preference and receive an email notification from NYSLRS whenever we have updated information to send you. (Please note that some information, such as tax forms, will be sent by mail for security purposes.)
  • Estimate Your Pension (Members Only)
    You can estimate your pension benefit based on up-to-date account information, then save or print the estimate for your records.
  • Manage Loan and Service Credit Payments (Members Only)
    Need to pay back a loan or purchase service credit? You can adjust your payment amount or make a lump sum payment.
  • Apply for Retirement
    Ready to retire? You can file your service retirement application right from home.
  • Apply for a Loan (Members Only)
    Eligible members can apply online to take a loan out against their NYSLRS contributions.

If you don’t already have a Retirement Online account, sign up today. If you need help with Retirement Online, please refer to our Retirement Online Tools and Tips blog post.