Retirement planning and Your NYSLRS pension
s a member of the New York State and Local Retirement System, you are enrolled in something increasingly rare these days: a defined benefit pension plan (bit.ly/NYSLRS-defined-benefit). It’s a good reason to be optimistic about your finances in retirement, but retirement security still takes planning.
Understand your NYSLRS pension
When you retire from NYSLRS, you’ll receive a guaranteed, lifetime benefit based on your earnings and years of service. A preset formula determines your benefit, not accumulated contributions and investment returns, like with a 401(k)-style plan.
Find your plan publication (bit.ly/find-plan-publication) for details about your NYSLRS benefits — how long you’ll need to work to receive a pension, how your benefit is determined, what death and disability retirement benefits may be available and more. You should consult it regularly, but especially as you prepare for retirement.
Get credit for your public service ASAP
Exploring credit for other public service is among the first things you should do when considering retirement. You may be able to request credit (bit.ly/additional-service-credit) if you worked for a participating employer before joining NYSLRS; worked for a public employer that later participated in NYSLRS; or received an honorable discharge from active military duty.
Estimate your pension
How much will your pension be? It’s an important question as you plan for retirement. Most members can use Retirement Online to estimate their pension (bit.ly/estimate-pension) based on the latest account info we have on file. Enter different retirement dates and beneficiaries to see how they would affect your benefit.
Use Retirement Online to apply for retirement
When you are ready to retire, avoid paper forms and apply online (bit.ly/apply-for-retirement). You’ll be able to see an estimate of your pension, select your payment option, enter federal tax withholding information, sign up for direct deposit, submit required documents and more.
For help registering for Retirement Online or with an existing account, read our Retirement Online Tools and Tips blog post (bit.ly/RO-tools-tips).
In every issue, State Comptroller Thomas P. DiNapoli, administrator of the New York State and Local Retirement System, provides information on the retirement benefits received by many NYSUT SRPs and support staff. If you are a NYSLRS member with a question of general interest, email united@nysut.org.