Preparing for retirement
etirement is a big step, and we want to make sure members of the New York State and Local Retirement System are ready when the time comes. Below you’ll find tips on preparing for retirement. For in-depth information, visit our Preparing and Applying for Retirement webpage (bit.ly/prepare-and-apply-to-retire).
Understand your NYSLRS pension
Your NYSLRS pension will be based on your tier, service credit, final average earnings, age and retirement plan. Familiarize yourself with your membership milestones (bit.ly/ERS-membership-milestones) and find your retirement plan publication (bit.ly/plan-publication) for information about your retirement benefits and how your pension will be calculated.
Get credit for all your public service
Service credit is one of the major factors in calculating your pension benefit, so it’s important to make sure you get credit for all your public service (bit.ly/Service-Credit-Tiers-2-through-6). You should submit your request for additional service or to reinstate service as early in your career as possible.
Estimate your pension
Finding out how much you can expect to receive is a critical step in preparing for retirement. Most members can estimate their pension (bit.ly/estimate-pension) using Retirement Online in just a few quick and easy steps. Remember, the amounts are estimates, not a guarantee of what you’ll receive when you retire.
Pay off your NYSLRS loan
If you retire with an outstanding loan (bit.ly/NYSLRS-loans#retiring-with-loan), your pension will be permanently reduced, and in most cases, you’ll need to report at least some portion of the loan balance as income to the Internal Revenue Service. If you retire before age 591/2, the IRS may also charge an additional 10 percent penalty. Make sure you’re on track to pay off your loan before you retire.
Schedule a pre-retirement consultation
Before you apply for retirement, you may want to schedule a pre-retirement consultation (bit.ly/pre-retirement-consultations) to review your benefits and ask any questions you may have.
Use Retirement Online
Retirement Online (bit.ly/RO-sign-in) is the fastest and most convenient way to access your retirement account information and conduct business with NYSLRS.
In every issue, State Comptroller Thomas P. DiNapoli, administrator of the New York State and Local Retirement System (NYSLRS), 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.
Estimate your pension
Finding out how much you can expect to receive is a critical step in preparing for retirement. Most members can estimate their pension (bit.ly/estimate-pension) using Retirement Online in just a few quick and easy steps. Remember, the amounts are estimates, not a guarantee of what you’ll receive when you retire.
Pay off your NYSLRS loan
If you retire with an outstanding loan (bit.ly/NYSLRS-loans#retiring-with-loan), your pension will be permanently reduced, and in most cases, you’ll need to report at least some portion of the loan balance as income to the Internal Revenue Service. If you retire before age 591/2, the IRS may also charge an additional 10 percent penalty. Make sure you’re on track to pay off your loan before you retire.
Schedule a pre-retirement consultation
Before you apply for retirement, you may want to schedule a pre-retirement consultation (bit.ly/pre-retirement-consultations) to review your benefits and ask any questions you may have.
Use Retirement Online
Retirement Online (bit.ly/RO-sign-in) is the fastest and most convenient way to access your retirement account information and conduct business with NYSLRS.
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.