Unfortunately, the economic impacts of the COVID-19 pandemic have resulted in record growth in unemployment. If you are a NYSLRS member who finds yourself out of work or furloughed (on an authorized leave of absence or temporarily laid off), you may find the following information helpful.
What Happens to Your NYSLRS Loan?
If you have an outstanding NYSLRS loan and are furloughed from your job, you can defer payments until you go back to work, provided you return to work within one year.
You still must repay your loan within the original five-year repayment period. When you return to work, your loan will be recalculated and your minimum payment will be increased to ensure your loan balance is paid off on time. Interest will still accrue during the deferment, and the added interest will be included in the recalculation.
In order to receive this deferment, you must have your employer send a fax to us (518-486-9877), on their letterhead, indicating the date your furlough began and when they predict it will end.
You can find more information about managing your NYSLRS loan payments in our recent blog post.
Leaving Public Employment
If you leave public employment and are not yet ready to retire, you may want to read our booklet What If I Leave Public Employment? This booklet describes your rights as a NYSLRS member and tells you how to claim any benefits you are entitled to when it comes time for you to retire.
If you decide that this is a good time to retire, you should be aware that you can now apply for retirement online. This new Retirement Online feature makes applying for retirement faster and easier than ever before.
We’ve compiled on our website a number of articles and updates about the COVID-19 emergency that you may find helpful. Here you will find information about enhanced death benefits for survivors of COVID-19 victims, filing for retirement benefits during the pandemic and what you can do to protect your loved ones if you become seriously ill.