Tag Archives: PFRS

Manhattan skyline with light memorial

World Trade Center Presumption Deadline Extended

For NYSLRS members who participated in the World Trade Center rescue, recovery or cleanup efforts, the deadline to reserve your rights under the World Trade Center Presumption Law has been extended.

The new deadline is September 11, 2026.

World Trade Center Presumption

What is the World Trade Center Presumption Law?

The World Trade Center Presumption Law provides a presumption to eligible NYSLRS members and retirees who become permanently disabled and are unable to do their jobs due to certain conditions, that they can claim their permanent disabilities are the result of participation in World Trade Center rescue, recovery or cleanup operations. The presumption will apply unless it’s proven the condition was the result of other factors.

If you meet the eligibility requirements, the presumption allows you to:

  • File for an accidental disability retirement in the future;
  • Have an existing disability retirement benefit reclassified as an accidental disability retirement benefit; or
  • Leave your beneficiaries an accidental death benefit.

Your disability or death must be due to one of the qualifying conditions specified in the law.

Who should file?

You must file an Application for World Trade Center Notice (RS6047-N) prior to submitting an Application for World Trade Center Accidental Disability Presumption (RS6047-W). Even if you do not currently suffer one of the qualifying conditionsfiling this notice will protect your right — and the right of your beneficiaries — to apply for benefits in the future.

Once you file a notice with NYSLRS, there is no subsequent deadline to file for an accidental disability retirement or retirement reclassification should the need arise.

Questions?

If you have any questions, check out our Frequently Asked Questionsemail us or contact our Call Center toll-free at 1-866-805-0990 (518-474-7736 in the Albany, New York area).

See You at the New York State Fair

If you’re visiting the Great New York State Fair, stop by and see us.

The celebration of everything New York begins Wednesday, August 24 and runs through Monday, September 5 (Labor Day). Our information representatives will be at the fairgrounds in Syracuse to help members and retirees with their retirement planning and benefit questions. You’ll also be able to pick up retirement plan brochures and forms, request an estimate that will be mailed to you and get help registering for a Retirement Online account.

The NYSLRS booth will be in the Center of Progress Building, building 6 on the State Fair map, near the Main Gate.

New York State Fair

Find Unclaimed Funds at the State Fair

OSC’s Office of Unclaimed Funds booth will also be in the Center of Progress building. An unclaimed fund is lost or forgotten money, perhaps in an old bank account or insurance policy, that has been turned over to the State. See if any of that money is yours. So far this year, State Comptroller Thomas P. DiNapoli and the Office of Unclaimed Funds have returned more than $248 million.

Special Fair Days

Wednesday, August 24

  • Opening Day

Friday, August 26

  • Pride Day – The LGBTQIA+ event includes a morning flag-raising ceremony at the main gate

Monday, August 29

  • Law Enforcement Day — Free admission for active and retired law enforcement and corrections personnel

Tuesday, August 30

  • Fire & Rescue Day — Free admission for active and retired members of fire departments and emergency services organizations
  • Comptroller DiNapoli Visits the Fair — He is the trustee of the New York State Common Retirement Fund and is the administrator of NYSLRS. He’ll be stopping by the NYSLRS booth during the day.

Wednesday, August 31

  • Women’s Day

Thursday, September 1

  • Armed Forces Day — Free admission for active duty or veterans

Monday, September 5

  • Labor Day – Show your support for working women and men at the Fair’s Labor Day rally

Note: ID required for free admissions listed above. For details, check out the complete schedule of Special Fair Days.

Supplement Your NYSLRS Pension With Retirement Savings

Do you have a retirement savings account? If you’re a new NYSLRS member, your future pension could provide a significant portion of your retirement income, but it’s also a good idea to save for retirement to supplement your pension and Social Security.

Why Should You Save for Retirement?

Retirement savings can be an important financial asset when you retire. Savings can enhance your retirement lifestyle and give you the flexibility to do the things you want.

Your savings can provide money for traveling, continuing your education, pursuing a hobby or starting a business. The money you set aside can be a resource in case of an emergency, act as a hedge against inflation and boost your retirement confidence.

Setting a Retirement Savings Goal

How much to save is a personal decision, but here are some things to consider.

Financial advisers recommend that people save 10 to 15 percent of their gross earnings throughout their careers to be able to retire comfortably. But that advice is aimed at people with defined contribution retirement plans, such as a 401(k), as their main source of retirement income.

As a NYSLRS member, you’re part of a defined benefit plan, also known as a traditional pension plan. Your pension, based on your years of service and earnings, will provide a lifetime benefit. That benefit could replace a substantial portion of your earnings during retirement.

Having a pension means you may not need to save as much as someone with only a 401(k). If you’re just starting out in your career, you may want to pick a savings amount (or percentage of your earnings) you’re comfortable with. Use a retirement savings calculator to see how much your savings plan could yield over time or test the results of different savings amounts.

Here you can see potential savings results of someone who invests 50 dollars every two weeks over 30 years. While the stock market has been turbulent lately, stock values tend to rise. Over the long term, stock market returns average about 10 percent a year.

retirement savings

As you get closer to retirement, you should develop a plan to withdraw money from your retirement savings. A withdrawal plan will give you a better grasp of the income you can expect from your nest egg.

Here is one possible withdrawal strategy, which was designed to provide retirement income for 20 years. Please note, if your retirement is far in the future, the money you withdraw may not have the same value that it has today. However, while inflation has been high in recent months, it does cycle and has been much lower in the past.

COLA coming soon

If you find you’ll need to save more to meet your goal, you can start making adjustments to help ensure you’ll have enough savings in retirement.

How To Get Started

State employees and many municipal employees are eligible to save for retirement through the New York State Deferred Compensation Plan. Once you’ve signed up for the plan, your retirement savings (which may be tax-deferred, depending on your plan) will be automatically deducted from your paycheck. (The Deferred Compensation Plan is not affiliated with NYSLRS.)

Find out if your employer participates in the Deferred Compensation Plan. If they don’t, check with your employer’s human resources (personnel) office about other savings options you may be eligible for.

More Information About Retirement Savings

You can find more information about saving for retirement in these recent posts:

PFRS Member Milestones

The Police and Fire Retirement System (PFRS) covers nearly 32,000 police officers and firefighters across New York State. As a PFRS member, you’ll pass a series of important milestones throughout your career. Knowing and understanding these milestones will help you better plan for your financial future.

Some milestones are common to most PFRS members; others are shared by members in a particular tier or retirement plan. For example, your plan determines when you would be eligible to apply for a non-job-related disability benefit.

A recent amendment to Retirement law changed a milestone for some members. As of April 9, 2022, Tier 5 and 6 members are now vested after earning five years of service credit. Previously, members in these tiers needed ten years of service to become vested. Being vested means you are entitled to a NYSLRS pension, even if you leave public employment before retirement age.

Member Milestones to Remember

PFRS member milestones

Most PFRS members are in special plans that allow them to retire with full benefits, regardless of age, after 20 or 25 years of service. If you are in a special plan, only certain job titles would give you creditable service toward a 20- or 25-year milestone. For example, if you are in the State Police plan, service with a city police department would be creditable, but service as a sheriff’s deputy or corrections officer would not be.

PFRS members in regular plans can retire as early as age 55, but may face a benefit reduction if they retire before their full retirement age.

Your specific milestones, along with your pension calculation, are determined by your retirement plan, so it is important to familiarize yourself with the details of your plan. You can find information about your milestones in your retirement plan booklet on our Publications page. Not sure which retirement booklet is yours? Your retirement plan is listed in your Retirement Online account or you can ask your employer. You can also read our recent blog post for tips on finding your plan booklet.

Making Loan Payments When You Leave Public Employment

To repay a NYSLRS loan, you make loan payments automatically through payroll deductions. But what happens if you go off the public payroll before the loan is paid off?

The answer is…it depends. If you leave your job because you’re retiring, then your pension will be reduced. (Employees’ Retirement System members may repay their loan after retiring, but they must pay the full balance in a single payment.)

However, if you leave public employment for any other reason, you must make loan payments directly to NYSLRS at least quarterly and pay off your loan balance within five years from the date the loan was issued. If you fail to meet either of these conditions, your loan will go into default.

You will still need to repay the outstanding balance to NYSLRS, and the loan will continue to accrue interest and insurance charges until it’s paid in full.

loan payments when you leave public employment

What Happens If My Loan Defaults?

If your loan defaults, NYSLRS will report your outstanding balance, minus any previously taxed amount, to the Internal Revenue Service (IRS) as a distribution to you. You must also include the loan on your federal income tax return for the year it defaults. (If it was taxable before default, you will not be re-taxed on that portion of the loan.)

If you’re younger than 59½ in the year the loan defaults, the IRS will charge an additional 10 percent penalty on the taxable portion of the loan. (There are no New York State or local taxes due on the distribution.)

We also cannot issue a new loan until the defaulted loan has been repaid.

Managing Your Loan Payments

If you leave public employment, contact us as soon as possible. We’ll tell you the exact amount you’ll need to repay each quarter to avoid defaulting.

Retirement Online offers a convenient way to manage your NYSLRS loan. Sign in to check your balance. You can also use Retirement Online to make quarterly loan payments or pay off the balance. If you don’t have an account, sign up today.

If you mail your loan payments by check, be sure to write “loan payment” on your check and include your NYSLRS ID number so we can apply it to the correct account. Mail payments to:

NYSLRS
Attn: Accounts Receivable
110 State Street
Albany, NY 12244-0001

When Retirees Rejoin NYSLRS

The COVID-19 pandemic has prompted some NYSLRS retirees to return to work in the public sector. If you are one of these retirees, we want to make sure you know that the post-retirement earnings limit of $35,000 a year for retirees in a public sector job who are under age 65 has been suspended through much of 2020, 2021 and 2022 by executive order. Additionally, if you work for a school district or BOCES, legislation has suspended your earnings limit through June 30, 2023. Read more in our blog post, Update Regarding Retiree Earnings Limit During COVID-19 Emergency.

rejoin NYSLRS

Some retirees have considered ending their retirement to rejoin NYSLRS. While rejoining the Retirement System is an option, you should understand how this decision could affect your pension benefits.

Rejoining NYSLRS may increase your total service credit, allowing you to reach certain milestones that would increase your pension. An increase in earnings could also result in a higher pension. However, depending how long you work after rejoining, your new pension may not be higher than your original amount.

Note: This post applies to service retirees of the Employees’ Retirement System (ERS) or the Police and Fire Retirement System (PFRS) who are rejoining the same system. Different rules may apply to retirees of other retirement systems, retirees joining a system other than the one they retired from, and disability retirees.

What Happens to Your Pension When You Rejoin NYSLRS?

If you rejoin NYSLRS, your pension will be suspended. If you are in Tiers 2 through 6, and you earn less than two years of new service credit after you rejoin, your original pension would be reinstated when you retire the second time. Any new service credit and earnings would not affect your pension. (Tier 1 members would receive an additional benefit even if they earn less than two years of service in their new membership.)

If you earn two or more years of new service, you can either receive your original pension or you can receive a recalculated benefit that includes your additional service. If you choose the recalculated benefit, you would have to repay the entire pension amount you have already received, plus interest. (The pension amount you repay would be based on the Single Life Allowance rate.) You may repay that amount in a lump sum or by installments before you retire again — or request a permanent reduction to your new pension.

Other Factors

Here are other things to consider before you rejoin NYSLRS:

  • When you retire again, your new retirement date can delay your eligibility for cost-of-living adjustments (COLAs).
  • If you are in Tier 1 or 2, rejoining may affect your death benefit.

Where to Go for Help

If you are seriously considering rejoining NYSLRS, we strongly recommend you speak with a customer service representative to discuss how rejoining would affect your benefits. You can call them at 1-866-805-0990 or email them using our secure contact form.

You may also wish to read our publication Life Changes: What If I Work After Retirement?

NYSLRS Basics: Special Beneficiary Designations

What makes special beneficiary designations so special?

As a NYSLRS member, it’s important for you to name beneficiaries. Your beneficiaries may be eligible to receive a death benefit upon your death.

You can choose anyone you wish to receive your death benefit; it does not have to be a family member. In fact, it doesn’t even have to be a person. You can name your estate, a charity or a trust.

But before we talk more about these special beneficiary designations, let’s quickly go over the two main types of beneficiaries. These are important to know as some special designations may affect who you can designate.

About Primary and Contingent Beneficiaries

A primary beneficiary is someone you choose to receive your benefit if you die. A contingent beneficiary would only receive the benefit if the primary beneficiary dies before you. If a beneficiary dies before you, you should update your beneficiary information to ensure that your benefit is distributed according to your wishes.

As a reminder, Retirement Online is the convenient and secure way to view and update your beneficiaries. If you don’t already have an online account, you can learn more on our website.

About Special Beneficiary Designations

Here are some examples of special beneficiary designations and the rules for each one:

special beneficiary designations

Estates

You may name your estate as the primary or contingent beneficiary of your death benefit. If you name your estate as your primary beneficiary, you cannot name a contingent. If a benefit is payable, the executor of your estate will distribute it according to the terms of your will.

Trusts

If you have executed a trust agreement or provided for a trust in your will, your trust can be your primary or contingent beneficiary. To name a trust, sign in to Retirement Online or use our Trust with Contingent Beneficiaries form (RS5127-T). We’ll need a copy of your trust document, which you can mail to NYSLRS or upload using Retirement Online.

With this type of designation, the trust is the beneficiary, not the individuals who will receive the trust. If you revoke the trust or it expires, you will want to make new beneficiary designations as soon as possible to ensure benefits are paid according to your wishes.

You should talk to an attorney if you’d like more information on trust agreements.

Entities

You may name any charitable, civic, religious, educational or health-related organization as a primary or contingent beneficiary. Be sure to include the organization’s full name and address in your designation.

Minor Children

If your beneficiary is under age 18 at the time of your death, your benefit will be paid to the child’s court-appointed guardian. You may instead choose a custodian to receive the benefit on the child’s behalf under the Uniform Transfers to Minors Act (UTMA). Custodians can be designated in Retirement Online. Before making this type of designation, please contact us for more information.

More Information

Please note that some of these beneficiary designations will be subject to a NYSLRS legal review.

For more information, please read our publication “Why Should I Designate a Beneficiary?” You can find your current NYSLRS beneficiaries listed in Retirement Online, or in your most recent Member Annual Statement.

Debt and Retirement

If you’re planning to retire in the near future, it’s a good idea to take inventory of any debt you may owe. Paying off your debt now can give you more breathing room to enjoy the type of retirement you want.

Where to Start: Repay Your NYSLRS Loans

A high priority should be any loans you have taken from NYSLRS. If you have an outstanding NYSLRS loan balance when you retire, it will reduce your pension.

For example, if a 60-year-old Tier 4 member of the Employees’ Retirement System (ERS) retires this year owing $10,000, the annual pension reduction would be $482.84. And that reduction would continue even after the total reduction exceeds the amount owed. What’s more, at least part of the loan balance at retirement would be subject to federal taxes.

ERS members may repay their loan after retiring. However, if you choose to pay back your loan after you retire, you must pay back the full amount of the outstanding balance that was due when you retired in one lump-sum payment. Following your full repayment, your pension benefit will be increased from that point going forward, but it will not be adjusted retroactively back to your date of retirement. Visit our Repaying Your Loan After Retirement page for more information if you are considering retiring with an outstanding loan.

debt and retirement - benefit reductions for loan balances

Other Debt to Check

Another priority is paying off credit cards. The average American household with credit card debt owes more than $6,006 in revolving balances and pays about $1,029 a year in interest, according to a recent analysis of federal data.

Fortunately, a federal law makes it easier to get a handle on your credit card debt. Credit card statements must now carry a “Minimum Payment Warning.” This tells you how long it will take, and how much it will cost, to pay off your balance if you only make minimum payments. It also tells you how much it will cost each month to pay off the balance in three years.

If you have more than one credit card balance, many financial advisers recommend you pay as much as you can on the card with the highest interest, while paying at least the minimum on lower-interest cards. Once you’ve paid off the high-interest card, focus on the card with the second-highest rate, and so forth. But some advisers say it might be better to pay off the card with the smallest balance first. That will give you a sense of accomplishment, which could make the process seem less daunting.

Mortgage balances make up 70 percent of the $15.24 trillion in U.S. household debt. But should you strive to pay off your mortgage before you retire? Financial advisers differ on that question. Paying off the house will eliminate a major expenditure and allow you to spend your retirement income on other things. On the other hand, if your mortgage rate is relatively low, you may want to focus on paying off other debts or boosting your retirement savings. What will work best for you depends on your particular financial situation.

NYSLRS Membership Basics

Whether you’re a new member or have been part of the Retirement System for years, you’re sure to have questions about your NYSLRS membership. What is vesting? Final average earnings? Maybe you’re wondering what tier you’re in or why that even matters. While NYSLRS administers many different retirement plans, the core concepts of a NYSLRS membership remain the same. Here are the basics.

Your NYSLRS Membership Basics

Four Things to Understand About Your NYSLRS Membership

When learning about your NYSLRS benefits, you should become familiar with these four basic concepts:

  • Tier. Your tier is based on the date you joined NYSLRS and helps determine the benefits available to you. If you’re a new NYSLRS member, you’re likely in Tier 6. Tier 6 members joined NYSLRS on or after April 1, 2012.
  • Service Credit. You earn a year of service credit for each year you work for a participating NYSLRS employer. Part-time work is prorated. Your total service credit at retirement is a major factor in determining the amount of your pension.
  • Vesting. You become vested after you earn five years of service credit. It’s a significant milestone to reach because once you become vested, you’ll be eligible for a NYSLRS pension when you reach retirement age, even if you leave public service.
  • Final Average Earnings. Final average earnings is the average of your earnings during a period when your pay is highest. It’s another major factor in determining the amount of your pension.

Once you understand these basics, it can make learning more about your NYSLRS membership and benefits easier and help you get ahead on your retirement planning.

Your NYSLRS Pension and Other Benefits

Being a NYSLRS member means you are part of a defined benefit retirement plan. This means your NYSLRS pension will be a lifetime benefit, and it will be based on your final average earnings and service credit, not the contributions you make toward your retirement.

NYSLRS also provides other important benefits for its members, including:

Where to Get More Information

We want to provide you with the information you’ll need to plan for your retirement and make critical decisions about your future. Here are the resources available to you:

Retirement Online is the quickest way to access account information such as your tier, retirement plan and estimated total service credit. Sign up for a Retirement Online account if you don’t already have one.

If you have questions about your NYSLRS membership or benefits, you can find answers on our NYSLRS website. You can find different webpages, such as our Understanding Your NYSLRS Benefits page, that explain what benefits and services are available to you. Reading your retirement plan publication is a great way to get a comprehensive understanding of your benefits. Go to our Publications page to find your retirement plan and other helpful information.

If you have questions about your account or your NYSLRS benefits, please email us using our secure contact form.

Prepare Your Affairs and Survivors

After you’re gone, will your loved ones know how to handle your affairs? Will they know where to find your important documents, such as your will? Will they be able to make sense of your finances? Putting these affairs in order now can better prepare your survivors during an already difficult time.

prepare your affairs and survivors

Organize Your Documents

The first step to putting your affairs in order is collecting assorted records, certificates and other paperwork in a secure place. You’ll also want to write down names and phone numbers for any friends or business associates who could be helpful (like your attorney, accountant, insurance agent and the executor of your will).

To help your survivors find these important documents, fill out a Where My Assets Are (VO1848) form. Review this list and update it as needed.

Talk to Your Loved Ones

You may not feel comfortable discussing your death, but all your preparation won’t do any good if you keep your wishes a secret. Once you’ve collected your files and put together a list, let your potential survivors know where your documents are and provide them with copies of your asset list.

Discuss your finances with your loved ones, including your children, if any of the money matters involve them. Explain your NYSLRS benefits (such as your death benefits) and let them know how to report your death to NYSLRS. They can complete the NYSLRS Report a Death Form or call us at 866-805-0990. Death benefits cannot be paid until we have a certified death certificate.

Be sure to also discuss your funeral and burial preferences and let your family know about any arrangements you have already made.

Other Steps to Take When Organizing Your Affairs

You may have already taken care of some of these steps as part of your estate planning, but it never hurts to go back and check to make sure they still reflect your wishes.

  • Work with an attorney to prepare a will or trust.
  • Review your beneficiary information in Retirement Online and make sure we have the correct contact information for your beneficiaries.
  • Consider advance directives, such as a durable power of attorney, living will, health care proxy or do-not-resuscitate order. If you have minor children, you may wish to name a guardian for them. If you have a child with a disability, consult a professional who can help you navigate Medicaid and Medicare.
  • Keep your loved ones apprised of any changes to your situation that may affect them.

Read Getting Your Affairs in Order and A Guide for Survivors and share this publication with your potential survivors. The second half provides information for your survivors and explains what to do and who to contact if a loved one dies.