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Welcome, New Members

Welcome new members to the New York State and Local Retirement System (NYSLRS).

What is NYSLRS? NYSLRS administers retirement benefits for New York State employees and municipal and non-teaching school district employees outside of New York City. With nearly 1.2 million members, retirees and beneficiaries, NYSLRS is one of the largest public retirement systems in the nation.

NYSLRS is here to help you plan a financially secure retirement. Retirement may seem like a distant concern, but decisions you make now will have a big impact on your post-work life. Here are a few things you should do now as a new member:

Checklist for New Members

new members checklist

Learn About Defined Benefit Plans

Your NYSLRS pension is a defined benefit plan. This means that, once you are eligible and apply for retirement, you are guaranteed a monthly pension payment for the rest of your life. The amount of your payments will be calculated using a formula set by State law.

Defined benefit plans should not be confused with 401(k)-style retirement savings plans, which are known as defined contribution plans. The value of these plans is limited to the contributions made to an individual’s account and the investment returns on those contributions. And, unlike your NYSLRS pension, these plans do not guarantee a lifetime benefit.

While a 401(k)-style retirement savings plan can supplement a pension and Social Security benefits, it does not provide the same level of financial security as a defined benefit plan.

Sign Up for Retirement Online

If you haven’t already, sign up for a Retirement Online account. You can use Retirement Online to look up your estimated total service credit, name a beneficiary for your death benefit, purchase past service credit and more. This online tool will be an important resource throughout your career, especially as you plan for retirement when you can use our benefit calculator to estimate your pension.

Find Your Retirement Plan Publication

Your retirement plan publication is an essential resource that provides comprehensive information about your NYSLRS benefits. You can look up your specific plan using our Find Your NYSLRS Retirement Plan Publication tool. All you need is your benefit plan code and Tier, which you can find in Retirement Online.

Designate a Beneficiary

Your retirement plan provides you with a death benefit, so it’s important that you designate a beneficiary or beneficiaries. You can designate a beneficiary or beneficiaries through Retirement Online or by mailing us a Designation of Beneficiary form (RS5127).

Understand Service Credit

Your NYSLRS pension will be based on factors such as your tierretirement planage at retirementfinal average earnings and your service credit. You’ll earn one year of service credit for every year of full-time employment with a participating employer. Part-time employment is prorated. If you worked for a public employer or served in the U.S. armed forces before you were a member of NYSLRS, you may be eligible to receive credit for that past service. Because it is a major factor in calculating a NYSLRS pension, additional service credit would increase your pension in most cases. You can request this service through Retirement Online or by mailing us a Request to Purchase Service Credit (Including any Military Service) form (RS5042).

Start Saving for Retirement

Your pension is only one part of a secure financial future. It’s a good idea to save additional money for retirement. Healthy retirement savings will give you more flexibility to do the things you want to do in retirement. They also can be a hedge against inflation and a source of cash in an emergency. You don’t want to wait to start saving; the sooner you do, the more time your money has to grow.

More Information

Visit our Welcome New Members page for more information about NYSLRS and your benefits.

Public Pensions Give Economic Boost to Small Towns, Rural Areas

Small towns and rural areas in New York and across the United States get an important economic boost from public pensions, a recent study concludes.

Public Pensions Give Economic Boost to Small Towns and Rural Areas Across New York

Why Public Pensions Give an Economic Boost

Because of their smaller economies, less-populated counties benefit more from pension dollars than larger, urban counties, according to Fortifying Main Street: The Economic Benefit Of Public Pension Dollars In Rural America.

In many small towns and rural communities, the report notes, school districts and local governments are the largest employers. Those public employees typically remain in their communities after retirement, and the authors attribute the economic boosts they found to pension dollars spent locally on goods and services.

Across New York State, public pensions were responsible for 1.6 percent of gross domestic product (GDP) in 2018. (GDP, the total value of goods and services produced during a specific period, is a common gauge of economic activity.) However, during the same period:

  • Wyoming County in western New York, where a handful of villages dot a rural landscape, saw public pensions generate 4.6 percent of GDP.
  • Hamilton County, with fewer than 5,000 people, received an economic boost from public pensions that accounted for 6.3 percent of GDP.

The study’s findings are in line with data showing the impact NYSLRS retirees have on local economies and other studies about the economic benefits of pensions.

Notes on the Data

Fortifying Main Street, which was released in July by the National Institute on Retirement Security (NIRS), examines pension data from 2,922 counties in 43 states. Based on criteria used by the federal Office of Budget Management, it divides counties into three main categories: metropolitan, small-town (or micropolitan) and rural. The study also analyzes data from counties that are home to the state capital, because these places tend to have higher numbers of public retirees. In Albany County, public pensions generated 2.7 percent of GDP.

Hamilton County is the only county in New York defined as rural in the study, but 16 counties, including Wyoming County, fit the “small town” criteria. You can read the full report on the NIRS website.

The study uses pensions paid by NYSLRS, the New York State Teachers’ Retirement System, the Teachers’ Retirement System of New York City and the New York City Employees’ Retirement System in its data for New York State.

Snapshot of NYSLRS Retirees

NYSLRS was providing pension benefits to 507,923 retirees and beneficiaries as of March 31, 2022.

Nearly 79 percent of NYSLRS retirees and beneficiaries — some 399,628 — live right here in New York State, and they can be found in every region and county. The Capital District, for instance, is home to more than 64,000 retirees and beneficiaries, with roughly the same number living on Long Island.

These New York 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.

NYSLRS Retirees in the United States

NYSLRS Retirees in the United States

NYSLRS retirees can also be found in every state. Florida, not surprisingly, is the number two choice after New York, with nearly 39,885 calling the Sunshine State home. North Carolina is third, with 10,011 retirees, followed by New Jersey, with 8,302. North Dakota has the fewest, with only 20 retirees and beneficiaries. Another 646 live outside the United States.

Learn More

Extensive information about our retirees and members, the Common Retirement Fund and Fund investments can be found in our latest Annual Comprehensive Financial Report. This report, published each fall, has a wealth of information about the Retirement System, its investments, strategies and financial position. It also provides details about NYSLRS’ nearly 1.2 million members, retirees and beneficiaries.

Where in New York are NYSLRS Retirees?

NYSLRS retirees tend to stay in New York, where their pensions are exempt from State and local income taxes. In fact, 79 percent of NYSLRS’ 507,923 retirees and beneficiaries lived in the State as of March 31, 2022. And more than half of them lived in just ten of New York’s 62 counties.

So where in New York do these retirees call home? Well, there are a lot of NYSLRS retirees and beneficiaries on Long Island. Suffolk and Nassau counties are home to more than 64,000 recipients of NYSLRS retirement benefits, with annual pension payments of nearly $2.4 billion. But that shouldn’t be surprising. Suffolk and Nassau counties have the largest and third largest number of pension benefit recipients, respectively, of all the counties in the State outside of New York City by population. (The City, which has its own retirement systems for municipal employees, police and firefighters, had 24,061 residents who were NYSLRS retirees and beneficiaries.)

NYSLRS retirees in New York

Erie County, which includes Buffalo, ranked number two among counties in the number of NYSLRS retirees, with more than 33,000. Albany County, home to the State capital, ranked fourth with more than 20,000. Monroe, Westchester, Onondaga, Saratoga, Dutchess and Oneida counties round out the top ten.

All told, retirees and beneficiaries in the top ten counties received $6.5 billion in NYSLRS retirement benefits in 2021-2022.

Hamilton County had the fewest NYSLRS benefit recipients. But in this sparsely populated county in the heart of the Adirondacks, those 505 retirees represent about 10 percent of the county’s population. During fiscal year 2021-2022, $11.5 million in NYSLRS retirement benefits was paid to Hamilton County residents.

NYSLRS Retirees Across the United States and Around the Globe

Outside of New York, Florida remained the top choice for NYSLRS retirees, with 39,885 benefit recipients. North Carolina (10,011), New Jersey (8,302) and South Carolina (7,285) were also popular.

There were 646 NYSLRS benefit recipients living outside the United States as of March 31, 2022. These retirees and beneficiaries live throughout the world, with the most common countries being:

  • Canada: 164
  • Israel: 56
  • United Kingdom: 36
  • Italy: 31
  • Jamaica: 31

Whether you retire close to home or move away, you’ll always be a part of NYSLRS. 

Estimate Your Pension in Retirement Online

How much will your pension be?

Fortunately, it is now easier than ever to find out. Most NYSLRS members can create their own pension estimate in minutes using Retirement Online.

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.

estimate your pension in Retirement Online

How to Create Your Pension Estimate

Before you can use the 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 pension 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.

As of April 9, 2022, Tier 5 and 6 members only need five years of service credit to be vested. If you are a Tier 5 or 6 member with between five and ten years of service credit, you can contact us to request a benefit estimate.

Alternative Ways to Get an Estimate

While more than 90 percent of NYSLRS members (most Tier 3 through 6 members) can use the 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.

What to Consider When Choosing Your Retirement Date

Before you pin down a retirement date, there are several factors you should consider.

Your Retirement Date

NYSLRS has made it a lot easier for you to determine the best time to retire. Most members can now use our online pension calculator to estimate what your benefit would be at different retirement dates and ages. Just sign in to your Retirement Online account and click the “Estimate my Pension” button to get started.

As of April 9, 2022, Tier 5 and 6 members only need five years of service credit to be vested. If you are a Tier 5 or 6 member with five or more years of service credit you can contact us to request a benefit estimate.

choosing your retirement date

Your Health

Your current health and long-term health prospects should be a factor in choosing your retirement date. If your health is poor, you may want to retire earlier to give yourself more time to enjoy retirement. On the other hand, if you anticipate significant out-of-pocket health costs, working longer might give you more time to save for those costs.

If you are in good health, your retirement may last longer than average. In most cases, staying on the job a little longer will increase your NYSLRS pension and provide an opportunity to build your savings.

Your Savings

It’s always a good idea for members to plan to supplement their NYSLRS pension and Social Security with savings. Retirement savings are a hedge against inflation, can help in an emergency and give you more freedom to do the things you want to do in retirement.

Having retirement savings gives you more flexibility and — if you have enough saved — may offset any penalty if you decide to retire early. On the other hand, if you have no savings or are short of what you’d like to have, working a little longer offers a chance to save more.

State employees and some municipal employees can take advantage of the New York State Deferred Compensation PlanIn 2022, you can save up to $20,500 per year in a Deferred Compensation account, under Internal Revenue Service rules. Starting in the year you turn 50, you can save an additional catch-up amount. The age 50-plus catch-up amount for 2022 is $6,500.

If you don’t work for New York State, check with your employer to see if you are eligible. If you are not eligible, your employer may be able to direct you to an alternative retirement savings program. (The Deferred Compensation Plan is not affiliated with NYSLRS.)

Your Current Job

The type of work you do is an important factor in determining when to retire. A physically demanding job can get even harder as you age.

But there are other things to consider about your current job. Some members want to retire as soon as they’re eligible to go. However, if your job gives you satisfaction and a sense of purpose, are you ready to walk away from it? Do you look forward to social interactions with your coworkers? Will you miss your job more than you enjoy being retired?

Your Plans for Retirement

Is retirement the end of something or the beginning of something new? Answering that question could go a long way toward determining your ideal retirement date. If you have dreams of starting your own business or going mountain climbing in Spain, you may not want to delay retirement.

On the other hand, if you don’t have a plan to fill the long hours of retirement, you risk becoming bored or depressed. For some, that risk is a reason to keep working. Whether you decide to retire earlier or later, having a plan for retirement can help make it a more satisfying experience.

Cost-of-Living Adjustment (COLA) Coming in September

Eligible NYSLRS retirees will see a cost-of-living adjustment (COLA) increase in their monthly pension payments beginning in late September 2022. This is a permanent annual increase to your retirement benefit that is based on the cost-of-living index and a formula set by State law.

For payment dates, check our pension payment calendar.

COLA coming soon

How the Cost-of-Living Adjustment is Determined

COLA increases are based on the rate of inflation, as reflected in the consumer price index published by the U.S. Bureau of Labor Statistics. The law requires that COLA payments be calculated based on 50 percent of the annual rate of inflation, measured at the end of the State fiscal year (March 31). The increase cannot be less than 1 percent or greater than 3 percent.

The COLA is applied to the first $18,000 of your benefit calculated as a Single Life Allowance, even if you selected a different pension payment option. Once your COLA payments begin, you will automatically receive an increase to your monthly benefit each September.

The September 2022 COLA equals 3 percent, for a maximum annual increase of $540.00, or $45.00 per month before taxes.

COLA eligibility

When Will You See the Increase?

Eligible retirees will see the first 2022 COLA in their end-of-September pension payment. It will be available to those with direct deposit on September 30, 2022. If you receive a paper check, it will be included in the check mailed on September 29, 2022.

You can sign in to your Retirement Online account to view a current breakdown of your pension payment. If you have direct deposit and are eligible for the increase, you will receive notification of the net change in your monthly payment amount in September.

If you are not eligible for a COLA yet, you will receive your first increase in the month after you become eligible. This payment will include a prorated amount to cover the month you became eligible. After that, you will receive a COLA increase each September.

PFRS Member Milestones

The Police and Fire Retirement System (PFRS) covers nearly 32,000 police officers and firefighters across New York State. As a PFRS member, you’ll pass a series of important milestones throughout your career. Knowing and understanding these milestones will help you better plan for your financial future.

Some milestones are common to most PFRS members; others are shared by members in a particular tier or retirement plan. For example, your plan determines when you would be eligible to apply for a non-job-related disability benefit.

A recent amendment to Retirement law changed a milestone for some members. As of April 9, 2022, Tier 5 and 6 members are now vested after earning five years of service credit. Previously, members in these tiers needed ten years of service to become vested. Being vested means you are entitled to a NYSLRS pension, even if you leave public employment before retirement age.

Member Milestones to Remember

PFRS member milestones

Most PFRS members are in special plans that allow them to retire with full benefits, regardless of age, after 20 or 25 years of service. If you are in a special plan, only certain job titles would give you creditable service toward a 20- or 25-year milestone. For example, if you are in the State Police plan, service with a city police department would be creditable, but service as a sheriff’s deputy or corrections officer would not be.

PFRS members in regular plans can retire as early as age 55, but may face a benefit reduction if they retire before their full retirement age.

Your specific milestones, along with your pension calculation, are determined by your retirement plan, so it is important to familiarize yourself with the details of your plan. You can find information about your milestones in your retirement plan booklet on our Publications page. Not sure which retirement booklet is yours? Your retirement plan is listed in your Retirement Online account or you can ask your employer. You can also read our recent blog post for tips on finding your plan booklet.

Retroactive Payments and Your NYSLRS Pension

Retroactive payments are lump sum payments you receive from your employer. These payments can be from new union contracts, arbitration awards or legal settlements that took place while you were on your employer’s payroll.

If you receive a retroactive payment from your employer, it could affect your pension benefit calculation.

How Retroactive Payments Can Affect Your Benefit

Retroactive Payments

Your final average earnings (FAE) are a major factor in your pension benefit calculation. It’s the average of your three (five for Tier 6 members) highest consecutive years of earnings. For most people, their highest years of earnings come at the end of their careers.

Retroactive payments are applied to the pay periods when they were earned, not when they were paid. So, retroactive payments can increase your FAE, and therefore your pension benefit, as long as the time period in which you earned that money is part of the time period your FAE is based on.

However, please be aware that the law limits the FAE of all members who joined on or after June 17, 1971. For most members, if your earnings increase significantly through the years used in your FAE, some of those earnings may not be able to be used toward your pension. You can find information about earnings limitations by tier, including examples, on the Final Average Earnings page on our website. If your FAE has already been affected by these earnings limits, your retroactive payment will not increase your pension benefit.

Payments Received Before Retirement. If you receive a retroactive payment from your employer before you retire, your employer will report your earnings to us through their regular reporting process. You do not need to notify us of payments you receive.

Payments Received After Retirement (State Employees). If you retired from New York State and you receive a retroactive payment after you retire, we will recalculate your pension automatically. NYSLRS receives State payroll information automatically and you do not need to notify us. You will receive correspondence from us explaining any change in your pension benefit.

Payments Received After Retirement (Non-State Employees). If you retired from a non-State employer and you receive a retroactive payment after you retire, send a letter to our Recalculation Unit in the Benefit Calculations & Disbursement Services Bureau. Please include a copy of your check stub and any correspondence you received from your employer related to the payment. Mail it to:

NYSLRS
Attn: BCDS – Recalculation Unit
110 State Street
Albany, NY 12244-0001

You can also email and upload this information to the Retirement System through our secure contact form.

Your Pension Recalculation Will Be Completed

We continue to receive a record number of pension recalculations and are working diligently to address them. If you are currently waiting for your pension amount to be recalculated, please rest assured that we will get to it. Once we complete your recalculation, you will receive payment of all the money you are owed, and a letter explaining the change in your pension amount.

Recent PEF Retroactive Payments

If you were a Public Employees Federation (PEF) member before retiring from State service, you may have recently received a retroactive payment. The current PEF contract, covering employment from April 1, 2019 through March 31, 2021, was ratified last summer. If you were a PEF member, worked during these dates and have not received your retroactive payment, please check with your previous employer.

If you retired recently and your FAE included earnings from on or after April 1, 2019, your NYSLRS pension will be increased automatically. You do not need to notify us that you received a retroactive payment.

CSEA Contract Negotiations

If you were a member of the Civil Service Employees Association (CSEA) before you retired, your contract and any retroactive payment is currently being negotiated. Contact CSEA if you have questions.

Member Milestones for ERS Tier 3 and 4

Knowing your member milestones can help you plan for your retirement. Most Employees’ Retirement System (ERS) Tier 3 and Tier 4 members (unless they are in special retirement plans) retire under the Article 15 retirement plan. If you’re covered by this retirement plan, you have a set of member milestones that affect how your pension is calculated and how much you’ll receive at retirement.

ERS Tier 3 and 4 member milestones

Here are some important Tier 3 and 4 milestones:

  • With ten years of service credit, you would be eligible to apply for a non-job-related disability benefit if you are permanently disabled and cannot perform your duties because of a physical or mental condition.
  • Also with ten years of service credit, your beneficiaries may be eligible for an out-of-service death benefit if you leave public employment and die before retirement.
  • With ten years of service credit, you are no longer able to withdraw your membership and receive a refund of your contributions if you leave public employment.
  • You are eligible to retire once you are age 55 and have five years of service credit. However, there would be reductions to your benefit if you retire before age 62 with less than 30 years of service credit.
  • You can retire with full benefits at age 62.
  • If you retire with less than 20 years of service credit, the benefit is 1.66 percent of your final average earnings (FAE) for each year of service.
  • If you retire with 20 to 30 years of service credit, the benefit is 2 percent of your FAE for each year of service.
  • If you retire with more than 30 years of service credit, the benefit is 2 percent of your FAE for each year of service up to 30. For each year of service beyond 30, you will receive 1.5 percent of your FAE.

Note: The law limits the final average earnings of all members who joined on or after June 17, 1971. For example, for most members, if your earnings increase significantly during the years used in your FAE, it’s possible that some of those earnings may not be used toward your pension. The specific limits vary by tier. Visit our Final Average Earnings page for more information.

The amount of your pension also depends on several factors, including your years of service credit and your age when you retire. Read our blog post, Tier 3 & 4 Members: When Is The Right Time To Retire?, for information to consider. You can also estimate your pension in Retirement Online and enter different retirement dates to see how those choices would affect your benefit.