A few tips for new retirees

Your benefit calculation includes factors such as your tier, age, years of service and final average salary. The state Teachers’ Retirement System has a fiduciary duty to make sure everything is accurate, which is why finalizing your benefit can take nine–12 months (sometimes longer for more complex cases).

Your initial monthly benefit payment is based on information on file and fully processed by NYSTRS at the time of retirement and typically represents 95 percent or more of your final benefit.

You will receive a detailed letter outlining your finalized benefit. In some cases, this benefit includes additional salary and service credit that wasn’t yet reported when you retired — such as your last month or two of work. Tier 2–6 members who reach a key milestone in their final year may see a substantial increase. You can track progress in the Service Credit section of your MyNYSTRS account. If your final benefit ends up being higher, TRS will issue a retroactive lump sum with your first new monthly benefit payment.

You have 30 days from your retirement date to change your benefit payment option. After that, your selection is irrevocable. If you chose a survivor or pop-up survivor option, your beneficiary cannot be changed after that 30-day mark. If you’re not sure what you’ve selected or need to review your choices, you can find that information in your MyNYSTRS account.