Tag Archives: service retirement benefits

Retirement Online Makes Applying for Retirement Fast, Easy

You can now file for a service retirement benefit using Retirement Online. This new feature makes applying for retirement faster and easier than ever before. If you don’t already have an account, sign up today.

And, if you become ill with COVID-19, you may want to file for retirement to protect your loved ones.

filing a retirement application

File for a Service Retirement Online

After signing in to your Retirement Online account, scroll down to the ‘My Account Summary.’ On the right, under the heading ‘I want to…,’ click the green “Apply for Retirement” button.

From there, you’ll go through a series of screens where you’ll be able to:

A big advantage of filing for Retirement Online is that you do not have to get anything notarized.

After you click the “Submit” button, it is important that you do not close your browser until you receive a confirmation message that states your retirement application has been successfully submitted.

This help guide offers step-by-step instructions.

Notarized Signatures

If you decide to file your application by mail, you will have to have your signature notarized on the application and on the payment option election form.

You can have forms notarized using audio-video technology, which allows a notary to witness a signature remotely. You can find more information about the virtual notary process on the New York Secretary of State website.

If you are in quarantine and perhaps unable to use a virtual notary, you can submit a signed form that is not notarized. You’ll need to include a letter to NYSLRS to explain that you were under quarantine when the form was signed, and submit notarized forms once the quarantine is lifted.

Filing for Service Retirement by Mail

You can still print an Application for Service Retirement and pension payment option election form and mail them to NYSLRS. If you mail the application, we recommend “certified mail, return receipt requested.” When we receive the form, the postmark date will serve as the filing date.

If you use regular mail, the filing date is the date we receive it. However, if you were to die after your application is mailed, but before we receive it, a legible postmark will serve as a filing date. (If you mail it from a post office, you can ask for a hand cancellation, which may help ensure the postmark is legible.)

If you plan to mail your application, you may want to read our blog post, Your Checklist to Apply for Retirement.

Disability Retirement Benefit

If you become seriously ill, you may wish to file for a disability retirement benefit. That way, if you were to die before your retirement date, your beneficiary may still be eligible for a continuing pension, rather than a one-time, in-service death benefit. You may apply for a disability retirement at the same time you apply for a service retirement — there is no 15-day waiting period when filing for disability retirement.

For information about applying for a disability retirement benefit as a result of becoming seriously ill from COVID-19, please read the Filing for Retirement Benefits During the COVID-19 Emergency blog post or visit our Disability Retirement Benefits page.

For More Details, Read Your Retirement Plan Booklet

Your service and disability retirement benefits and death benefits are based on your tier, plan, service credit, and other factors. For details about your available benefits, please read your retirement plan booklet, available on our Publications page, or you can call our Contact Center at 866-805-0990 if you have questions.

How to Read Your Retirement Plan Booklet

In an earlier blog, we explained how to locate your retirement plan booklet. Your retirement plan booklet is an essential resource that you should consult throughout your career. It will help you in planning for your retirement and guide you when your retirement date draws near. Today we discuss what information you’ll find in that booklet and what it means.

retirement plan booklet

About Your Membership

This section has information about your membership and tier status. Look here to find out if your plan requires contributions toward retirement, when you will be eligible for a retirement benefit, and how to withdraw your membership.

Service Credit

Service credit is one of the main factors in determining how much your pension will be. If you work full-time for the State or a participating municipal employer for 12 months, you’ll earn a year of service credit. If you work part-time, your service credit is prorated.

You’ll also find information about how your service credit is calculated, how to purchase credit for previous public employment and military service, how leaves of absence affect service credit, and how sick leave can be used for extra service credit at retirement.

Final Average Salary

Final average salary (FAS) is another major factor in determining the amount of your pension. Your FAS is your highest average earnings during a period of consecutive years. This can be three or five years, depending on your tier.

This section describes what types of payments are used in calculating your FAS and any limitations that may apply.

Service Retirement Benefits

This section describes your retirement eligibility and how your benefit is calculated. If you have questions about how much your pension will be, this is an important section of your retirement plan booklet to read through.

Choosing a Pension Payment Option

There are several ways you can collect your pension. Some payment options, in exchange for a reduction in your monthly payment, will allow you to provide for your spouse or other beneficiary after you die. When reading through this section, consider each payment option carefully, as you’ll only have a limited time to change it after you retire.

Items That May Affect Your Pension

This section describes different factors that can change the amount of your pension. For example, if you retire with an outstanding loan, your pension will be permanently reduced. Also, if you get a divorce, your ex-spouse may be entitled to a portion of your benefit.

A Cost of Living Adjustment (COLA), on the other hand, could increase your benefit once you become eligible.

Vested Retirement Benefits

If you leave public employment before retirement age, but have met the minimum service requirement to receive a pension, you can apply for a vested retirement benefit when you become eligible.

Disability and Death Benefits

Your NYSLRS benefits include more than a pension. If you are no longer able to perform your job because of a medical condition, you may be eligible for a disability retirement. If you die before retirement, your survivors may be eligible for a death benefit.

Receiving Your Benefits

Before you can receive a retirement benefit, you must file the appropriate form with the Office of the State Comptroller. Here you’ll learn where to find the form and what deadlines apply.

Where to Find Your Retirement Plan Booklet

Look for your retirement plan booklet on the Publications page on our website.