NYSLRS’ Comprehensive Annual Financial Report (CAFR), published each fall, has a wealth of information about the Retirement System. Much of it is technical, and it crunches a lot of numbers, but it’s also a good place to learn about NYSLRS retirees.
Here are a few tidbits from the latest edition, which includes data from the State fiscal year that ended March 31, 2020.
NYSLRS Retirees by the Numbers
NYSLRS was providing pension benefits to 487,407 retirees and beneficiaries as of the end of the fiscal year.
Nearly 79 percent of NYSLRS retirees and beneficiaries — some 384,286 — live right here in New York State, and they can be found in every county. Long Island is home to more than 60,000 retirees and beneficiaries, while more than 50,000 live in the Capital District.
Our 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 has the least, with only 21 retirees and beneficiaries. Another 639 live outside the United States.
NYSLRS Pensions at Work
In the last fiscal year, NYSLRS paid out $13.4 billion in benefits to retirees and beneficiaries, including $10.8 billion in New York State.
These retirees live in our communities, and their pension money flows right back into our neighborhoods. Retirees in New York pay local property and sales taxes, and their spending supports local businesses, stimulates the economy and generates thousands of jobs. Learn more.
An Award-Winning Publication
NYSLRS has received a Certificate of Achievement for Excellence in Financial Reporting for the CAFR for the last 16 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 the latest CAFR on our website.
While it is heartening that current civilian employees who must retire due to injuries or illnesses suffered as responders following the attacks of 9/11 at the same 75% disability retirement rate as uniformed personnel, it is shocking that those who had to retire earlier and thus have suffered longer, often much longer, are not accorded the same benefits and must continue to receive greatly reduced disability retirement. This is the epitome of unfairness.
Unfortunately, benefits available under different retirement plans are determined by State law. NYSLRS administers benefit programs, including disability benefits, that are signed into law. Any changes to State law must be approved by both houses of the State Legislature and signed by the Governor.
Why can’t we have our 1099-R downloaded in digital form?
We’re sorry, but NYSLRS retirees are not currently able to view their 1099-R forms online. If you need a reprint of your 1099-R, you can order one online. The reprint will be mailed to the address we have on file for you.
Retirement Online is the fastest way to check your address and update it if needed. If you don’t already have an account, go to the Sign In page and click the “Sign Up” link under the “Customer Sign In” button.
Unless your new address is a PO box or international address, you can email an address change using our secure contact form. Complete all form fields and provide your old and new address. You can also use the secure email form to request a reprint of your 1099-R.
Current employees can have their paycheck direct deposited into several different accounts. Why do retirees only have one choice where they can send their direct deposits?
We apologize for the inconvenience. You may wish to check with your bank to see if they can automatically move money to multiple accounts after your pension is deposited.
If a NYSLRS member retires from service at age 59, will their monthly pension increase if they wait a few years before filing for their benefit?
That depends on their tier and years of service. If you file for a service retirement benefit before full retirement age, your pension may be reduced. However, most Tier 3 and 4 members with at least 30 years of service credit can retire after age 55 with no penalty.
Leaving the public payroll before filing for retirement may affect your eligibility for certain death benefits and health benefits. If you are considering leaving the public payroll, we suggest you email our customer service representatives using the secure email form on our website to ask how it would affect your benefits. Filling out the secure form allows them to safely contact you about your personal account information.
You may also wish to speak to your health benefits administrator to find out how going off payroll would affect any post-retirement health benefits you may be entitled to.
I have been retired 4 years as of January 2021, and still have not seen my final calculation of my pension amount. I have sent E-Mail’s . All I have been told is that they are working on it. Think I should be Compensated for the delay.
We apologize for delay in finalizing your pension. Your message is important to us and we have sent you a private message in response.
STILL WAITING !
We apologize for the delay. We’ve been informed that one of our customer service representatives contacted you. Please let us know if we can be of further assistance.
I will have been retired for 2 years in May 2021. I have not received my final retirement amount. I have e-mailed twice and called and I was told it would be noted to “close it out.” After several months I still have not heard anything. How long will this take?
We apologize for the delay in finalizing your pension. Your message is important to us and we have sent you a private message in response.
Okay thank you very much
I am amazed at the job Thomas Dinapoli is doing and he is so very honest. He works hard for us.
On behalf of Comptroller DiNapoli, thank you for your kind words. They are greatly appreciated.
I agree and urge all retirees to remember that when it is Re-Election time for Tom DiNapoli. He advocates for the good defined benefits pension plan we all have now. Let’s not lose him as our advocate and friend. !
All propaganda..lets face it NYS isnt keeping up with the living expenses that are causing hardships, public employees making 40k a year cannot afford to buy a home in NYS. Cant wait for 3.5 years so i can move out of this toxic state.
Depending on where you live in NYS, houses can be quite affordable as compared to many other states. It’s the property taxes that will get ya! They are way too high and go up every year.
When are we getting our 1099 R
NYSLRS will mail 1099-Rs by the end of January.