Tag Archives: pension estimate

Your Member Annual Statement

Your Member Annual Statement is a snapshot of your NYSLRS account, with information about your NYSLRS membership and benefits. It is based on the information we have on file for you as of March 31, 2022, the close of our fiscal year.

You can view your 2022 Statement now by signing into Retirement Online. (Reminder: Retiree Annual Statements were mailed at the end of February and are not available online.) From your Retirement Online Account Homepage, go to the ‘My Account Summary’ area, click the “View My Member Annual Statement” button and follow the steps to view, print or save your Statement. Don’t have an account? Register today.

Tier 5 and 6 Members: As of April 9, 2022, Tier 5 and 6 members only need five years of service credit to be vested. For these members, your Statement ending March 31, 2022 will not reflect this recent legislation. For example, for members who have between five and 10 years of service, your statement will still say that you are not yet vested. To learn about the impact of this new legislation and vesting status updates that will be coming to Retirement Online, please read our Becoming Vested blog post.

Delivery of Your Member Annual Statement

If you chose email delivery of your Statement, you should receive an email informing you that your Statement is ready to be viewed in Retirement Online. All other members will receive their 2022 Statement by mail before the end of June.

Get Up-to-Date Account Information Year Round

Your Member Annual Statement provides information as of March 31, 2022, but with Retirement Online you can access up-to-date information about your retirement account year round. It is also the fast, easy way to conduct business with NYSLRS. Here are some of the things you can do online:

Pension Estimates: Most members can create customized benefit estimates and calculate their pension payment options using Retirement Online. From your Account Homepage, scroll down to ‘My Account Summary’ and click the “Estimate my Pension Benefit” button. You can base your estimate on the salary and service information we have on file or adjust your earnings or service credit to account for possible increases in earnings or service credit purchases. By entering different retirement dates and beneficiaries, you will see how your choices affect your potential benefit. If you are not able to use the Retirement Online calculator, contact us for an estimate.

Employment History: You can view your recent employment history and reported earnings for the past five years in Retirement Online. From your Account Homepage, scroll down to ‘My Account Summary’ and click the “View My Recent Employment Summary” button. Think you may be eligible for past service that’s not included in your employment history? You can request to purchase service credit by returning to ‘My Account Summary’ and clicking the “Manage My Service Credit Purchases” button.

Contact Information Change: Did you move or change your email address recently? On your Account Homepage, in the ‘My Profile Information’ section, you can update your address and other contact information.

Update Your Delivery Preference for Next Year

Want to be notified by email next year when your Statement is ready? Sign in to Retirement Online to change your Statement delivery preference. Go to the ‘My Profile Information’ section on your Account Homepage, click “update” next to ‘Member Annual Statement By,’ then choose “email” from the dropdown menu.

Have Questions About Your Member Annual Statement?

Visit our Member Annual Statement page for answers to common questions or to find out how to correct any errors. Remember that your Statement provides information as of March 31, 2022 — the end of the State fiscal year. However, you can sign in to Retirement Online throughout the year to view current account information.

Are You Prepared for a Long Retirement?

2 Replies

We all look forward to a long, happy and financially secure retirement. But as you plan ahead for retirement, “how long?” is an important question to ask.

Longer Life Span, Longer Retirement

People are living longer. A 55-year-old man can expect to live for another 27 years, to about 82. A 55-year-old woman can expect to live for another 30 ½ years. These figures, derived from the Social Security life expectancy calculator, are only averages. They don’t take into account such factors as your health, lifestyle or family medical history.

Here are some other statistics that are worth pondering as you plan for retirement: more than 37,000 current NYSLRS retirees are over 85, and more than 3,400 have passed the 95 mark. In fact, in the State fiscal year that ended in March 2020, 375 NYSLRS’ retirees were 101 or older. Considering that many public employees retire at 55, it’s possible that a fair percentage of them could have retirements that last 45 years or more.

preparing for a long retirement - how long can we expect to live

Making Your Savings Last

As you plan for a long retirement, you need to ask yourself, will I have enough money to maintain a comfortable lifestyle for decades to come?

Employees’ Retirement System (ERS) members who retired in fiscal year 2020 are receiving an average monthly pension of $2,656. The average Social Security benefit for a retired worker was $1,544, as of December 2020.

Your retirement savings are also crucial assets that can supplement your pension and Social Security. Savings are a hedge against inflation, can help in an emergency and provide flexibility over a long retirement.

If you have no retirement savings, it is never too late to start. An easy way to get started is through the New York State Deferred Compensation Plan, a retirement savings program created for New York State employees and employees of participating public agencies. If you’re a municipal employee, ask your employer if you’re eligible for the Deferred Compensation Plan or another retirement savings plan. (The New York State Deferred Compensation Plan is not affiliated with NYSLRS.)

After you retire, you’ll need to manage your retirement savings wisely to ensure your money lasts. You may find this savings withdrawal calculator helpful.

NYSLRS is Here for You

Your NYSLRS pension is a lifetime benefit that will provide monthly payments throughout your retirement. Get a head start on your retirement planning by getting a pension estimate. Most members can get an estimate by using our online benefit calculator.

Questions About Your NYSLRS Membership? Look Here for Answers

4 Replies

If you have general questions about NYSLRS or your benefits, we have a web page that can help you find the answers.

That’s because the NYSLRS Contact Us page does double duty. It not only lists contact information, it also helps you find answers for many of the common questions we get from members, retirees and beneficiaries. It covers subjects like address changes, loans, pension estimates, direct deposit and cost-of-living adjustments (COLA).

To get started, go to the Contact Us page and select the Member, Retiree or Beneficiary button to find the questions and answers you need. Each section has categories specific to that member group.

Member

Address Change
Forms
Loans
Member Annual Statement
Mortgage Letter/Account Verification Letter
Pension Estimates
Retirement Online
Service Credit
Withdrawing from NYSLRS

Retiree

1099-R Reprint
Address Change
Cost-of-Living Adjustment (COLA)
Direct Deposit
Federal Taxes
Forms
Health Insurance
Pension Checks
Pension Verification Letters
Retirement Online

Beneficiary

1099-R Reprint
Address Change
Direct Deposit
Federal Taxes
Forms
Pension Checks
Pension Verification Letters
Reporting a Death
Retirement Online
Who is a Beneficiary?

Getting Account-Specific Answers

The information on the Contact Us page is general. If you’re looking for information specific to your situation, like your loan balance or a breakdown of your pension payment, sign in to Retirement Online. If you don’t already have a Retirement Online account, sign up today.

Top Five Pre-Retirement Goals for NYSLRS Members in 2018

Leave a reply

January is a great time to set goals for the coming year. And setting pre-retirement goals is crucial in planning for a successful retirement. Here are five goals to consider for 2018:

Plan ahead for retirement

1. Choose a sensible savings plan that works for you.There are several ways to save for retirement, including starting a deferred compensation plan like the New York State Deferred Compensation Plan. An important part of developing a savings plan is to start early. The sooner you start saving, the more time your money has to grow. Check out our Weekly Investment Plan chart to see how a weekly investment can grow by age 65.

2. Track your expenses and income. Tracking your current expenses for a month or two will give you a better idea of how much you’re likely to spend in retirement and how much you’ll need to supplement your pension. Use the expense and income worksheets on our website to create a retirement budget. Be sure to include periodic expenses, such as car insurance and property taxes.

3. Request a pension estimate. If you’re within 18 months of your anticipated retirement date, it’s a good idea to request an estimate of what your retirement benefit will be. You can do this by sending us an email using our secure contact form or by calling 1-866-805-0990 (518-474-7736 in the Albany, NY area). If you are not certain that you’ve received credit for all your public service in New York State, you can submit a Request for Estimate form (RS6030) and be sure to provide detailed information about your public employment in section eight of the form. If your planned retirement date is farther away, you may want to use our online Benefit Calculator. This estimates your pension based on information you provide, so have your Member Annual Statement handy before you start, or sign in to your Retirement Online account to check your current service credit.

4. Pay off any NYSLRS loans. An outstanding loan balance at retirement will permanently reduce your NYSLRS retirement benefit. You cannot make loan payments after you retire, and the pension reduction does not go away after we recover the balance of the loan. Visit the Loans page on our website for information about making additional payments or increasing your loan payment amount.

5. Consider seeking the advice of a financial planner. Financial planners don’t manage your money, but can help you assess your present financial condition and develop a practical plan to meet your specific goals and needs. Also consider doing your own research by seeking Do-It-Yourself financial planning guides on the web.

If you ever have any retirement-related questions, please contact us.

How Much Will My Pension Be?

12 Replies

Estimate Your Pension

For anyone thinking about retirement, one big question looms: How much money will I have to live on after I stop working? Your NYSLRS pension is a lifetime benefit. Having a good idea of what that monthly amount will be is essential to effective retirement planning. Fortunately, we offer tools to help you estimate your future pension.

Most members* can use our Benefit Projection Calculator to estimate their pension. You can use this calculator even if your planned retirement date is a long way off. The calculator provides estimates based on information you enter. By changing each variable (date of retirement, average salary, beneficiary information), you can see the impact it would have on your pension benefit.
how to estimate pension infographic
If you are a vested member who has enough NYSLRS service to be eligible for a pension, you can request a benefit projection by calling our automated information line at 1-866-805-0990 (518-474-7736 in the Albany, New York area). This service is available 24 hours a day, seven days a week.

If you are nearing retirement eligibility and you aren’t certain that you have credit for all of your NYSLRS-eligible employment, complete and submit a Request for Estimate (RS6030) form. If you are a member of the Employees’ Retirement System (ERS), you may use this form if you will be eligible to retire within five years. Members of the Police and Fire Retirement System (PFRS) can submit this form within 18 months of their retirement eligibility date.

As part of your retirement planning process, you may also want to check on your Social Security benefits.

*At this time, you cannot use this calculator if you are in ERS Tier 5 or 6; PFRS Tier 3, 5 or 6; or certain special plans.

New York Retirement News

News from the New York State and Local Retirement System