Monthly Archives: September 2018

World Trade Center Presumption Deadline Extended

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

The new deadline is September 11, 2022.

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 clean-up 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 at some time 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 conditions, filing 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 Questions, email us or contact our Call Center toll-free at 1-866-805-0990 (518-474-7736 in the Albany, New York area).

Top 5 Retirement Myths

retirement myths versus facts

Retirement law can be confusing. Sometimes a small misunderstanding can have a big impact on your benefit. That’s why it’s important to correct some common retirement myths. Here are the top five:

Retirement Myth #1

mythMy NYSLRS loan has gone into default, but I’ve already paid taxes on it. That means I no longer need to repay it.

factYou still need to repay your loan. In fact, it continues to accrue interest until you do. And, if you haven’t paid back your loan by the time you retire, your pension amount will be reduced.

Retirement Myth #2

mythI am required to contribute toward my retirement. When I do retire, my benefit will be based on what I contributed.

fact Your required member contributions aren’t a factor in the calculation of your pension. Your pension is based primarily on your service credit and the salary you earn while working for public employers. Your retirement plan and, in most cases, your age at retirement are also factors.

Retirement Myth #3

mythI can’t collect my pension until I start receiving Social Security.

fact You can collect your pension as soon as you meet the eligibility requirements of your retirement plan. Most members can retire as early as age 55, though there may be a permanent reduction in your benefit if you retire before full retirement age (62 or 63 depending on your tier). You should check the eligibility requirements for your plan and tier when you’re planning for retirement.

Retirement Myth #4

mythIf I am vested (have enough service to be eligible for a pension benefit) and no longer working for a public employer, NYSLRS will automatically start paying my pension as soon as I’m eligible.

fact Only you can decide when it’s time to retire. You must file an Application for Service Retirement (RS6037) to begin collecting your pension benefits.

Retirement Myth #5

mythI recently applied for retirement by giving my employer the paperwork.

factGiving your employer your NYSLRS forms does not mean that you have filed for retirement. To receive your NYSLRS pension, you must file your retirement application with the Office of the State Comptroller. Your application, or any form, is “filed with the Comptroller,” when it’s received by our Albany office or one of our consultation sites.

Have a concern that wasn’t covered? Visit our Contact Us page for more answers. If you have account-specific questions, you can also send us a message through our secure email form.