After you retire, we start calculating the amount of your final retirement benefit. This means you won’t receive your full pension payment right away. It often takes time for your former employer to provide us the specific information we need to determine your final retirement benefit, such as your employer’s certification of your unused vacation and sick leave credits. So, for the first few months of your retirement, your first payments will be advance payments.
What Are Advance Payments?
Advance payments are based on your most recent NYSLRS retirement estimate. They provide up to 95 percent of the retirement option you elected. You’ll continue to receive advance payments until we finalize your benefit. Currently, our pension calculations can take up to five months to complete, though every case is different; if we requested more information from you or your employer, it may lengthen the amount of time it takes to complete your retirement case.
Advance payments are always paid via check and are mailed to the address we have on file for you. Make sure we have the correct address for you when you retire.
When Can I Expect My First Advance Payment?
The month you retire determines when advance payments would start. The table below shows the schedule of mailing days for a new retiree’s first advance payment.
|Date of Retirement||Date First Advance Payment is Mailed|
|January 1-31||1st business day of March|
|February 1-28 (29)||1st business day of April|
|March 1-31||1st business day of May|
|April 1-30||1st business day of June|
|May 1-31||1st business day of July|
|June 1-30||1st business day of August|
|July 1-31||1st business day of September|
|August 1-31||1st business day of October|
|September 1-30||1st business day of November|
|October 1-31||1st business day of December|
|November 1-30||1st business day of January|
|December 1-31||1st business day of February|
What Happens Once My Pension is Finalized?
Once your monthly pension is finalized, we’ll send you a retroactive payment to make up the difference between the advance payments you’ve received and the amount actually due (minus federal withholding). You’ll also receive a letter explaining how we calculated your final retirement benefit, and what your final monthly benefit will be for life.
Once you receive your retroactive payment, you’re officially part of the regular pension disbursement schedule. If you signed up for direct deposit, your monthly pension payment will be deposited directly into your bank account on the last business day of the month. If you didn’t sign up for direct deposit, you’ll receive a pension check, which is mailed out on the second-to-last business day of the month.