Tag Archives: disability retirement benefit

15-Day Notice for Retirement Waived During COVID-19 Emergency

The 15-day waiting period for a NYSLRS member’s retirement to take effect has been temporarily waived by a governor’s executive order. The waiver, which was requested by Comptroller DiNapoli, is designed to protect families who may lose a loved one to COVID-19 before a member’s retirement is official.

Under the waiver, if you plan on filing for retirement through July 5, 2021, you can choose a date of retirement less than 15 days away.

15-day notice waived

Members seeking to service retire should also choose a pension payment option. This is especially important if you wish to name a beneficiary to receive a pension benefit in the event of your death.

Eligible members can file for retirement, choose a date of retirement as early as the next day, and upload retirement-related documents using Retirement Online.

If you choose to file a paper retirement application, you can choose a specific retirement date, or enter “ASAP” and your date of retirement will be the day after your filing date. Find more information about filing for retirement (online or by mail) in our recent blog post, Retirement Online Makes Applying for Retirement Fast, Easy.

A member may withdraw their service retirement application up until the day before they retire.

The waiver will also be effective for members who filed after March 7, 2020 and died due to COVID-19. If these members selected a pension payment option that provides a continuing pension benefit for a beneficiary after their death, and they died of COVID-19, their beneficiary will receive the monthly benefit under the pension payment option that the member chose.

“Many government workers are battling the coronavirus in their communities every day,” New York State Comptroller Thomas P. DiNapoli said. “God forbid something should happen to them before their retirement becomes effective. Waiving the waiting period after filing for service retirement benefits ensures their families will get the benefits that were intended for them. My thanks to Governor Cuomo for acting on our request and taking steps to protect our heroic state and local workers and their families in these tough times.”

The executive order waives the legal requirement that a NYSLRS member’s retirement application be received by the Office of the State Comptroller at least 15 days before their retirement date.

To be eligible for a service retirement benefit, a vested NYSLRS member must be at least 55 years old, unless they are in a special plan that allows retirement after 20 or 25 years regardless of age. For details about NYSLRS service retirement benefits and death benefits, please check your retirement plan booklet, which you can find on our Publications page.

Members who are not yet eligible for a service retirement benefit may want to read our recent blog about applying for a disability retirement benefit.

Filing for Retirement Benefits During the COVID-19 Emergency

The unfortunate reality of the COVID-19 emergency is that some NYSLRS members may become seriously ill and some may die from the disease. That is why it is vitally important that members understand how to apply for retirement benefits, if they need to take that step.

NYSLRS members who become seriously ill from COVID-19 may wish to file for a disability retirement benefit so their beneficiary may be eligible for a continuing pension, rather than a one-time in-service death benefit, if the member dies. 

These members, or their employer on their behalf, need to file the disability retirement application that is appropriate for them according to their retirement plan.

filing for disability retirement benefits during the COVID-19 emergency

Please visit our Disability Benefits page and select “Find Your Application” to help you find the right application. Additionally, the member,  or the member’s spouse, should file a pension payment option election form to identify a beneficiary to receive the continuing benefit. An option election form cannot be filed by the employer. A continuing benefit cannot be paid to a beneficiary unless we receive an option election form.

Applications and option election forms can be emailed directly to NYSLRS’ Disability Processing Unit. If the member dies after applying, the disability retirement application would be effective upon death. If the member recovers, he or she would be allowed to withdraw the disability retirement application. 

Eligible members may also file for a service retirement.  However, a service retirement cannot be canceled if your retirement date has passed. You can file a disability and a service retirement application at the same time. Service retirements can be filed electronically using Retirement Online.

Please call our Contact Center at 866-805-0990 if you have questions.

Should You Join NYSLRS?

Most State and municipal employees are required to join the New York State and Local Retirement System (NYSLRS) when they are hired. But for some employees, such as part-time and seasonal workers, membership is optional. If you’re a member and you know someone who could join NYSLRS, consider sharing this piece with them.

join NYSLRS for membership benefits

What is NYSLRS?

NYSLRS is the third largest retirement system in the nation, with more than 1.1 million members, retirees and beneficiaries. State Comptroller Thomas P. DiNapoli administers the Retirement System and is trustee of the New York State Common Retirement Fund, which holds and invests NYSLRS assets. The Fund had a value of $210.5 billion as of March 31, 2019.

Why Join NYSLRS?

Joining NYSLRS will improve your chances of a secure financial future. You’ll earn credit toward a pension that will provide monthly payments throughout your retirement. But NYSLRS also provides other important benefits.

What Does NYSLRS Offer?

As a NYSLRS member, you’ll be eligible for a pension after you earn ten years of service credit. (This is called being vested.) If you work part-time, service credit is pro-rated. For example, if you work half of the hours that a full-time employee works, you’ll receive six months credit for every year you work.

Also, as a NYSLRS member you’ll be able take loans from your contributions if you’ve earned a year of service credit and meet other requirements. You’ll be eligible for a death benefit once you have one year of service credit, and disability benefits after you have ten years of service credit. (If your disability results from an on-the-job accident, not due to your own willful negligence, there is no minimum service requirement.)  

Over 3,000 employers participate in NYSLRS, allowing you to continue to build on your benefits if you go to work for another government employer. Your benefits also may be transferable to six other public retirement plans in New York.

Making Contributions

As a Tier 6 member, you’ll contribute between 3 and 6 percent of your earnings to the Retirement System. Tier 6 contribution rates vary based on each member’s annual compensation. If you don’t join NYSLRS when you first start working and later decide to purchase your previous service credit, you will need to contribute 6 percent of those earnings plus interest, even if your salary level for the prior time period would have resulted in a lower contribution rate.   

Your NYSLRS pension will be based on your service credit and salary, not on the amount you contribute. A NYSLRS pension is a lifetime benefit. Unlike a 401-k, there is no risk that your pension benefits will be reduced during your retirement.

But what if you join NYSLRS and decide to leave public service before you are vested? You won’t lose your contributions. In fact, you can withdraw your accumulated contributions, plus interest, and roll that money into a retirement savings plan at your new job.

More Information

If you would like to join NYSLRS or just want more information, please contact your employer’s human resources (personnel) office. You may also be interested in our booklet, Membership in a Nutshell.