Here are some of our most popular blog posts from the past year. Not surprisingly, during 2020 members and retirees were interested in information about doing business with NYSLRS online. Fortunately, new Retirement Online features made that a lot easier during a challenging time.
- Retirement Online Makes Retirement Fast, Easy
You can now file your service retirement application in Retirement Online. This convenient new feature can reduce paperwork and save you a trip to the post office.
- What to Know About ERS Tier 6
Employees’ Retirement System (ERS) Tier 6 includes members who have joined NYSLRS since April 1, 2012. It now accounts for 45 percent of all ERS membership. This is a basic overview of retirement benefits for ERS Tier 6 members.
- Do We Have Your Correct Contact Information?
Keeping your mailing address and other contact information up to date ensures that you receive important information from NYSLRS about your benefits. Once again, Retirement Online makes the task easy to accomplish.
- Doing Business With NYSLRS
Retirement Online is a secure, easy way to check your benefit information and conduct transactions in real time. Here’s a rundown of the many features it offers.
- Estimate Your Pension in Retirement Online
How much will your pension be? Most NYSLRS members can use the pension calculator in Retirement Online to get a benefit estimate based on information we have on file for them. You can enter different retirement dates to compare potential benefits.
Before we say goodbye to 2018, let’s take a look back at a few of the year’s most popular blog posts.
For NYSLRS members, the formulas used to calculate our pension benefits are based on two main factors: service credit and final average salary. While service credit is fairly straightforward — it’s generally the years of service you’ve spent working for a participating employer — what is a final average salary (FAS)?
Some special plans allow NYSLRS members to retire after 20 or 25 years with no pension reduction. However, most of us have a choice to make: wait until the full retirement age specified by their plans or retire as early as age 55. It’s an important decision; those who retire early may receive a permanently reduced pension benefit.
Retirees: While your NYSLRS pension is not taxed by New York State, it is still subject to federal income tax. If your tax bill is larger than expected, or if you’ve been getting a hefty tax refund regularly, you may want to adjust the federal withholding from your NYSLRS pension. Follow these step-by-step instructions.
Many Tier 3 and 4 members of the Employees’ Retirement System (ERS) are eligible to retire under the same retirement plan, so we often think about them together. According to our most recent numbers, the combined tiers make up nearly 60 percent of ERS members — by far the largest segment. Here is a quick look at the benefits these members may receive before and after retirement.
Even with a defined-benefit plan like you receive through NYSLRS, retirement planning is not a one-time task. Whether you’re reviewing your NYSLRS benefits or other retirement matters (like Medicare coverage or required minimum distributions), there are important considerations at almost every age leading up to retirement — and even in the years that follow.