Most NYSLRS members can now create their own pension estimate in minutes using Retirement Online.
A Retirement Online estimate is based on the most up-to-date account information we have on file for you. You can enter different retirement dates to see how those choices would affect your benefit. When you’re done, you can print your pension estimate or save it for future reference.
How to Create Your Pension Estimate
Before you can use the new pension calculator, you will need a Retirement Online account. Once you sign in, go to the My Account Summary section of your account homepage and click the “Estimate my Pension Benefit” button.
You can enter an estimated retirement date (or retirement age), your current salary and expected annual salary increases. You can also include any service credit you plan to purchase and anticipated lump sum payment for unused vacation. If you add the birthdate for a beneficiary, you’ll also see the estimated monthly payment you would receive if you were to choose a payment option that provides a benefit for a survivor.
Any pension estimate you generate with the online calculator would be an approximation of your potential benefit; it is not a guarantee that you’ll receive a certain amount when you retire.
Alternative Ways to Get an Estimate
While more than 90 percent of NYSLRS members (most Tier 3 through 6 members) can use the new benefit calculator, some members should have NYSLRS generate their benefit estimate.
For example, if you recently transferred your membership to NYSLRS or are covered under certain special plans, it would be better if NYSLRS created an estimate for you. The system will notify you if your estimate cannot be completed using Retirement Online’s estimate tool. Please contact us to request a pension estimate if you receive this notification. Also, if you are in Tiers 1 through 4, you can still use the Quick Calculator on the NYSLRS website. The Quick Calculator generates estimates based on information you provide.
As the COVID-19 emergency continues, many of us are staying home and practicing social/physical distancing to reduce the spread of the virus. Staying home is especially important if you are an older adult, have a chronic health condition, or are immunocompromised.
Many banks have closed or limited the open hours of their branch locations, and are encouraging their customers to use online banking. Online banking allows you to monitor your account balances and pay bills from home. Certain mobile banking features can also allow you to deposit checks using a smartphone. Visit your bank’s website or call your bank’s customer service line to see what services are available.
This is also a good time to arrange for the direct deposit of incoming funds (such as your NYSLRS pension or your paycheck) to your bank account.
If your bank offers a drive-thru or walk-up ATM, the CDC recommends that you clean the ATM keyboard or screen with an antiseptic wipe before using it, and to wash your hands thoroughly after making transactions.
Online Grocery Shopping and Special Shopping Hours
Depending on where you live, your local grocery chain may offer online shopping. Visit your grocery store’s website to see what services are available. They may offer home delivery, where a delivery driver can leave your groceries at your door, or curbside pick-up, where you can pick up your order without needing to leave your car.
Your grocery store may also offer special shopping hours for older or other at-risk customers. If you are unable to place an online order, visit the store’s website or call ahead to see if there are special hours.
Virtual Doctor Appointments
Appointments with your doctor are important to keep, but in some instances, you or your doctor may want to postpone upcoming appointments for you or members of your family. Fortunately, some offices are now offering telemedicine visits as an alternative to in person appointments. Telemedicine visits can take the form of phone calls or video chats with your doctor or another healthcare professional. Visit your doctor’s office website or call ahead to see if this option is available to you.
Your health insurance company may also offer some information about telemedicine. Here are several New York health insurance providers who offer telemedicine resources:
If your doctor wants you to come to the office, be sure to ask about and follow any safety measures they’ve put into place. These safety measures are meant to protect you and your family, medical staff, and other patients.
And Your Pets Too!
Your pets may have medical appointments of their own to keep. Call your veterinarian to see if and how they are accepting pets or prescribing medicine during this time. In some instances, they may ask you to stay in the car while they take your pet inside for treatment.
Stay in touch with what your local community is doing during the COVID-19 emergency. You can check community websites, social media groups, and local news outlets to see what services are being offered to seniors or at-risk adults. Other community resources, like reputable volunteer organizations, may also be available to assist you.
Your Member Annual Statement includes valuable information about your NYSLRS membership and benefits that can help you plan for retirement. You can view your 2020 Statement right now by signing into Retirement Online. If you don’t already have an account, you can register today.
From your Retirement Online Account Homepage, go to the ‘My Account Summary’ area of the page, click the “View My Member Annual Statement” button and follow the steps. You will also be able to print or save your Statement.
Delivery of Your Member Annual Statement
NYSLRS members who chose email delivery of their Statement in Retirement Online already received an email informing them that their Statement is available online. All other members will receive their 2020 Member Statement in the mail by the end of June — mailing will begin soon and distribution will take about seven weeks to complete.
New Look for 2020
This year’s Member Annual Statement has a new, streamlined look that presents your benefit and membership information in a clear, comprehensive and easy-to-read format. Your Statement includes the retirement information we have provided to you in prior years, but in a format that makes online viewing easier.
Update Your Delivery Preference for Next Year
Want to be notified by email next year when your Statement is ready? Sign in to Retirement Onlineto change your Statement delivery preference. Go to the ’My Profile Information‘ section on your Retirement Online Account Homepage, click “update” next to ‘Member Annual Statement By,’ then choose “email” from the dropdown menu.
Have Questions About Your Statement?
Remember, your 2020 Statement provides your account information as of March 31, 2020. To view your current membership information any time throughout the year, sign in to your Retirement Online account.
Unfortunately, as the COVID-19 emergency continues, police and healthcare professionals are reporting an increase in domestic violence. With many of our one million NYSLRS members and retirees now being asked to stay home, we want to help keep you safe. If you are in an abusive relationship, or fear your situation may turn violent, there is help.
You don’t have to stay in a dangerous environment. Safe shelter is available.
Here are some resources:
Because abuse victims are often closely watched by their abuser, New York State has launched a new texting program and confidential service to help New Yorkers experiencing domestic violence.
Text 844-997-2121 or visit www.opdv.ny.gov to confidentially chat with a professional at any time of day or night.
New York State Domestic Violence Hotline
Crisis Text Line: Text “Got5” to 741-741.
National Domestic Violence Hotline
TTY 1-800-787-3224 (for the deaf or hard of hearing)
The COVID-19 pandemic has caused economic uncertainty as well as a public health emergency. Businesses are struggling, more people are unemployed, and markets are volatile. Yet among all the uncertain news we seem to hear daily, there is something NYSLRS members and retirees can have confidence in: your Retirement System and pension fund are strong and secure.
Since it was established in January 1921, NYSLRS has proven its strength and durability. Over the past century, the Retirement System has weathered the Great Depression of the 1930s, the Dotcom bubble burst of 2001, the Great Recession of 2008-2009 and more than a dozen other economic downturns. Each time, NYSLRS recovered and emerged stronger than before.
Investing for the Long Term
The New York State Common Retirement Fund, which holds and invests the Retirement System’s assets, has been impacted by this largely unprecedented crisis, but the Fund remains strong. While weighing the risk and benefit of every investment, the Fund employs a diversified investment strategy that is designed for the long-term, allowing it to take advantage of growth opportunities in good times, which helps it to better navigate through hard times.
NYSLRS entered the current crisis in a position of strength. Independent analysts, such as the Pew Charitable Trusts, have long recognized NYSLRS as one of the best-managed and best-funded public retirement systems in the nation. The strength of the Fund provides stability and enhances its ability to recover from market swings.
In recent months, before the COVID-19 outbreak, the Fund’s professional managers recognized increased volatility in the stock market. The managers made adjustments in the Fund’s investment portfolio in preparation for an expected economic downturn and are actively managing the Fund through these difficult times. The Fund has more than enough assets to pay retiree benefits.
What This Means for You
New York State Comptroller Thomas P. DiNapoli has a fiduciary responsibility to manage the Fund’s assets on behalf of NYSLRS members and retirees. Protecting the Fund is the Comptroller’s number one priority. As a NYSLRS member or retiree, your lifetime retirement benefits are guaranteed by the State constitution, and those benefits cannot be diminished.
NYSLRS continues to be well-positioned to meet both its short-term and long-term obligations. If you are already retired, you will continue to receive your pension payments on schedule. If you are a member, your pension will be there for you when you retire and throughout your retirement years.
We’ve faced similar challenges in the past. We will get through this one.
Most members of the New York State and Local Retirement System (NYSLRS) contribute a percentage of their earnings toward their pensions. For Tier 6 members, that percentage, or contribution rate, can vary from year to year. If you joined NYSLRS on or after April 1, 2012, you are in Tier 6.
When Tier 6 Contribution Rates are Determined
Tier 6 contribution rates are calculated annually. New rates become effective each year on April 1, the beginning of the State’s fiscal year. Once your contribution rate is set for a fiscal year, it will not change for the rest of that fiscal year. However, depending on your earnings, it may change the following year.
How Your Tier 6 Contribution Rate is Calculated
As a Tier 6 member, your contribution rate is based on how much you earn. Changes in your earnings may result in changes to your contribution rate.
For the first three years as a NYSLRS member, your contribution rate is based on an estimated annual wage we receive from your employer. After three years, the rate is based on what you actually earned two years prior. The minimum contribution rate is 3 percent of your earnings, and the maximum is 6 percent.
The percentage you contribute toward your pension while you work does not affect the pension amount you may receive in retirement. Your NYSLRS pension is a lifetime benefit based on your retirement plan, years of service credit and final average salary. You can learn more about your pension by reading your plan booklet on our Publications page. For help finding the right plan book, read our blog post, Knowing Your Retirement Plan is the Key to Retirement Planning. For more information about ERS Tier 6 memberships, read our blog post, What to Know About ERS Tier 6.
We continue to receive reports of NYSLRS members who have become ill, or seriously ill, as a result of COVID-19. It is vitally important that these members, and their loved ones, be aware of the provisions contained in a NYSLRS Power of Attorney.
NYSLRS provides a Special Durable Power of Attorney form that is specific to retirement transactions and meets all New York State legal requirements. It can be filed with NYSLRS at any time so the designated agent can act immediately in case of emergency, hospitalization or unexpected illness. There’s no need to wait until something happens to file a NYSLRS POA form.
A power of attorney (POA) allows a person to designate someone else to act on their behalf. The designated person, referred to as an “agent,” could be a spouse, another family member or a trusted friend.
A person can designate more than one person as an agent, and can decide if those agents act together or separately. In addition to an agent or agents, a person may designate “successor agents” to act on an individual’s behalf if the person designated as the “primary” agent is unable or unwilling to serve. Successor agents can be named using the “Modifications” section (g) of the POA.
Why is a NYSLRS POA Important?
Normally, NYSLRS won’t release benefit information to anyone without your permission — even to a spouse. With a POA on file, we would be able to discuss your benefits and conduct business with the agent you appointed. This could be especially important now as we deal with the coronavirus pandemic. If you suddenly become ill and are unable to contact us personally, your agent would be able to take care of your retirement needs for you.
What Can Agents Do?
Agents can file applications and forms, such as service or disability retirement applications. They can get account-specific benefit information, request copies of retirement documents, update addresses or phone numbers or take out loans. For retirees, agents can change the amount withheld from pensions for taxes.
It’s important to note that the NYSLRS POA form only covers Retirement System transactions. It does not authorize an agent to make health care decisions or changes to a Deferred Compensation plan.
If you use the NYSLRS POA form, and your agent(s) or successor agent(s) is your spouse, domestic partner, parent or child, they have “self-gifting authority.” That means they can direct deposit money into a joint bank account you have with them, designate themselves as a beneficiary to your pension benefits, and/or choose a retirement payment option that provides for a beneficiary after your death.
If your agent(s) or successor agent(s) is not your spouse, domestic partner, parent or child, they do not automatically have “self-gifting” authority, which means they cannot name themselves as a beneficiary or direct deposit money into a joint bank account with their name on it. If you wish to give an agent(s) or successor agent(s) ”self-gifting” authority, you should specifically indicate so in section (g) “Modifications” of the POA. In that section you should identify your agent(s) or successor agent(s) by name and state the specific authority granted to them.
Please note only biological or legally adopted children are considered your “child” for NYSLRS POA purposes. All other children must be granted specific authority in section (g) “Modifications.”
How to Submit a NYSLRS POA Form
If your decision to submit a NYSLRS POA is related to the COVID-19 emergency, please note that on the form in section (g) “Modifications.” If you file a retirement application, consider submitting a NYSLRS POA with your application.
You can scan and email a copy of your POA to NYSLRS using the secure email form on our website.
You can also mail your POA (original or photocopy). You may wish to mail it certified mail, return-receipt requested, so that you know when NYSLRS receives it. The address is:
NYSLRS 110 State Street Albany, NY 12244-0001.
Find Out More
A power of attorney is a powerful document. Once you appoint someone, that person may act on your behalf with or without your consent. We strongly urge you to consult an attorney before you execute this document.
The 15-day waiting period for a NYSLRS member’s retirement to take effect has been temporarily waived by a governor’s executive order. The waiver, which was requested by Comptroller DiNapoli, is designed to protect families who may lose a loved one to COVID-19 before a member’s retirement is official.
Under the waiver, if you file for retirement between April 16, 2020 and June 7, 2020, you can choose a date of retirement less than 15 days away.
Members seeking to service retire should also choose a pension payment option. This is especially important if you wish to name a beneficiary to receive a pension benefit in the event of your death.
Eligible members can file for retirement, choose a date of retirement as early as the next day, and upload retirement-related documents using Retirement Online.
If you choose to file a paper retirement application, you can choose a specific retirement date, or enter “ASAP” and your date of retirement will be the day after your filing date. Find more information about filing for retirement (online or by mail) in our recent blog post, Retirement Online Makes Applying for Retirement Fast, Easy.
A member may withdraw their service retirement application up until the day before they retire.
The waiver will also be effective for members who filed after March 7, 2020 and died due to COVID-19. If these members selected a pension payment option that provides a continuing pension benefit for a beneficiary after their death, and they died of COVID-19, their beneficiary will receive the monthly benefit under the pension payment option that the member chose.
“Many government workers are battling the coronavirus in their communities every day,” New York State Comptroller Thomas P. DiNapoli said. “God forbid something should happen to them before their retirement becomes effective. Waiving the waiting period after filing for service retirement benefits ensures their families will get the benefits that were intended for them. My thanks to Governor Cuomo for acting on our request and taking steps to protect our heroic state and local workers and their families in these tough times.”
The executive order waives the legal requirement that a NYSLRS member’s retirement application be received by the Office of the State Comptroller at least 15 days before their retirement date.
To be eligible for a service retirement benefit, a vested NYSLRS member must be at least 55 years old, unless they are in a special plan that allows retirement after 20 or 25 years regardless of age. For details about NYSLRS service retirement benefits and death benefits, please check your retirement plan booklet, which you can find on our Publications page.
During this challenging time, NYSLRS staff continues to work hard to serve you, which includes processing retirement applications. If you are eligible and planning to retire, you don’t need to delay filing. And, if you become ill with COVID-19, you may want to file for retirement to protect your loved ones.
Regardless of your reason for retiring, you can now file for a service retirement benefit using Retirement Online. This new feature makes applying for retirement faster and easier than ever before. If you don’t already have an account, register today.
File for a Service Retirement Online
After signing in to your Retirement Online account, scroll down to the ‘My Account Summary.’ On the right, under the heading ‘I want to…,’ click the green “Apply for Retirement” button.
From there, you’ll go through a series of screens where you’ll be able to:
If you decide to file your application by mail, you will have to have your signature notarized on the application and on the payment option election form.
You can have forms notarized using audio-video technology, which allows a notary to witness a signature remotely. You can find more information about the virtual notary process on the New York Secretary of State website.
If you are in quarantine and unable to use a virtual notary, you can submit a signed form that is not notarized. You’ll need to include a letter to NYSLRS to explain that you were under quarantine when the form was signed, and submit notarized forms once the quarantine is lifted.
If you use regular mail, the filing date will be the date we receive it. If you die between the time you mail it and the time we receive it, a legible postmark will serve as the date of filing. (If you mail it from a post office, you can ask for a hand cancellation, which may help ensure the postmark is legible.)
If you become seriously ill, you may wish to file for a disability retirement benefit. That way, if you were to die before your retirement date, your beneficiary may still be eligible for a continuing pension, rather than a one-time, in-service death benefit. You may apply for a disability retirement at the same time you apply for a service retirement — there is no 15 day waiting period when filing for disability retirement.
For More Details, Read Your Retirement Plan Booklet
Your service and disability retirement benefits and death benefits are based on your tier, plan, service credit, and other factors. For details about your available benefits, please read your retirement plan booklet, available on our Publications page, or you can call our Contact Center at 866-805-0990 if you have questions.
New York State needs the help of certain retirees, especially health care professionals, during the COVID-19 emergency.
Normally, most NYSLRS retirees who return to work for a public employer face an earnings limit, but that limit has been temporarily suspended by the Governor by executive order during the emergency. Pay from a public employer earned from March 27 through June 6, 2020 will not count toward a retiree’s annual earnings cap.
Under Section 212 of the Retirement and Social Security Law, most NYSLRS retirees under age 65 who return to work for a public employer can earn up to $35,000 per calendar year without penalty. Once a retiree exceeds the earnings limit and continues to work, their pension benefits are suspended for the remainder of the year.
The New York State Department of Health (DOH) is seeking qualified health care professionals to help out during the coronavirus pandemic. You can find more information on the DOH website.