Tag Archives: police and fire retirement system

Retirement Online is Back

Earlier this month, NYSLRS finished a series of computer system upgrades to improve the services available to our customers. Retirement Online was unavailable during the upgrade period, but it is now once again available to NYSLRS members, retirees and beneficiaries.

Retirement Online is Back

Using Retirement Online

Register and sign in to Retirement Online to:

  • View benefit information. You don’t need to rely on your annual statement or call our Contact Center. With Retirement Online, you can review up-to-date information about your account when it’s convenient for you.
  • Update contact information. Change your address, phone number or email address online instead of calling or emailing. If you submitted an address change form during the upgrade, we are processing those now.
  • View or update beneficiaries. It’s a good idea to keep your beneficiary designations up to date. View your selections and submit changes instantly. If you submitted a paper beneficiary designation form during the upgrade, your beneficiary change is effective as of the date we received it, however, updates may not appear in your Retirement Online account until your form is processed.
  • Apply for a loan. You may be eligible to take out a loan against your NYSLRS contributions. Do it safely and conveniently with Retirement Online. If you submitted a loan application during the upgrade, we are processing those now.
  • Generate an income verification letter. Sometimes a business or government agency requires you to verify your pension income. Generate and print an official income verification letter any time you need one.

As a result of this spring’s upgrades, we expect to roll out even more features later this year. Members will be able to estimate their pension benefit, purchase service credit and apply for retirement; retirees will get to manage their direct deposit information and more. Stay connected to NY Retirement News for details.

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:

Computer System Upgrades Begin Now

Today through mid-May 2019, NYSLRS is conducting a series of computer system upgrades to improve the services available to our customers.

Retirement Online will be unavailable throughout the upgrade period. However, you will still be able to conduct business with NYSLRS by email, mail and phone.
computer system upgrades

Please note:

  • If you need to apply for a loan during the upgrade period, you can fill out a loan application and mail it to our office. Visit our Loans page for links to the applications and more information.
  • If you need to update your beneficiaries, fill out the Designation of Beneficiary form (RS5127). If you mail it to us “Certified Mail — Return Receipt Requested,” we will consider it as filed on the date it was mailed. Your beneficiaries will be updated in our system shortly after the upgrade is completed.
  • If you need to change your address, you can submit the new address by phone, email or mail. Your address will be updated in our system after the upgrade is completed.
  • We will continue to process requests for income verification letters by email using our secure contact form or by fax at 518-473-5590. Tell us what information you need, and be sure to include your retirement or registration number, current address and daytime phone number (in case our customer service representatives have a question).
  • Your monthly pension payments will not be affected. However, we will not be able to process any direct deposit changes during the upgrade. We expect to complete direct deposit change requests received in April in time for the end-of-June deposit and those received in May for the end-of-July deposit.

For the latest information about the upgrade, please visit our Contact Us page. If you have any questions, please contact our Call Center at 1-866-805-0990 (518-474-7736 in the Albany, NY area), or email them using our secure contact form.

Computer System Upgrades This Spring

From April 19 through mid-May, NYSLRS will conduct a series of computer system upgrades to improve the services available to our customers.

Throughout the upgrade period, you will be able to conduct business with NYSLRS by email, mail and phone, but not through Retirement Online.
system upgrades

  • If you need to apply for a loan during the upgrade period, you can fill out a loan application and mail it to our office. Visit our Loans page for links to the applications and more information.
  • If you need to update your beneficiaries, fill out the Designation of Beneficiary form (RS5127). If you mail it to us “Certified Mail — Return Receipt Requested,” we will consider it as having been filed on the date it was mailed. Your beneficiaries will be updated in our system shortly after the upgrade is completed.
  • We will continue to process requests for income verification letters promptly.
  • Your monthly pension payments will not be affected.

For the latest information about the upgrade, please visit our Contact Us page. If you have any questions, please contact our Call Center at 1-866-805-0990 (518-474-7736 in the Albany, NY area), or email them using our secure contact form.

A Good Plan Can Ease Transition to Retirement

When people talk about retirement planning, they’re usually talking about money. But there is another aspect that people often forget. What will you do with all that newfound free time?

Sure, after decades of hard work, thoughts of sleeping late and taking it easy seem pretty good. But retirement is a big transition, and many retirees don’t consider its potential psychological consequences.

steps to ease transition to retirement

Create a Plan and Schedule

While you may have some complaints about your job, it is an important part of your life. It helps define who you are and can give you a sense of accomplishment. It provides structure, mental stimulation and social interaction. Leaving the workforce creates a big void, and watching daytime TV or frequent trips to the grocery store may not be enough to fill that void. Empty or aimless hours can lead to boredom, disenchantment and even depression.

You may have a long list of things to do, places to go, books to read, but it won’t mean much if you don’t act. To successfully manage your time, you’ll need to actively plan and create a schedule. Set down how you will spend each day of the week, blocking out time for chores, social engagements, hobbies and exercise. Sticking to a schedule will give your days structure and give you a sense of purpose.

Stay Active and Engaged

For most people, staying busy and remaining socially engaged are essential to a satisfying retirement. That’s why some retirees go back to work full-time, while others opt for part-time or seasonal jobs.

But a retirement job doesn’t necessary mean continuing to do the same old thing. Retirement is an opportunity to reinvent yourself. Do something you’ve always wanted to do, something fun and challenging.

Hopefully, you’ve planned your retirement so you won’t need to work to meet basic needs, so your retirement gig won’t have to pay a lot. In fact, maybe the job for you is one that doesn’t pay at all, at least monetarily. There are countless organizations looking for volunteers, so it shouldn’t be hard to find opportunities that match your skills and interests.

Volunteering just a few hours a week will give you something to look forward to and keep you connected to the outside world. And studies show that it can improve both your mental and physical well-being.

Exercise Your Body and Brain

Regular exercise not only keeps you physically fit, it also increases your sense of well-being. Whatever you do to get exercise, make it part of your regular schedule. Consider taking a fitness class at a local gym, which also adds a social element to your workout. (And you can up the ante by trying something new, like a martial arts class.)

Don’t forget to exercise your brain. A course or workshop can help you discover a new side to yourself (the painter, the mystery writer, the master of topiary). You may want to enroll in classes at a local community college or even return to school full-time.

Whatever you do, make sure it’s part of a plan – a plan for a happier retirement.

A Look Inside NYSLRS

NYSLRS paid $12.03 billion in benefits to 470,596 retirees and beneficiaries during the state fiscal year that ended on March 31. Seventy-five percent of the cost of those benefits came from returns on investments of the New York State Common Retirement Fund (the Fund).

The Fund was valued at $207.4 billion at the end of the fiscal year. The average return on Fund investments was 11.35 percent for the year, exceeding the long-term expected return rate of 7 percent.

a look at NYSLRS retirement fund, benefits and membership

 

NYSLRS Membership

But NYSLRS is more than just the pension fund. The system had 652,030 members as of March 31, including county workers, professional firefighters and State troopers. Here are some facts about them:

  • NYSLRS’ 533,415 active members (that is, members still on a public payroll) work for more than 3,000 public employers statewide.
  • One-third of those active members work for New York State. The rest work for counties, cities, towns, villages, school districts and public authorities.
  • Nearly 94 percent of active members are in the Employees’ Retirement System (ERS). The Police and Fire Retirement System (PFRS) accounts for 6 percent of NYSLRS membership.

More than one-third of all NYSLRS members are in Tier 6. (But two-thirds of PFRS members are in Tier 2.)

NYSLRS Retirees and Beneficiaries

The average pension for an Employees’ Retirement System (ERS) retiree was $23,680; the average for a Police and Fire Retirement System (PFRS) was $50,922. But NYSLRS pension payments don’t just benefit the system’s retirees and beneficiaries. Because 79 percent of NYSLRS retirees and beneficiaries live in New York, $9.8 billion worth of benefits stayed in the State. And that money supported local businesses, paid local taxes and generated economic development statewide.

An Award-Winning Publication

Extensive information about NYSLRS members and retirees, the Fund, and Fund investments can be found in the 2018 Comprehensive Annual Financial Report (CAFR). NYSLRS received a Certificate of Achievement for Excellence in Financial Reporting for the 2017 CAFR. The Certificate of Achievement is a national award recognizing excellence in the preparation of state and local government financial reports. NYSLRS has won this award for the last 14 years.

NYSLRS Basics: Special Beneficiary Designations

As a NYSLRS member, it’s important for you to name beneficiaries. When you die, your beneficiaries may be eligible to receive a death benefit. You can choose anyone you wish to receive your death benefit; it does not have to be a family member. In fact, it doesn’t even have to be a person. You can name your estate, a charity or a trust, but it helps to know how these special beneficiary designations work.

There are two main types of beneficiaries. A primary beneficiary is someone you choose to receive your benefit if you die. A contingent beneficiary would receive the benefit if the primary beneficiary dies before you. If a beneficiary dies before you, you should update your beneficiary information to ensure that your benefit is distributed according to your wishes. You can name more than one primary or contingent beneficiary.

Retirement Online is the convenient and secure way to update your beneficiaries. If you don’t already have an online account, you can learn more on our website.

Benefit Distribution

If you name more than one primary beneficiary, each will share the benefit equally. You can also have a certain percentage of the benefit paid to each beneficiary. The percentages don’t have to be equal, but they must add up to 100 percent. (For example, John Doe, 50 percent; Jane Doe, 25 percent; and Mary Doe, 25 percent). The same rule applies for multiple contingent beneficiaries.

Special Beneficiary Designations

Here are the rules pertaining to special beneficiary designations:

special beneficiary designations

Trusts

If you have executed a trust agreement or provided for a trust in your will, your trust can be your primary or contingent beneficiary. To name a trust, sign in to Retirement Online or use our Trust with Contingent Beneficiaries form (RS5127-T).  We’ll need a copy of your trust document, which you can mail to NYSLRS.

With this type of designation, the trust is the beneficiary, not the individuals who will receive the trust. If you revoke the trust or it expires, you will want to make new beneficiary designations as soon as possible to ensure benefits are paid according to your wishes.

You should talk to a lawyer if you’d like more information on trust agreements.

Estates

You may name your estate as the primary or contingent beneficiary of your death benefit. If you name your estate as your primary beneficiary, you cannot name a contingent. If a benefit is payable, the executor of your estate will distribute it according to your will.

Entities

You may name any charitable, civic, religious, educational or health-related organization as a primary or contingent beneficiary.

Minor Children

If your beneficiary is under age 18 at the time of your death, your benefit will be paid to the child’s court-appointed guardian. You may also choose a custodian to receive the benefit on the child’s behalf under the Uniform Transfers to Minors Act (UTMA). Before making this type of designation, please contact us for more information.

More Information

Please note that some of these beneficiary designations will be subject to a NYSLRS legal review.

For more information, please read our publication “Why Should I Designate a Beneficiary?” You can find your current NYSLRS beneficiaries listed in Retirement Online, or in your Member Annual Statement, which is sent out every summer.

Firefighters Deserve A Salute Every Day

Recognizing Firefighters

It’s National Fire Prevention Week this week and, while attention is properly focused on promoting fire prevention, we also think it’s a great time to recognize all the firefighters who are members of the New York State and Local Retirement System (NYSLRS).

Of the 533,415 members in NYSLRS, 32,470 are in the Police and Fire Retirement System (PFRS). More than 6,000 of these brave men and women are firefighters.

NYSLRS Firefighters data

NYSLRS Membership and Firefighters

All firefighters working for participating employers are PFRS members. With that membership comes a variety of benefits, including certain death and disability benefits as well as a pension. As firefighters and other PFRS members progress through their careers they become eligible for these benefits. For example, from day one, PFRS members are covered by job-related death and disability benefits. However, with ten years of service credit, most members are also eligible for a non-job-related disability benefit.

In addition, most PFRS employers offer their employees special retirement plans. A special plan lets members retire after completing 20 or 25 years of credited service in specific job titles rather than reaching a certain age. Most firefighters — and, in fact, nearly 80 percent of all PFRS members (25,784) — are enrolled in a set of special 20- and 25-year plans. Whether members need 20 or 25 years depends on their retirement plan.

Firefighters are Heroes

To the members of the New York State Professional Fire Fighters Association, the Firemen’s Association of the State of New York and the New York State Association of Fire Chiefs; to the county fire marshals, supervising fire marshals, fire marshals, assistant fire marshals, assistant chief fire marshals and chief fire marshals: Thank you for your service to New York and its citizens. We are grateful for the valuable service you provide all of us.

Dual Membership in NYSLRS

The New York State and Local Retirement System (NYSLRS) consists of two retirement systems: the Employees’ Retirement System (ERS) and the Police and Fire Retirement System (PFRS). Your job title determines what system you’re in. In some cases, however, it’s possible to have a dual membership, to be a member of both systems. As of State fiscal year end 2018, 1,574 members had memberships in both ERS and PFRS.

How Does Dual Membership Work?

dual membership in NYSLRSLet’s say you work as a fire fighter, so you’re a member of PFRS. You decide to take on a part-time job as a bus driver for your local school district. Your school district participates in ERS, so you’re eligible for ERS membership. You fill out the membership application, and now you’re a member of both ERS and PFRS. The date you join each system determines your tier in each membership.

Implications of Dual Membership

As a member of both systems, you’d have separate membership accounts. Let’s look again at our fire-fighting bus driver example. While working as a fire fighter, you make any required contributions and earn service credit toward your PFRS pension only. The same is true for your work as a bus driver—your required contributions and earned service credit only go toward your ERS pension, not your PFRS pension.

There are other implications to dual membership. Assuming you’re vested in both memberships and meet the service credit and age requirements, you could retire and collect a pension from both systems. You’d need to file separate retirement applications for ERS and PFRS, and we’d calculate each pension separately. We’d calculate your ERS pension using the final average salary (FAS) you earned as a bus driver and your PFRS pension using the FAS from your time as a fire fighter.

And, since you’d have both an ERS pension and a PFRS pension, you would need to choose a beneficiary for each in the event of your death.

Questions?

You’ll want to make sure to know the details of your retirement plan in each system. If you have any questions about dual membership, or to discuss your particular situation when you decide to retire, please contact us.

Certain Payment Options Provide a Lifetime Benefit for a Loved One

When you apply for a NYSLRS pension, you’ll be asked to pick a pension payment option. All options will provide you with a monthly benefit for the rest of your life. With the Single Life Allowance, all payments stop at your death and nothing is paid to a beneficiary.

Infographic describing pension payment options

Providing for a Beneficiary

If you’re married and need to provide for your spouse, or if you have someone else you would like to provide a lifetime pension for after you’re gone, there are payment options that let you do that.  In exchange for a reduction in your monthly payment, Joint Allowance options allow a beneficiary to collect all or part of your pension after you die. The amount of the reduction in your pension is based on your life expectancy and the life expectancy of your beneficiary. That means the younger your beneficiary, the deeper the reduction.

You can only choose one beneficiary under a Joint Allowance option, and your beneficiary selection cannot be changed after you retire, regardless of the circumstances. The benefit reduction for Joint Allowance options will continue even if your beneficiary dies before you do.

If we could predict the future, pension choices would be a lot easier. But a Pop-Up payment option is one way to hedge your bet. Like Joint Allowance options, these plans allow you to provide a lifetime payment for a beneficiary after your death. But if your beneficiary dies before you, your future monthly payments would be increased to the amount you would have been receiving had you chosen the Single Life Allowance. (The pop-up only affects future payments. You would not be entitled to any retroactive payments.)

The monthly reduction in your benefit will be greater if you choose a Pop-Up option over a regular Joint Allowance.

Find Out More

There are also options that allow you to leave a monthly payment to more than one beneficiary, and options that leave a benefit for a certain amount of time. Visit our Payment Option Descriptions page for details about all of the available payment options.

For a better idea of how these payments options would work out for you and your beneficiary, you can use our online pension projection calculator. It uses the information you enter to show how much you could expect to receive under each option. Most members who are within five years of retirement eligibility can also request a benefit projection by contacting our Call Center at 1-866-805-0990, or you can submit a Request for Estimate form (RS6030).