Here is an important retirement planning tip — most members can create their own pension estimate in minutes using Retirement Online. Your estimate will be based on the most up-to-date account information we have on file for you. You can enter different retirement dates to see how those choices would affect your benefit. When you’re done, you can print your pension estimate or save it for future reference.
Remember, the pension amounts you’ll see are just an estimate; it is not a guarantee of what you’ll receive when you retire.
Most Tier 2 through 6 members (more than 90 percent of all NYSLRS members) can use the Retirement Online pension calculator. However, some members may not be able to because of their circumstances — for example, members who recently transferred to NYSLRS, some PFRS members, or Tier 6 members with between five and ten years of service. The system will notify you if your estimate cannot be completed using the Retirement Online pension calculator. Please contact us to request a pension estimate if you receive this notification.
Tier 5 and 6 members are subject to limits on the amount of overtime that can be included in their pension. You can earn overtime pay beyond the overtime limit, but it won’t be factored into your pension calculation. And you don’t pay member contributions on overtime pay that is above the limit.
Tier 5 Overtime Limits
The overtime limit for Tier 5 Employees’ Retirement System (ERS) members increases each calendar year by 3 percent. In 2024, the limit for Tier 5 ERS members is $22,688.85.
For Tier 5 Police and Fire Retirement System (PFRS) members, the overtime limit is 15 percent of your regular earnings each calendar year.
The overtime limit for Tier 6 ERS members increases each calendar year based on the annual increase of the Consumer Price Index (CPI). In 2024, the limit for Tier 6 ERS members is $20,459.
For Tier 6 PFRS members, the overtime limit is 15 percent of your regular earnings each calendar year.
Your NYSLRS pension will be based on your service credit and final average earnings (FAE). Your FAE is the average annual earnings you receive during the period when your earnings are highest (36 consecutive months for Tier 5 and 60 consecutive months for Tier 6). Your FAE will include overtime pay you earned up to each annual limit.
Your FAE may be limited in other ways. For example, for most members, if your earnings increase significantly in the years used for your FAE, some of those earnings might not count toward your pension. The specific limits depend on your tier. Visit our Final Average Earnings page for more information about this limit.
Your retirement plan publication provides specific information about the earnings that will be used to calculate your pension. Visit our website to Find Your NYSLRS Retirement Plan Publication.
Estimate Your Pension in Retirement Online
Most members can create their own pension estimate in minutes using Retirement Online. You can enter different retirement dates to see how those choices would affect your benefit. Sign in to Retirement Online and click the “Estimate my Pension Benefit” button to try it.
Planning on taking out a NYSLRS loan? Applying through Retirement Online is fast and convenient.
Eligibility for a NYSLRS loan is based on your tier. Generally, you’ll need to be on the payroll of a participating employer, have at least one year of service and have sufficient contributions in your account. (Note: Retirees are not eligible for NYSLRS loans.)
Retirement Online is the Fastest Way to Apply
When you use Retirement Online, NYSLRS receives your application immediately and can process your loan more quickly. It’s also an easy way to check the amount you are eligible to borrow, your balance on any outstanding loans, and more.
In the ‘I want to…’ section, click the “Apply for a Loan” button.
Follow the prompts.
As you work your way through the online application, you’ll see:
How much you are eligible to borrow;
The minimum repayment amount;
The expected payoff date; and
How much you can borrow without tax implications.
If you apply for a loan and you already have an existing loan (or loans), you’ll choose one of two options:
Multiple loans: With multiple loans, you are taking a new loan, and each of your outstanding loans has a separate five-year due date and minimum payment. The minimum payments for each of your loans are added together for one total minimum payment. This combined minimum payment amount is higher than the minimum would be if you choose a refinanced loan, but with multiple loans, as each loan is paid off, your total minimum payment goes down.
Refinance your existing loan: Refinancing your loan adds your new loan amount to your existing balance and consolidates the entire amount as one loan instead of taking separate loans. Minimum payment amounts for refinanced loans are lower than the minimum for multiple loans because when you refinance, we combine your existing loan balance with your new loan and spread out the repayment over a new five-year term. However, this increases the portion of your loan that may be considered a taxable distribution, and federal withholding can significantly reduce the loan amount that you receive.
There is a service charge of $45 that will be deducted from your loan check when it is issued. The current interest rate is 5 percent. The interest rate will remain fixed for the term of your loan.
If your case status says “Closed” before close of business on Wednesday, your check will be in the mail that Friday.
You will also receive a confirmation letter when your loan case has been completed. You can find it in your Retirement Online account under “View Documents.”
Repaying Your NYSLRS Loan
Loan payments are deducted from your paycheck. If you choose to repay the minimum amount, your payroll deduction may be increased periodically to ensure your loan will be repaid within the required five-year repayment term. You can increase your payroll deduction amount, make additional payments or pay your loan in full at any time with no prepayment penalties. Retirement Online is the easiest way to manage your loan payments. Sign in to your account and select “Manage my Loans.”
Retiring With an Outstanding NYSLRS Loan
If you retire with an outstanding loan, your pension will be reduced. You will also need to report at least a portion of the loan balance as ordinary income (subject to federal income tax) to the IRS. If you retire before age 59½, the IRS may charge an additional 10 percent penalty. If you are nearing retirement, be sure to check your loan balance. If you are not on track to repay your loan before you retire, you can increase your loan payments, make additional lump sum payments or both in Retirement Online.
Note: Employees’ Retirement System (ERS) members may repay their loan after retiring, but they must pay the full amount (that is, the amount that was due on their retirement date) in a single lump-sum payment. Once you do, your pension benefit will increase from that point on, but it will not be adjusted retroactively back to your date of retirement.
Visit Our Website for More Information
For more information about NYSLRS loans, including what happens if you go off payroll or default on your loan, visit our Loans page. Need help with Retirement Online? See our Tools and Tips blog post.
NYSLRS retirement plans provide death benefits for beneficiaries of eligible members who die before retiring. If you are retired, your beneficiaries may be entitled to a post-retirement death benefit.
It’s important to name beneficiaries and review them periodically. Life circumstances sometimes change, and the beneficiary you named before might not be the one you would choose today. For example, if you just married, you may want to update your NYSLRS account information to name your new spouse as your beneficiary.
2 Types of Beneficiaries
Your primary beneficiary will receive your death benefit. You can list more than one primary beneficiary. If you do, they will share the benefit equally. Or you can choose different percentages for each beneficiary to total 100 percent. (Example: John Doe, 50 percent; Jane Doe, 25 percent; and Mary Doe, 25 percent.)
A contingent beneficiary will only receive a benefit if all your primary beneficiaries die before you do. If you list multiple contingent beneficiaries, they will share the benefit equally unless you choose different percentages.
Special Beneficiary Designations
Your beneficiary doesn’t have to be a person. You can name a charity, a trust or your estate as your beneficiary.
Estate. When you die, your estate is the money and property you owned. Your death benefit will be given to the executor of your estate to be distributed according to the terms of your will. You can name your estate as the primary or contingent beneficiary of your death benefit. If you name your estate as the primary beneficiary, do not name a contingent beneficiary.
Trust. You can name a trust as a primary or contingent beneficiary if you have a trust agreement or provided for a trust in your will. The trust itself would be your beneficiary, not the individuals for whom you established the trust. (Speak with your attorney if you’re thinking about making your trust a beneficiary.)
Entity. You can also name any charitable, civic, religious, educational or health-related organization as a beneficiary.
Minor children. If your beneficiary is under the age of 18 at the time of your death, your benefit will be paid to the child’s court-appointed guardian. You may instead choose a custodian to receive the benefit on the child’s behalf under the Uniform Transfers to Minors Act (UTMA). Custodians can be designated in Retirement Online or you can contact us for more information and the appropriate form before making this type of designation.
Keep Your Beneficiaries Up to Date
You can change your beneficiaries at any time. In addition to adding or removing them to reflect your current wishes, you should review the contact information for your named beneficiaries so we can find them when needed.
The fastest way to view or update your beneficiaries is in Retirement Online.
Most NYSLRS members contribute a percentage of their earnings to help fund pension benefits. For Tier 6 members (those who joined NYSLRS on or after April 1, 2012), that percentage, or contribution rate, can change from year to year based on your earnings. The minimum rate is 3 percent of your earnings, and the maximum is 6 percent.
When Tier 6 Contribution Rates are Determined
A Tier 6 member’s contribution rate is calculated annually. New rates become effective on April 1, the beginning of the state’s fiscal year. Once your rate is determined for a given fiscal year, it doesn’t change for the rest of that fiscal year. We provide rates to your employer in March, a few weeks before they need to apply any rate changes.
How Your Tier 6 Contribution Rate is Calculated
If you are a new NYSLRS member, during your first three years of membership your contribution rate is based on an estimated annual wage that your employer provided when you were enrolled as a new member.
If you have been a member for three or more years, NYSLRS calculates your rate using the earnings reported to us by your employer from the last completed fiscal year, April 1, 2022 through March 31, 2023.
Rates are calculated using your base pay, which includes:
Update for 2024: Overtime is no longer excluded from the Tier 6 contribution rate calculation.
Legislation enacted during the COVID-19 emergency temporarily removed overtime from the Tier 6 contribution rate calculation. For some Tier 6 members, this meant lower contribution rates for up to two years, from April 1, 2022 through March 31, 2024.
Beginning April 1, 2024, overtime will be included in the calculation of contribution rates.
This video will help explain how your contribution rate is determined:
How Your NYSLRS Pension Works
The amount you contribute to the Retirement System does not affect the amount of your pension. A NYSLRS pension is a defined-benefit plan. Under this type of plan, once you are eligible for a pension and apply for retirement, you will receive a monthly payment for the rest of your life. The amount of your pension will be calculated using a formula based on your retirement plan, years of service and final average earnings.
You can learn more about how your pension will be calculated by reading your retirement plan publication. Use our Find Your NYSLRS Retirement Plan Publication tool to find yours.
Member Annual Statements are distributed to NYSLRS members each spring. Don’t wait for a mailed copy — get your Statement online instead! You can update your delivery preference in Retirement Online to receive an email when your Statement is available.
From your Account Homepage, click “update” next to ‘Member Annual Statement by.’
Choose “Email” from the dropdown.
Check and Update Your Contact Information
Retirement Online is the fastest way to check your contact information and update it if needed. If you don’t already have an email address on file, please provide it so that we can contact you quickly if we need to notify you about important information such as a change to your benefits. Use a personal email address you will have access to before and after you retire, rather than a work email address. You should also make sure your mailing address and phone number are current.
To update your contact information, click “update” next to your email address, mailing address or phone number to make corrections.
Use Retirement Online to Stay Informed
Your annual Statement is a snapshot of your NYSLRS account as of March 31. For the most up-to-date information year-round, sign in to your Retirement Online account.
In Retirement Online, you can view your date of membership, tier, retirement plan, estimated total service credit and more. Check out what else members can do in Retirement Online.
When it comes to managing your NYSLRS account, Retirement Online is the fastest way to do it. Skip printing forms, having them notarized and sending them through the mail — when you submit your requests online, NYSLRS has them immediately and your changes will be completed more quickly. It’s convenient, and it’s secure.
Here’s a look at some of the things NYSLRS members (not yet retired) can do online.
View Your Account Information
Sign in to Retirement Online for easy access to key information to help you plan for retirement. On your Account Homepage, you can find your date of membership, tier, retirement plan (which you can use to find your retirement plan publication), estimated total service credit and more.
Change Your Delivery Preference to Email and Help Us ‘Go Green’
Save time and reduce paper waste — help us ‘go green’ by choosing the paperless option. When you choose to receive information from NYSLRS electronically, we will send you an email when important documents and letters are ready to view in Retirement Online.
From your Account Homepage, click the “update” link next to ‘Contact by’ or ‘Member Annual Statement by.’
Choose “Email” from the dropdown menu.
If you choose “Email” as your delivery preference, you will not receive a printed copy in the mail.
Update Your Contact Information
It’s important that we have your current contact information so you receive the news, letters and statements that we send you. You can update your email address, mailing address and phone number in the ‘My Profile Information’ section of your Account Homepage. Just click “update” next to the item you’d like to change. Use a personal email address that you will have access to before and after you retire, rather than a work email address.
View and Update Your Beneficiary
NYSLRS retirement plans provide death benefits for beneficiaries of eligible members who die before retiring. It’s a good idea to review your beneficiaries from time to time to make sure your choices reflect your current wishes. Retirement Online is the fastest way to add or remove beneficiaries or update their contact information. Click the “View and Update My Beneficiaries” button to get started.
Estimate Your Pension
How much will your pension be? It’s an important question as you’re planning for retirement. In just a few steps, most members can estimate their retirement benefit based on up-to-date account information, then save or print the estimate. Entering different dates and comparing the results can help you choose the retirement date that’s right for you. From your Account Homepage, click the “Estimate my Pension Benefit” button.
Apply for a Loan and Manage Loan Payments
It’s easy to apply for a loan in Retirement Online. If you are eligible to take a loan against your retirement contributions, you can see how much you can borrow, your repayment options and whether your loan will be taxable — all before you apply. Click the “Apply for a Loan” button to start an application.
If you have an existing loan, you can click the “Manage My Loans” button to adjust your payment amount or to make an additional one-time payment.
Request Credit for Previous Service
If you worked for a participating public employer before joining NYSLRS, or if you served in the U.S. Armed Forces, you may be able to purchase service credit for that time. Click the “Manage My Service Credit Purchases” button to request credit and upload any supporting documentation.
Purchase previous service credit as soon as possible. It’s cheaper and will make it easier to calculate your final monthly pension payment.
Get Your Member Annual Statement Faster
Your Member Annual Statement can help you understand your benefits. It’s a snapshot of your NYSLRS account based on the information we have on file for you as of March 31 each year, the close of our fiscal year. Statements will be available online in the spring, sooner than printed copies will be mailed — update your delivery preference to “Email” to get notified when it’s available online.
Generate a Mortgage Verification Letter
If you need to provide proof of your NYSLRS account information for a mortgage, you can get your own income verification letter online. From your Account Homepage, in the ‘I want to…’ section at the top right, click the “Generate Income Verification Letter” link. You can print a document that shows your contribution balance, and — if you have an outstanding loan — the date of your last loan, the current balance and the interest rate.
Apply for Retirement
When you are ready to retire, Retirement Online allows you to skip the hassle of mailing paper forms or visiting our office. You can apply for a service retirement benefit, choose your pension payment option, sign up for direct deposit and submit retirement-related paperwork online. A big advantage of applying online is that you don’t have to get anything notarized. Read our blog post about applying for retirement for more information and links to resources.
Other Online Transactions
If you previously were a member of another New York State public retirement system before joining NYSLRS, your service could be recredited and your date of membership and tier restored. You can click the “Reinstate a Previous Membership” button to get started.
If you leave public employment with less than ten years of service credit, you can use Retirement Online to withdraw your membership. However, this will terminate your membership with NYSLRS. If you have any questions, speak with a customer service representative before you submit your withdrawal application. You can message them using our secure contact form.
If you need help accessing Retirement Online, here’s some handy information to help you register, sign in, reset your password and more.
Registering for Retirement Online
For security reasons, when you sign up for an account, you will be asked to identify yourself, confirm your Social Security number and verify your identity. Then you’ll be asked to create your user ID and password. Read our Registering for Retirement Online guide for help with the registration process.
After you sign in for the first time, you’ll be asked to choose security questions and submit answers. Make sure you remember your responses — you’ll need to answer these questions again if you are ever locked out of your account or need to reset your password.
Keep Your Password Current
Be sure to sign in at least once a year and update your password so it doesn’t expire.
Forgotten User IDs or Passwords
You can retrieve your user ID or reset your password on your own.
To look up your user ID, go to the Retirement Online sign-in page. Click the “Forgot ID” link above the User ID field. From there, you can identify yourself and answer security questions to receive your user ID. Read our Forgot User ID guide for step-by-step information.
If you’ve forgotten your password, click the “Forgot Password” link above the Password field. You’ll identify yourself with your user ID and answer security questions to reset your password. Read our Forgot Password guide for step-by-step information.
Account Lock Out
When signing in to Retirement Online, you have a limited number of attempts to enter your user ID and password correctly. After that, the system will lock your account for security purposes. If this happens to you, don’t worry. Most users can unlock their own account and set a new password in just five steps.
Click “OK” on the pop-up message saying your account is locked.
Select how you want to receive your security code and click “Next.”
Enter the security code you received and click “Submit.”
Correctly answer secret questions that you created when you first registered.
Enter a new password and click “Reset Password.”
What Web Browser to Use
Retirement Online works best in Microsoft Edge and Google Chrome. If you’re having trouble signing in, clearing your browsing data may help. Read our Clear Your Cache guide for step-by-step information.
Retirement Online is generally available:
Monday, Wednesday and Friday from 7:00 am to 10:00 pm
Tuesday and Thursday from 7:00 am to 6:00 pm
Weekends from 6:00 am to 11:00 pm
Over time, we will expand our hours to better serve you. For more information and the latest hours of availability, please visit our Retirement Online Sign In page.
You can find more information and tips on our Retirement Online page. If you need help, contact our customer service representatives for assistance. You can call them at 866-805-0990. Press 2 and follow the prompts. The Call Center is open Monday through Friday, from 7:30 am to 5:00 pm.
Your NYSLRS pension can provide a significant portion of your retirement income, but it’s also a good idea to supplement your pension and Social Security with a retirement savings account.
Retirement savings can be an important financial asset when you retire. Savings can enhance your retirement lifestyle and give you the flexibility to do the things you want. Your savings can provide money for you to travel, continue your education, pursue a hobby or start a business. The money you set aside can also be a resource in case of an emergency, act as a hedge against inflation and boost your retirement confidence.
Set a Retirement Savings Goal
How much to save is a personal decision, but here are some things to consider.
Financial advisers often recommend saving 10 to 15 percent of your gross earnings throughout your career to retire comfortably. However, that advice is aimed at people with 401(k)-style defined contribution retirement plans as their main source of retirement income.
As a NYSLRS member, you’re part of a defined benefit plan, also known as a traditional pension plan. Your pension, based on your years of service and earnings, will provide a lifetime benefit. You can estimate your pension in Retirement Online to get an idea of the income it will provide in retirement.
Having a pension means you may not need to save as much as someone with only a 401(k). Use a retirement savings calculator to see how much a retirement savings plan could yield over time, or test the results of different savings amounts.
Below you can see potential savings results of someone who invests 50 dollars every two weeks over 30 years. While the stock market can be turbulent over the long term, stock market returns average about 10 percent a year.
As you get closer to retirement, you should develop a plan to withdraw money from your retirement savings. A withdrawal plan will give you a better idea of the income you might expect from your nest egg.
Here is one possible withdrawal strategy, which was designed to provide retirement income for 20 years. Please note, if your retirement is far in the future, the money you withdraw may not have the same value that it has today. However, while inflation has been high recently, it does cycle and has been lower in the past.
If you find you’ll need to save more to meet your goal, you can make adjustments to help ensure you’ll have enough savings in retirement.
Deferred Compensation – A Way to Save
State employees and many municipal employees are eligible to save for retirement through the New York State Deferred Compensation Plan. Once you’ve signed up, your retirement savings, which may be tax-deferred, depending on your plan, will be automatically deducted from your paycheck. (The Deferred Compensation Plan is not affiliated with NYSLRS.)
Check with your employer’s human resources or personnel office to see if they participate in the Deferred Compensation Plan or if they offer other savings options.
Read More About Retirement Savings
You can find more information about saving for retirement in these posts:
Ready to retire? Retirement Online makes it fast and convenient to apply for retirement. There are no forms to mail in and nothing to have notarized. If you don’t already have an account, sign up today.
As a reminder, you must submit your application 15 – 90 days before your retirement date. Before you apply for retirement, make sure you have proof of your date of birth on hand. If you choose a pension payment option that leaves a lifetime benefit to a beneficiary when you die, we will need proof of their birth date too.
Retirement Online Makes It Fast and Convenient to Apply for Retirement
Sign up for direct deposit (have your bank account information ready);
Upload required documents, such as proof of date of birth;
Pay off your NYSLRS loan or service credit purchase; and
Review your employment history.
After you click the “Submit” button, make sure you receive a confirmation message that your retirement application has been successfully submitted before closing your browser.
One Exception — Disability Retirement
NYSLRS provides disability benefits for members who are permanently disabled and cannot perform their duties because of a physical or mental condition. Applications for disability retirement can’t be submitted in Retirement Online. Members who wish to apply for a disability retirement need to submit a paper application. Visit our Disability Benefits page for more information.
For Benefit Information, Read Your Retirement Plan Publication
Your service and disability retirement benefits and death benefits are based on your tier, plan, service credit, and other factors. For comprehensive information about your available benefits, find your NYSLRS retirement plan publication.
