Tag Archives: Retirement Online

Make Sure You Receive Your Member Annual Statement

Member annual statements are distributed to NYSLRS members each spring (retiree statements are delivered by early March). It’s important that you make sure your contact information is correct to ensure you receive your Statement. (Note: Updating your contact information with your employer doesn’t update it with NYSLRS.)

Use Retirement Online to Check or Update Your Contact Information

The fastest way to check your contact information, and update it if needed, is through Retirement Online. Sign in to your Retirement Online account, go to the ‘My Profile Information’ area of your Account Homepage and click “Update” next to your mailing address or email address to make corrections.  

If you have trouble signing in to your account, please read our Retirement Online Tools and Tips blog post for help.

If you don’t have a Retirement Online account, it’s easy to create one. Visit our Retirement Online for Members page and click ‘Register Now’ under the Sign In button. When you create your account, you’ll be asked to provide the ZIP code of your home address. If it doesn’t recognize your current ZIP code, it’s likely we have an older address on file for you. Please use the older ZIP code to create your account — you can update your address after you register. If you need assistance with Retirement Online, please contact us.

You can also update your contact information using our secure contact form, as long as your new mailing address is not a PO Box. Be sure to complete all fields and include your old and new contact information.

contact information

Get Your Statement Faster

You’ll receive your Statement faster if you choose the email option in Retirement Online. If you choose this option, you’ll receive an email that directs you to Retirement Online to see your Statement as soon as it’s ready. To choose your Statement delivery preference, go to the ‘My Profile Information’ area of your Retirement Online Account Homepage and click “Update” next to ‘Member Annual Statement by.’

You can also receive other correspondence from us by email by clicking “Update” next to ‘Contact by.’ If you choose ‘Mail’ or don’t select a preference, you will receive letters through the US Postal Service.

Note: For security purposes, certain correspondence (like tax forms) will only be sent by mail.

Questions about Your Statement?

Visit our Member Annual Statement page for answers to common questions. Remember that your Statement provides information as of March 31, 2021 — the end of the State fiscal year. However, you can sign in to Retirement Online throughout the year to view current account information.

Please share this post with friends, family or coworkers who are NYSLRS members so they can also check their contact information.

Popular Blog Posts from 2020

Here are some of our most popular blog posts from the past year. Not surprisingly, during 2020 members and retirees were interested in information about doing business with NYSLRS online. Fortunately, new Retirement Online features made that a lot easier during a challenging time.

most popular blog posts of 2020
  1. Retirement Online Makes Retirement Fast, Easy
    You can now file your service retirement application in Retirement Online. This convenient new feature can reduce paperwork and save you a trip to the post office.

  2. What to Know About ERS Tier 6
    Employees’ Retirement System (ERS) Tier 6 includes members who have joined NYSLRS since April 1, 2012. It now accounts for 45 percent of all ERS membership. This is a basic overview of retirement benefits for ERS Tier 6 members.

  3. Do We Have Your Correct Contact Information?
    Keeping your mailing address and other contact information up to date ensures that you receive important information from NYSLRS about your benefits. Once again, Retirement Online makes the task easy to accomplish.

  4. Doing Business With NYSLRS
    Retirement Online is a secure, easy way to check your benefit information and conduct transactions in real time. Here’s a rundown of the many features it offers.

  5. Estimate Your Pension in Retirement Online
    How much will your pension be? Most NYSLRS members can use the pension calculator in Retirement Online to get a benefit estimate based on information we have on file for them. You can enter different retirement dates to compare potential benefits.

NYSLRS Retirement Online Routine System Maintenance

Retirement Online will be unavailable for a few days while we complete routine year-end maintenance. Retirement Online will be offline from 3:00 pm on Tuesday, December 29 until 7:00 am on Friday, January 1.

Using the NYSLRS Automated Phone System During the Maintenance Period

Another way you can get information about your NYSLRS benefits is through our automated phone system, which allows you to get personal account information, order forms and conduct other retirement transactions without having to speak with a customer service representative. The automated phone system is generally available 24 hours a day, seven days a week, so you can conduct business with NYSLRS on your schedule.

Retirees can use the automated phone system to:

  • Request that NYSLRS forms be mailed to them,
  • Report a lost, stolen or late pension check,
  • Get tax information,
  • Get information about cost-of-living adjustments (COLAs), and
  • Request a direct deposit form.

Members can use the automated phone system to:

  • Request that NYSLRS forms be mailed to them,
  • Find out if they are eligible for a loan or get their current loan balance,
  • Request that a benefit projection be mailed to them, and
  • Get personalized information about purchasing credit for previous service.

Here are the retiree menu options for the phone system:

automated phone system for retirees

Here are the member menu options for the phone system:

automated phone system for members

Other Ways to Get Information

If you are looking for general information about NYSLRS benefits, you can:

Retirement Online Makes Applying for Retirement Fast, Easy

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, sign up today.

And, if you become ill with COVID-19, you may want to file for retirement to protect your loved ones.

filing a retirement application

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:

A big advantage of filing for Retirement Online is that you do not have to get anything notarized.

After you click the “Submit” button, it is important that you do not close your browser until you receive a confirmation message that states your retirement application has been successfully submitted.

This help guide offers step-by-step instructions.

Notarized Signatures

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 perhaps 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.

Filing for Service Retirement by Mail

You can still print an Application for Service Retirement and pension payment option election form and mail them to NYSLRS. If you mail the application, we recommend “certified mail, return receipt requested.” When we receive the form, the postmark date will serve as the filing date.

If you use regular mail, the filing date is the date we receive it. However, if you were to die after your application is mailed, but before we receive it, a legible postmark will serve as a filing date. (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 plan to mail your application, you may want to read our blog post, Your Checklist to Apply for Retirement.

Disability Retirement Benefit

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 information about applying for a disability retirement benefit as a result of becoming seriously ill from COVID-19, please read the Filing for Retirement Benefits During the COVID-19 Emergency blog post or visit our Disability Retirement Benefits page.

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.

NYSLRS Loans Using Retirement Online

Most members can get a NYSLRS loan using Retirement Online. Loan eligibility requirements are based on your tier, but generally, you’ll need to be on the payroll of a participating employer, have at least one year of service and have a certain amount of contributions in your account. Retirement Online will provide the eligibility information you need as you step through the application process.

Use Retirement Online to apply for a NYSLRS loan

Getting Started

Retirement Online is the fastest way to get a NYSLRS loan. It’s also an easy way to find out your current loan balance, the amount you are eligible to borrow and more. ­­If you don’t already have an account, go to the Sign In page and click “Sign Up” under the Customer Sign In button. (Need help with Retirement OnlineSee this post for handy tips.)

The Application Process

Once you’ve signed in, scroll down to ‘My Account Summary.’ Under ‘I want to…’ click the green “Apply for a Loan” button and follow the prompts.

As you work your way through the online application, you’ll see how much you can borrow, the minimum repayment amount, the expected payoff date and how much you can borrow without tax implications.

NYSLRS loans are exempt from New York State and local income taxes. However, the Internal Revenue Service may consider all or part of a NYSLRS loan taxable in some cases – for instance, if you borrow above certain limits. The Retirement Online loan application will show you the maximum amount you can borrow without tax implications. 

If you already have a loan and you want to take another loan, you can take multiple loans or refinance an existing loan. Taking a new loan (the multiple loan option) minimizes your potential tax consequences. Your minimum payment will be higher, but you will pay off your loans faster than you would by refinancing. Refinancing adds the new loan amount to your existing balance and spreads the entire balance over a new five-year term. Your payment will be lower but your tax consequences may be significantly higher.

Repaying Your NYSLRS Loan

Loan payments will be deducted from your paycheck. You can choose the minimum payroll deduction, which would pay off your loan in five years, or you can choose to pay more than the minimum to pay off your loan sooner. The payment calculator in Retirement Online will provide your expected payoff date if you enter an amount higher than the minimum.

If you already have loan from NYSLRS, during this time of economic uncertainty you may be considering whether you can defer your NYSLRS loan payment.

If you are furloughed or on an authorized leave of absence with your employer, the IRS allows for the suspension of loan payments for up to one year from the date your leave began or until you return to the payroll (whichever occurs first). To receive this deferment, have your employer send us a fax (518-486-9877) on their letterhead that indicates the date your leave began and when they expect it will end.

It’s important to note that if you defer your loan payments during an authorized leave of absence, your payments will need to be recalculated and increased upon your return. This will ensure your loan will be paid off within the five-year period.

For more information, please read our blog post, Managing Your NYSLRS Loan Payment.

More Information

For more information, including how retiring with an outstanding loan would affect your pension, visit our Loans page. If you need help with the self-service loan application, click “Help” at the top of your account page. Then click next to ‘Requesting a Loan’ and select the step-by-step guide that best fits your situation. Retirement Online is generally available from 7:00 am to 9:30 pm on Monday, Wednesday, Thursday and Friday; from 7:00 am to 6:00 pm on Tuesday; and from 6:00 am to 11:00 pm on Saturday and Sunday.

Your Contributions to NYSLRS

Most NYSLRS members contribute a percentage of their earnings to the Retirement System. Over time, those contributions, with interest, can add up to a tidy sum. But what happens to that money? Will you get your contributions back when you retire? The answer to that question is “no.” Let’s look at what happens to your NYSLRS contributions.

How NYSLRS Retirement Plans Work

NYSLRS plans are defined benefit pension plans. Once you’re vested, you’re entitled to a lifetime benefit that will be based on your years of service and final average earnings. The amount of your contributions does not determine the amount of your pension. (Use Retirement Online to estimate your pension.)

Your NYSLRS plan differs from defined contribution plans, such as a 401-k plan, which are essentially retirement savings plans. In those plans, a worker, their employer, or both contribute to an individual retirement account. The money is invested and hopefully accumulates investment returns over time. This type of plan does not provide a guaranteed lifetime benefit and there is the risk that the money will run out during the worker’s retirement years. Experts recommend that workers who have defined contribution plans contribute anywhere from 10 to 20 percent of their income to their plan. NYSLRS members, in contrast, contribute between 3 and 6 percent of their income, depending on their tier and retirement plan.

Where Your Contributions Go

When you retire, your contributions go into the New York State Common Retirement Fund. The Fund is the pool of money that is invested and used to pay retirement benefits for you and other NYSLRS members.

contributions

Your Contribution Balance

You can find your current contribution balance in Retirement Online. But if your contributions don’t determine your pension, what difference does it make what the balance is? For one thing, your contribution balance helps determine the amount you can borrow if you decide to take a loan from NYSLRS. Also, you may be able to withdraw your contributions, with interest, if you leave the public workforce before retirement age.

Withdrawing Your Contributions

You cannot withdraw your contributions while you are still working for a public employer in New York State. If you leave public employment with less than ten years of service, you can withdraw your contributions, plus interest. If you withdraw, you will not be eligible for a NYSLRS retirement benefit.

If you have more than ten years of service, you cannot withdraw, but you will be entitled to a pension when you reach retirement age. But remember, you will not receive this pension automatically; you must file a retirement application before you can receive any benefit.

Retirees: Be Sure We Have Your Current Mailing Address

Retirees should make sure their mailing address is current by December 31 in order to receive important information from NYSLRS in the coming year. We’ll be mailing 1099-R tax documents in late January and Retiree Annual Statements in February.

Remember, if you file an address change order with the Post Office, they will only forward your mail for a limited time.

Retirement Online Makes It Easy to Check and Update Your Contact Information

Retirement Online is the fastest and easiest way to check your mailing address, phone number and email address and update them if needed. ­­If you don’t already have an account, go to the Sign In page and click Sign Up under the Customer Sign In button. (Need help with Retirement Online? See this post for handy tips.)

update your mailing address and contact info in Retirement Online

Other Ways to Update Your Mailing Address

If you don’t have a Retirement Online account, there are other ways to update the mailing address we have on file for you.

  • By Email
    If your new address is not a PO box or international address, you can email your address change information using the secure contact form on our website. Be sure to complete all form fields and provide your old and new address.
  • By Mail
    You can complete and submit a change of address form by mail (use the form if your new address is a PO box or an international address). Mail your completed form to:
    • NYSLRS
    • 110 State Street
    • Albany, NY 12244-0001

Questions About Your NYSLRS Membership? Look Here for Answers

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

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

Retiree

answers
  • 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

answers
  • 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.