Tag Archives: Featured Publication

How Do I Prepare to Retire?

If you plan to retire in the near future, consider How Do I Prepare to Retire? a must-read.

This NYSLRS publication is a road map for the retirement process — a guide to the steps you’ll need to take before and after you file your retirement application. It highlights resources you can tap to get a better understanding of your benefits, including the NYSLRS website and Retirement Online.

prepare to retire

Retirement Planning Tips

Before you retire, you may need to tie up some loose ends regarding your membership. How Do I Prepare to Retire? discusses how to get credit for all of your service, paying off any outstanding NYSLRS loans, and other matters you should attend to before you file for retirement.

The biggest decision you’ll make as you plan your retirement is setting a date. This booklet includes a discussion about the impact early retirement may have on your pension amount. You’ll also find information about how your final average salary is calculated and how to get an estimate of your future benefits.

Retirement Countdown

Once you seriously begin to consider retirement, the booklet details a few steps you can take to make your path to the big day as smooth as possible.

  • File Proof of Your Date of Birth. Before we can pay any benefits, we must have proof of your date of birth.
  • File Your Domestic Relations Order. If you have a court order showing how your benefits are to be divided with an ex-spouse, we’ll need a certified copy.
  • Review Your Health Insurance. Check what coverage you’ll have or investigate health insurance options. (NYSLRS does not administer health insurance for our retirees, but you may be able to pay for yours through pension deductions.)

Filing for Retirement

Filing an Application for Service Retirement sets the ball in motion. In most cases, your application must be on file with the Office of the State Comptroller 15 to 90 days before you retire. You need to send it directly to NYSLRS; don’t give it to your employer. You can mail it, preferably by certified mail, or drop it off at one of our consultation sites.

This booklet tells you what to do and what to expect as we finalize your pension. There are important documents you’ll need to file, such as a W-4P form, so we know how much we should withhold from your pension. But don’t fret too much about these things: just keep How Do I Prepare to Retire? handy and consult it whenever you have a question.

Other Publications

Read our recent blog posts about other NYSLRS publications.

A Guide for Retirees

Our publication A Guide for Retirees is a valuable resource to read if you’re retired or planning to retire soon. This guide details the continuing benefits and services NYSLRS provides for its retirees.

What’s Inside A Guide for Retirees?

The first section of A Guide for Retirees outlines your benefits in clear, straightforward language. It provides an estimate of when to expect your first pension check, along with a couple reminders to help avert any delay in your payment. There’s also a brief description of how we calculate your benefit and information about what to do if you believe your benefit was calculated incorrectly.

Your NYSLRS retirement benefit will provide you with monthly payments for the rest of your life. But that doesn’t mean the amount of your pension won’t change. For example, your benefit will increase once you are eligible for a cost-of-living adjustment. Signing up for Medicare or getting a divorce can also change your benefit amount.

The booklet also describes benefits that your survivors may be eligible for, such as the post-retirement death benefit.

A Guide for Retirees

Services We Offer

A Guide for Retirees describes services NYSLRS provides for retirees, including:

  • Retirement Online. A fast and secure way to do business with NYSLRS.
  • Automated Information Line. You can call 24 hours a day, seven days a week to request a form, check your COLA eligibility, get general tax information and more.
  • Direct Deposit. Have your pension deposited directly into your bank account.
  • Pension Verification Letters. You can create your own in Retirement Online or we can send one at your request.
  • Individual Consultations. You can discuss your benefits with one of our information representatives in person or over the phone.

Your Obligations

Your benefits come with certain responsibilities. Most importantly, you need to let us know if your address changes. Even if you’re getting your pension through direct deposit, we need to have your correct address so we can send you tax documents and other important information.

This section also reminds you to keep your beneficiary information current, contact us if your check is lost or stolen, and review your withholding regularly.

Other Publications

Read our recent blog posts about other NYSLRS publications:

Membership in a Nutshell

If you’re a new NYSLRS member, or have been part of the Retirement System for years, you’re sure to have at least some questions about your NYSLRS benefits. What is vesting? Final average salary? Maybe you’re wondering what tier you’re in or why that even matters. Whether you’re a firefighter on Long Island or a State worker in Buffalo, you can find answers to many of your questions in Membership in a Nutshell. This publication is about the basics. It defines terms and explains concepts that are common to all NYSLRS retirement plans. Consider it essential reading.
Membership in a Nutshell

What’s Inside Membership in a Nutshell?

Membership in a Nutshell provides a brief description of the Retirement System, which comprises the Employees’ Retirement System (ERS) and the Police and Fire Retirement System (PFRS). It also explains the Comptroller’s role as administrator of the System.

That’s followed by a list of some of the benefits provided to members, including:

  • Service Retirement Benefits (Pensions)
  • Disability Benefits
  • Death Benefits
  • Vesting of Benefits
  • Loans for Contributing Members

A larger section is dedicated to the details of membership, such as tier status, membership contributions, earning service credit and becoming vested.

Services We Offer

Perhaps the most helpful section describes Services We Offer Members. We want to provide you with the information you’ll need to plan for your retirement and make critical decisions about your future.

Retirement Online is a safe and convenient way to conduct business with NYSLRS, and to access benefit information such as your tier, retirement plan, service credit and beneficiaries. Register today if you don’t already have an account.

As you get closer to retirement, you can request an estimate of your pension from NYSLRS based on our records of your salary and years of service. We also offer one-on-one consultations with NYSLRS information representatives who can explain your benefits, answer your questions and help you feel confident about making your retirement decision.

Your Obligations

As a member, it’s important that you keep your information with NYSLRS up to date. This section discusses the different kinds of information, such as your mailing address and beneficiaries, that you should keep current. Much of this information can be updated using Retirement Online, or you can contact us.

More Information

There’s more information in this publication, but we’ll let you find it for yourself. We’ll also be featuring other publications in future blogs, including such favorites as: