Tag Archives: Retirees

Too Much Free Time?

Could retirement bring you too much free time? When people think about retirement planning, they usually think about money. Will you have enough to maintain a comfortable lifestyle for a retirement that could last decades? But regardless of your finances, there is one thing you’re likely to have a lot more of after you retire: time. Figuring out how you’ll spend that time should also be part of your retirement planning process.

Free time after retirement

Counting the Hours

According to the U.S. Labor Department, the average American worker spends about nine hours a day at work. Add another hour a day commuting time, and that’s ten hours a day or 50 hours each week.

All those hours you spent working, and traveling to and from work, will instantly become free time. While that may sound great to many people, all that extra time can have downsides.

If not put to good use, that extra time can lead to boredom and even depression. What’s more, if you’re married and you and your spouse are both retired, you may find yourselves wondering how to spend that time together.

Make a Plan for Free Time

For many couples, having extra time together is a dream come true. However, some couples find themselves getting in each other’s way, and that can sometimes lead to problems.

But there are ways to cope. For example, finding activities outside the home, both together and separately, can help. As with most things, you’ll be better off if you recognize there may be a problem, discuss it with your spouse, and come up with a plan.

There are more thoughts on the subject, and some good advice, in this article: 10 Tips to Help Your Marriage Survive Retirement.

Retirement Online for Retirees

Retirees, you’ll want to take advantage of the safety and convenience of Retirement Online to conduct business with NYSLRS.

Using Retirement Online may save you a phone call or a trip to the mailbox. You can conduct retirement transactions in real time when it’s most convenient for you.

Retirement Online for Retirees

View Your Benefit Information

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

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.

Generate an Income Verification Letter

You may need to prove your pension income for business 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.

Retirees: Register for Retirement Online Today

Retirement Online is generally available from 7:00 am to 5:00 pm, seven days a week. In the future, we will be expanding its hours of operation. We’ll also be introducing additional features, including the ability to manage your direct deposit information online.

It’s easy to create your own account. If you have any difficulty, our online guide takes you step by step through the process. You’ll find it, and other helpful information, in the Tools & Tips section of the Retirement Online page.

A Snapshot of NYSLRS Retirees

NYSLRS’ Comprehensive Annual Financial Report (CAFR), published each fall, has a wealth of information about the Retirement System. Much of it is technical — mostly about investments — but it’s also a good place to learn about NYSLRS retirees.

Here are a few tidbits we’ve gleaned from the latest edition, which includes data from the State fiscal year that ended March 31, 2019.

NYSLRS Retirees by the Numbers

NYSLRS was providing pension benefits to 481,795 retirees and beneficiaries as of the end of the fiscal year.

Nearly 79 percent of NYSLRS retirees and beneficiaries — some 379,057 — live right here in New York State, and they can be found in every county. Long Island and Western New York are both home to more than 60,000 NYSLRS retirees and beneficiaries, while nearly 55,000 live in the Capital District.

NYSLRS retirees can also be found in every state. Florida, not surprisingly, is the number two choice — more than 38,000 call the Sunshine State home. North Dakota is the least popular destination, with only two dozen NYSLRS pensioners. Another 695 live outside the United States.

Snapshot of NYSLRS Retirees

NYSLRS Pensions at Work

NYSLRS retirees live in our communities. Their pension money flows right back into our neighborhoods, stimulating and growing local economies. In 2018 alone, NYSLRS retirees generated $12.6 billion in economic activity in New York State. They paid nearly $2 billion in property taxes, paid State and local sales taxes, and spent money at local businesses. Spending by NYSLRS retirees and their beneficiaries was responsible for creating an estimated 76,100 local jobs in 2018. Learn more.

An Award-Winning Publication

NYSLRS has received a Certificate of Achievement for Excellence in Financial Reporting for the CAFR for the last 15 years. It’s a national award recognizing excellence in the preparation of state and local government financial reports.

To find out more about retirees, members and NYSLRS’ investments, check out this year’s CAFR on our website.

A Guide for Retirees

Our publication A Guide for Retirees is a valuable resource to read if you’re retired or planning to retire soon. This guide details the continuing benefits and services NYSLRS provides for its retirees.

What’s Inside A Guide for Retirees?

The first section of A Guide for Retirees outlines your benefits in clear, straightforward language. It provides an estimate of when to expect your first pension check, along with a couple reminders to help avert any delay in your payment. There’s also a brief description of how we calculate your benefit and information about what to do if you believe your benefit was calculated incorrectly.

Your NYSLRS retirement benefit will provide you with monthly payments for the rest of your life. But that doesn’t mean the amount of your pension won’t change. For example, your benefit will increase once you are eligible for a cost-of-living adjustment. Signing up for Medicare or getting a divorce can also change your benefit amount.

The booklet also describes benefits that your survivors may be eligible for, such as the post-retirement death benefit.

A Guide for Retirees

Services We Offer

A Guide for Retirees describes services NYSLRS provides for retirees, including:

  • Retirement Online. A fast and secure way to do business with NYSLRS.
  • Automated Information Line. You can call 24 hours a day, seven days a week to request a form, check your COLA eligibility, get general tax information and more.
  • Direct Deposit. Have your pension deposited directly into your bank account.
  • Pension Verification Letters. You can create your own in Retirement Online or we can send one at your request.
  • Individual Consultations. You can discuss your benefits with one of our information representatives in person or over the phone.

Your Obligations

Your benefits come with certain responsibilities. Most importantly, you need to let us know if your address changes. Even if you’re getting your pension through direct deposit, we need to have your correct address so we can send you tax documents and other important information.

This section also reminds you to keep your beneficiary information current, contact us if your check is lost or stolen, and review your withholding regularly.

Other Publications

Read our recent blog posts about other NYSLRS publications:

See You at the New York State Fair

The Great New York State Fair opens today in Syracuse and NYSLRS is there.

The 13-day celebration of everything New York runs through Monday, September 2 (Labor Day). Our information representatives will be at the fairgrounds, as they have been for more than 20 years, to help members and retirees with their retirement planning and benefit questions. In the past, many NYSLRS members have stopped by the booth to get a benefit projection. You’ll also be able to pick up retirement plan brochures and forms or have a brief consultation with one of our information representatives.

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

Find Unclaimed Funds at the State Fair

OSC’s Office of Unclaimed Funds booth will be in the same building. An unclaimed fund is lost or forgotten money, perhaps in 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 has returned more than $243 million.

New York State Fair

 

Special State Fair Days

Friday, August 23

  • Pride Day – Performances and LGBTQ participation in daily parade

Monday, August 26

  • Law Enforcement Day — Free admission for active and retired law enforcement personnel and corrections officers
  • Senior Citizens’ Day — Free admission for senior citizens (60+)

Tuesday, August 27

  • Comptroller DiNapoli Visits the Fair — He manages the New York State Common Retirement Fund and is the administrator of NYSLRS. He’ll be stopping by the NYSLRS booth during the day.
  • Fire & Rescue Day — Free admission for active and retired members of fire departments and emergency services organizations
  • Senior Citizens’ Day — Free admission for senior citizens (60+)

Wednesday, August 28

  • Women’s Day — $1 admission for women ages 13-59 (Children 12 and under are always free.)
  • Senior Citizens’ Day — Free admission for senior citizens (60+)

Thursday, August 29

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

Monday, September 2

  • Labor Day – Show your support of working women and men at the Fair’s Labor Day rally. Meet near Gate 4 at 10:00 am and join the march to Chevy Court at 10:30 am.
  • Summer Send Off “Dollar Day” – $1 adult admission all day

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

Cost-of-Living Adjustment (COLA)
Coming in September

Eligible NYSLRS retirees will see a cost-of-living adjustment (COLA) increase in their monthly pension payments beginning in late September.

This COLA is a permanent annual increase to your retirement benefit. It is based on the cost-of-living index and is designed to address inflation.

cola coming

How COLA is Determined

COLA payments, subject to certain limitations, equal 50 percent of the previous year’s inflation rate, but are never less than 1 percent or more than 3 percent of your benefit. The adjustment is applied to the first $18,000 of your Single Life Allowance, even if you selected a different option. Once COLA payments begin, you will receive an increase to your monthly benefit each September.

The September 2019 COLA equals 1 percent, for a maximum annual increase of $180.00, or $15.00 per month before taxes.

Who is Eligible for a COLA?

To begin receiving COLA payments, you must be:

  • Age 62 or older and retired for five or more years; or
  • Age 55 or older and retired for ten or more years (uniformed employees such as police officers, firefighters and correction officers covered by a special plan that allows for retirement, regardless of age, after a specific number of years); or
  • A disability retiree for five years; or
  • The spouse of a deceased retiree receiving a lifetime benefit under an option elected by the retiree. An eligible spouse is entitled to one-half the COLA amount that would have been paid to the eligible retiree when the retiree would have met COLA eligibility; or
  • A beneficiary receiving the accidental death benefit for five or more years on behalf of a deceased Retirement System member.

When Will You See the Increase?

Eligible retirees will see the first 2019 COLA payment in their September pension payment. It will be available to those with direct deposit on September 27, 2019. If you receive a paper check, the COLA will be included in the check to be mailed September 30, 2019.

If you are not eligible yet, you will receive your first COLA increase in the month after you become eligible. This payment will include a prorated amount to cover the month you became eligible. After that, you will receive a COLA increase each September.

Protecting Your Identity Online: Tips for Secure Passwords

Secure Passwords

The rules for password creation have changed in recent years, so you may have to unlearn some of the things you’ve been taught in the past about secure passwords.

The National Institute of Standards and Technology (NIST), the federal agency that created the original password guidelines, recently revised those guidelines. Its current recommendations are based on research on both the habits of users and the techniques of hackers. Here are some of their findings:

  • Length is a major factor in a password’s strength, so the longer the password, the better.
  • Complex passwords, with a mix of character types, are hard for people to remember, and do little to deter hackers.
  • Strong passwords can be created from short phrases that are easy for you to remember, but would be meaningless to anyone else.
  • Passwords may be used indefinitely as long as they’re strong and have not been compromised. Obviously, if you have an account with a company that just had a data breach, you’ll want to change that password.

Other Ideas on Secure Passwords

Changing passwords every 30, 60 or 90 days was recommended for thwarting hackers, but some security experts now question that tactic. Changing passwords on a regular schedule may have little security value and can lead to bad habits. Research has shown that people tend to make only minor changes when updating their passwords or create weak passwords that are easier for them to memorize. You’re better off creating a strong password, memorizing it and holding on to it.

While NIST has changed some of its guidelines, some of the old ones still apply. Don’t share your secure passwords with anyone, or leave them on sticky notes by your computer. Create unique passwords for important accounts, such as your bank account and your email, and avoid bad passwords such as “password,” “12345678,” “qwerty” and “iloveyou.”

Retirement Online is Back

Earlier this month, NYSLRS finished a series of computer system upgrades to improve the services available to our customers. Retirement Online was unavailable during the upgrade period, but it is now once again available to NYSLRS members, retirees and beneficiaries.

Retirement Online is Back

Using Retirement Online

Register and sign in to Retirement Online to:

  • View benefit information. You don’t need to rely on your annual statement or call our Contact Center. With Retirement Online, you can review up-to-date information about your account when it’s convenient for you.
  • Update contact information. Change your address, phone number or email address online instead of calling or emailing. If you submitted an address change form during the upgrade, we are processing those now.
  • View or update beneficiaries. It’s a good idea to keep your beneficiary designations up to date. View your selections and submit changes instantly. If you submitted a paper beneficiary designation form during the upgrade, your beneficiary change is effective as of the date we received it, however, updates may not appear in your Retirement Online account until your form is processed.
  • Apply for a loan. You may be eligible to take out a loan against your NYSLRS contributions. Do it safely and conveniently with Retirement Online. If you submitted a loan application during the upgrade, we are processing those now.
  • Generate an income verification letter. Sometimes a business or government agency requires you to verify your pension income. Generate and print an official income verification letter any time you need one.

As a result of this spring’s upgrades, we expect to roll out even more features later this year. Members will be able to estimate their pension benefit, purchase service credit and apply for retirement; retirees will get to manage their direct deposit information and more. Stay connected to NY Retirement News for details.

Public Service Recognition Week

Public Service Recognition Week
This week we proudly celebrate the more than 600,000 members and 400,000 retirees of the New York State and Local Retirement System (NYSLRS) for their service to the people of New York State.

A Brief History of Public Service Recognition Week

Public Service Recognition Week was created in 1985 to honor the men and women who serve our nation as federal, state, county and local government employees. They dedicate their careers — and sometimes their lives — to keep others safe and provide for the common good. Their work makes life in our communities better.

This year, Public Service Recognition Week is being celebrated May 5 through May 11.

The Public Servants of NYSLRS

NYSLRS is full of stories about public servants finding value and meaning in the work they do, especially when they help other New Yorkers.

Whether they are protecting our communities, fighting fires, clearing our roads after snowstorms or simply helping government function better, NYSLRS members deliver the critical resources and services many New Yorkers depend on. Even outside of work, many NYSLRS members and retirees give back to our State by serving their communities as volunteers and supporters of charitable causes.

Comptroller DiNapoli’s Faith in Public Service

New York State Comptroller Thomas P. DiNapoli is the administrator of NYSLRS and trustee of the Common Retirement Fund. His public service career began when he was elected as a trustee to the Mineola Board of Education at the age of 18, making him the first 18-year-old in New York State to hold public office. Comptroller DiNapoli is understandably proud about the career path he has chosen, and he often speaks about the contributions that New York’s public employees make, not just as engaged citizens, but as individuals who bring value to the communities where they live.

Where Are Your Important Documents?

We accumulate a lot of documents over a lifetime — things like birth certificates, diplomas, deeds, wills and insurance policies. If you’re like most people, you probably have papers stuffed in drawers, filing cabinets or boxes in the attic. If you ever needed an important document, do you think you could find it? What’s more, if you passed away, would your loved ones be able to find what they need?
where are your important documents?

Organize Your Important Documents

Important documents and contact information should be kept in a secure but accessible place in your home. This includes personal documents, such as your passport, birth certificate, marriage certificate, will and burial instructions. You should also include information about your retirement benefits, income taxes, bank accounts, credit cards and online accounts. And don’t forget the names and phone numbers of your attorney, accountant, stock broker, financial planner, insurance agent and executor of your will.

To make this a little easier, we’ve developed a fillable form called Where My Assets Are. Fill it out, print it and use it to organize your important papers. It will help you or your loved ones locate these documents when they are needed. It’s a good idea to review and update this information regularly.

Be aware that if you keep a safe deposit box, it may be sealed when you die. Don’t keep burial instructions, power of attorney or your will in a safe deposit box because these items may not be available until a probate judge orders the box to be opened. However, a joint lessee of the box, or someone authorized by you, would be permitted to open the box to examine and copy your burial instructions.

Get Your Affairs in Order

Read our publication Getting Your Affairs in Order and A Guide for Survivors for guidance about preparing your survivors, organizing your files, and who to contact if a loved one dies.