Tag Archives: Retirees

Visit NYSLRS and OUF at the New York State Fair

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If you’re visiting the Great New York State Fair, stop by and see us.

The celebration of everything New York begins Wednesday, August 23 and runs through Monday, September 4 (Labor Day). Our information representatives will be at the fairgrounds in Syracuse from 10:00 am to 9:00 pm to help members and retirees with their retirement planning and benefit questions. You’ll also be able to pick up retirement plan brochures and forms, request an estimate that will be mailed to you and get help registering for a Retirement Online account.

The NYSLRS booth will be in the Center of Progress Building, Building 3 on the State Fair map, near the Main Gate.

State Fair

Find Unclaimed Funds at the State Fair

OSC’s Office of Unclaimed Funds booth will also be in the Center of Progress Building. An unclaimed fund is lost or forgotten money, perhaps in an old bank account or insurance policy, that has been turned over to the State. See if any of that money is yours. So far this year, State Comptroller Thomas P. DiNapoli and the Office of Unclaimed Funds have returned more than $295 million.

Special Fair Days

Wednesday, August 23

  • Opening Day — Governor’s Day

Thursday, August 24

  • Student Youth Day — Youth and students under 18 years of age are admitted free on this day. ID showing date of birth may be requested.
  • Agriculture Career Day

Friday, August 25

  • Pride Day — The first State fair in America to host an official Pride Day to celebrate the LGBTQIA+ community.
  • New Americans Day

Monday, August 28

  • Law Enforcement Day — Free admission to any active or retired law enforcement or corrections personnel who present a badge or picture ID from the department from which they are or were employed.

Tuesday, August 29

  • Comptroller DiNapoli Visits the Fair — He is the trustee of the New York State Common Retirement Fund and is the administrator of NYSLRS. He will present area residents and organizations with unclaimed funds, and he’ll be stopping by the NYSLRS booth during the day.
  • Fire & Rescue Day — Free admission to any active or retired member of a fire department or emergency services organization who presents a picture ID from that department or organization.
  • Beef Day

Wednesday, August 30

  • Women’s Day

Thursday, August 31

  • Armed Forces Day — Free admission to any active-duty service member or veteran with military identification (military ID card, form DD-214 or NYS driver license, learner permit or nondriver ID card with a veteran designation).
  • Dairy Day
  • Stomp Out Stigma Day

Friday, September 1

  • Native American Day — Free admission to all members of Native American tribes, no ID required.

Saturday, September 2

  • Apple Day 

Monday, September 4

  • Labor Day

COLA Coming in September

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Eligible NYSLRS retirees will see a cost-of-living adjustment (COLA) in their monthly pension payments at the end of September 2023. This is a permanent annual increase to your retirement benefit that is based on the cost-of-living index and a formula set by State law. For upcoming pension payment dates, check our pension payment calendar.

COLA Coming Soon

How the COLA is Determined

The COLA is based on the rate of inflation, as reflected in the consumer price index published by the U.S. Bureau of Labor Statistics. The law requires that COLA payments be calculated based on 50 percent of the annual rate of inflation, as measured at the end of the State fiscal year (March 31). Once you are eligible, your annual increase will be at least 1 percent, but no more than 3 percent.

The percentage is applied to the first $18,000 of your benefit as if you had chosen the Single Life Allowance pension payment option, even if you selected a different option at retirement. Using the Single Life Allowance gives you the highest COLA amount possible, since this option pays the highest benefit. Once your COLA payments begin, you will automatically receive an increase to your monthly benefit each September.

The September 2023 COLA is 2.5 percent, for a maximum annual increase of $450.00, or $37.50 per month before taxes.

COLA Eligibility

When Will You See the Increase?

Eligible retirees will see the annual 2023 COLA in their end-of-September pension payment, which will be available to those with direct deposit on September 29, 2023. If you receive a paper check, your COLA will be included in the check mailed on September 28, 2023.

Viewing Your Benefit Payment

You can view your benefit payment pay stubs, including your current COLA amount, in Retirement Online. At the end of September, if you are eligible for the increase, you’ll be able to view a breakdown of your September payment with your new COLA amount.

To view your pension payments, sign in to Retirement Online. From the top of your Account Homepage, in the ‘I want to’ section, click the “View Pension Check” link. Then select the date of the pension payment that you want to view. You’ll see a list of payments you received beginning with your January 2023 payment and going forward. If you have direct deposit, you will also receive a notification of the net change in your monthly payment amount at the end of September.

Add a NYSLRS Publication to Your Summer Reading List

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Looking for some summer reading to add to your e-reader? Check out these publications from NYSLRS for important retirement information.

Add a NYSLRS Publication to Your Summer Reading List

1. Retirement Plan for ERS Tier 6 Members (Article 15)

Are you one of more than 350,000 Tier 6 Employees’ Retirement System (ERS) members covered by Article 15? Your retirement plan publication explains some of the benefits and the services available to you, including service retirement, disability retirement, death benefits and more. Read it now.

2. Retirement Plan for ERS Tier 3 and 4 Members (Articles 14 and 15)

If you’re not in Tier 6, you’re likely among more than 260,000 Tier 3 and 4 ERS members covered by Article 14 and 15. Check out your publication to find out about the benefits and the services available to you. Read it now.

3. Service Credit for Tiers 2 Through 6

The service credit you earn as a NYSLRS member is an important factor in the calculation of your pension. This publication explains the service you can earn credit for and how you can request to purchase credit for additional public employment or military service. Read it now.

4. What If I Leave Public Employment?

While we hope you stay a NYSLRS member throughout your working career, we understand that circumstances can change. If you leave public employment, this publication explains what you’ll need to do and what happens to your NYSLRS membership. Spoiler: It depends on how much service you have. Read it now.

5. What If I Work After Retirement?

Generally, NYSLRS retirees under age 65 can earn up to $35,000 per calendar year from public employers in New York State without affecting their NYSLRS pension. However, you should be aware of the laws governing post-retirement employment and how working after retirement may impact your retirement benefits. If you are considering working while collecting your pension, you should read this publication. If you already work in public employment as a NYSLRS retiree, read our Update Regarding Retiree Earnings Limit blog post for information about recent legislation and Governor’s executive orders that affect the limit.

Other Publications

Looking for other retirement plans? Maybe you’re a police officer, a firefighter, a sheriff or a correctional officer. You can find your retirement plan publication on our website. Visit our Publications page for more general information topics such as Life Changes: Why Should I Designate a Beneficiary?

Retirement Myths vs Facts

Common Retirement Myths

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retirement myths versus facts

Retirement law can be confusing. Sometimes a small misunderstanding can have a big impact on your benefit. That’s why it’s important to correct some common retirement myths. Here are the top five:

Retirement Myth #1

myth

My NYSLRS contributions go into a personal 401(k)-style savings account that I will get when I retire.

fact

NYSLRS is a defined benefit plan. Your pension will be based on your earnings and years of service  — it will not be based on your contributions.

Retirement Myth #2

myth

If I work for more than one NYSLRS participating employer, the service credit from both will count toward my pension benefit.

fact

It depends. You can only earn one year of service credit in a 12-month period. If you work part-time for two participating employers, you would receive credit toward retirement from both, up to the maximum of one year. However, if you already work full-time for one NYSLRS employer plus you work part-time for another employer, your part-time job won’t increase your retirement service credit. Also, if you are a full-time employee of a school district, you won’t earn extra service credit if you work during the summer.

Retirement Myth #3

myth

NYSLRS administers health insurance coverage for its retirees.

fact

NYSLRS does not administer health insurance programs. We may deduct premiums from a retiree’s monthly pension benefit to pay for health insurance coverage if their former employer instructs us to do so, but we can’t answer questions about coverage or changes in premium amounts.

The New York State Department of Civil Service administers the New York State Health Insurance Program (NYSHIP) for New York State retirees and some municipal retirees. If you are still working, your employer’s human resources (personnel) office should be able to answer your questions about post-retirement coverage.

Retirement Myth #4

myth

I can take out a NYSLRS loan after I retire.

fact

You need to actively work for New York State or a participating employer to borrow against your retirement contributions. NYSLRS loans are not available to retirees.

Retirement Myth #5

myth

If I’m vested and no longer working for a public employer, NYSLRS will automatically start paying my pension as soon as I’m eligible.

fact

Your pension is not automatic. You must apply for retirement 15 to 90 days before your retirement date. Your retirement date is up to you. Most NYSLRS members can begin collecting their pension as early as age 55. If you retire between age 55 and your full retirement age (62 of 63, depending on your tier and plan), you may face a permanent benefit reduction. If you have left public employment though, your benefit won’t increase after you reach full retirement age, so delaying retirement beyond that point can cost you money.

You can find more answers about your NYSLRS benefits in your retirement plan publication. If you have account-specific questions, please message our customer service representatives using our secure contact form.

A Good Plan Can Ease Your Transition to Retirement

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When people talk about retirement planning, they’re usually talking about money. But there’s another aspect that people often forget: what will you do with all that newfound free time? After decades of hard work, the thought of sleeping late and taking it easy is pretty attractive. But the transition to retirement is a big deal, and many retirees don’t consider the psychological aspects of the change. We’ve gleaned some advice from professional sources.

A Good Plan Can Ease Your Transition to Retirement

Create a Plan and Schedule

However you feel about your job right now, it’s an important part of your life. It provides structure, mental stimulation and social interaction. Retiring can leave a void, and streaming the latest shows or making frequent trips to the grocery store may not be enough to fill it. Empty or aimless hours can lead to boredom, disenchantment and even depression.

You may have a long list of things to do, places to go, and hobbies to take up, but if you don’t decide where to begin, it can be hard to get started. You’ll need to actively plan your activities and create a schedule to successfully manage your time in retirement. Write down how you’d like to spend each day of the week, blocking out time for chores, social engagements, hobbies and exercise. Sticking to a schedule can keep your days structured and give you a sense of accomplishment.

Stay Engaged

For many people, staying busy and remaining socially engaged are essential to a satisfying transition to retirement. That’s one reason why some retirees take on part-time or seasonal jobs.

A job in retirement doesn’t necessarily mean continuing to do the same old thing. Retirement is an opportunity to reinvent yourself. Do something you’ve always wanted to do, something fun and challenging.

Maybe the job for you is one that doesn’t pay at all, at least monetarily. There are countless organizations looking for volunteers.

Volunteering just a few hours a week will give you something to look forward to and keep you connected to the outside world, which can improve both your mental and physical well-being.

Exercise Your Body and Brain

Regular exercise not only keeps you physically fit — it also increases your sense of well-being. Whatever you do to exercise, make it part of your regular schedule. Consider taking a fitness class at a local gym, which also adds a social element to your workout. Maybe you can up the ante by trying something new, like a martial arts class.

Don’t forget to exercise your brain. A course or workshop can help you discover a new side to yourself (the painter, the mystery writer, the master of topiary). You may even want to enroll in classes at a local community college or return to school full-time.

Whatever you do, make sure it’s part of a plan — a plan for a happier retirement.

Public Pensions Give Economic Boost to Small Towns, Rural Areas

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Small towns and rural areas in New York and across the United States get an important economic boost from public pensions, a recent study concludes.

Public Pensions Give Economic Boost to Small Towns and Rural Areas Across New York

Why Public Pensions Give an Economic Boost

Because of their smaller economies, less-populated counties benefit more from pension dollars than larger, urban counties, according to Fortifying Main Street: The Economic Benefit Of Public Pension Dollars In Rural America.

In many small towns and rural communities, the report notes, school districts and local governments are the largest employers. Those public employees typically remain in their communities after retirement, and the authors attribute the economic boosts they found to pension dollars spent locally on goods and services.

Across New York State, public pensions were responsible for 1.6 percent of gross domestic product (GDP) in 2018. (GDP, the total value of goods and services produced during a specific period, is a common gauge of economic activity.) However, during the same period:

  • Wyoming County in western New York, where a handful of villages dot a rural landscape, saw public pensions generate 4.6 percent of GDP.
  • Hamilton County, with fewer than 5,000 people, received an economic boost from public pensions that accounted for 6.3 percent of GDP.

The study’s findings are in line with data showing the impact NYSLRS retirees have on local economies and other studies about the economic benefits of pensions.

Notes on the Data

Fortifying Main Street, which was released in July by the National Institute on Retirement Security (NIRS), examines pension data from 2,922 counties in 43 states. Based on criteria used by the federal Office of Budget Management, it divides counties into three main categories: metropolitan, small-town (or micropolitan) and rural. The study also analyzes data from counties that are home to the state capital, because these places tend to have higher numbers of public retirees. In Albany County, public pensions generated 2.7 percent of GDP.

Hamilton County is the only county in New York defined as rural in the study, but 16 counties, including Wyoming County, fit the “small town” criteria. You can read the full report on the NIRS website.

The study uses pensions paid by NYSLRS, the New York State Teachers’ Retirement System, the Teachers’ Retirement System of New York City and the New York City Employees’ Retirement System in its data for New York State.

Snapshot of NYSLRS Retirees

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NYSLRS was providing pension benefits to 507,923 retirees and beneficiaries as of March 31, 2022.

Nearly 79 percent of NYSLRS retirees and beneficiaries — some 399,628 — live right here in New York State, and they can be found in every region and county. The Capital District, for instance, is home to more than 64,000 retirees and beneficiaries, with roughly the same number living on Long Island.

These New York retirees live in our communities, and their pension money flows right back into our neighborhoods. Retirees in New York pay local property and sales taxes, and their spending supports local businesses, stimulates the economy and generates thousands of jobs.

NYSLRS Retirees in the United States

NYSLRS Retirees in the United States

NYSLRS retirees can also be found in every state. Florida, not surprisingly, is the number two choice after New York, with nearly 39,885 calling the Sunshine State home. North Carolina is third, with 10,011 retirees, followed by New Jersey, with 8,302. North Dakota has the fewest, with only 20 retirees and beneficiaries. Another 646 live outside the United States.

Learn More

Extensive information about our retirees and members, the Common Retirement Fund and Fund investments can be found in our latest Annual Comprehensive Financial Report. This report, published each fall, has a wealth of information about the Retirement System, its investments, strategies and financial position. It also provides details about NYSLRS’ nearly 1.2 million members, retirees and beneficiaries.

Where in New York are NYSLRS Retirees?

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NYSLRS retirees tend to stay in New York, where their pensions are exempt from State and local income taxes. In fact, 79 percent of NYSLRS’ 507,923 retirees and beneficiaries lived in the State as of March 31, 2022. And more than half of them lived in just ten of New York’s 62 counties.

So where in New York do these retirees call home? Well, there are a lot of NYSLRS retirees and beneficiaries on Long Island. Suffolk and Nassau counties are home to more than 64,000 recipients of NYSLRS retirement benefits, with annual pension payments of nearly $2.4 billion. But that shouldn’t be surprising. Suffolk and Nassau counties have the largest and third largest number of pension benefit recipients, respectively, of all the counties in the State outside of New York City by population. (The City, which has its own retirement systems for municipal employees, police and firefighters, had 24,061 residents who were NYSLRS retirees and beneficiaries.)

NYSLRS retirees in New York

Erie County, which includes Buffalo, ranked number two among counties in the number of NYSLRS retirees, with more than 33,000. Albany County, home to the State capital, ranked fourth with more than 20,000. Monroe, Westchester, Onondaga, Saratoga, Dutchess and Oneida counties round out the top ten.

All told, retirees and beneficiaries in the top ten counties received $6.5 billion in NYSLRS retirement benefits in 2021-2022.

Hamilton County had the fewest NYSLRS benefit recipients. But in this sparsely populated county in the heart of the Adirondacks, those 505 retirees represent about 10 percent of the county’s population. During fiscal year 2021-2022, $11.5 million in NYSLRS retirement benefits was paid to Hamilton County residents.

NYSLRS Retirees Across the United States and Around the Globe

Outside of New York, Florida remained the top choice for NYSLRS retirees, with 39,885 benefit recipients. North Carolina (10,011), New Jersey (8,302) and South Carolina (7,285) were also popular.

There were 646 NYSLRS benefit recipients living outside the United States as of March 31, 2022. These retirees and beneficiaries live throughout the world, with the most common countries being:

  • Canada: 164
  • Israel: 56
  • United Kingdom: 36
  • Italy: 31
  • Jamaica: 31

Whether you retire close to home or move away, you’ll always be a part of NYSLRS. 

Can I change my beneficiary?

Can You Change Your Beneficiary After You Retire?

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Can you change your beneficiary after you retire? That depends. If it’s the beneficiary for your pension, in most cases the answer is no. If you choose a pension payment option that provides a lifetime benefit for a surviving beneficiary, you cannot change that beneficiary, even if they die before you do. If your retirement plan provides a one-time, lump sum death benefit after you retire, you can change your beneficiary (or beneficiaries) for that benefit.

Can you change your beneficiary?

Available Pension Payment Options

At retirement, you will choose from a variety of pension payment options. After your pension becomes payable, you have up to 30 days to change your option. After that, you cannot change your pension payment option for any reason.

  • If you don’t want to leave a lifetime benefit to someone else, the Single Life Allowance option may be right for you, but you won’t be able to change your option and add a beneficiary later. For example, if you’re single when you retire and marry during retirement, you cannot change your option to one that provides a continuing benefit for your spouse.
  • If you want to leave a lifetime benefit to someone, there are several Joint Allowance options you can choose. After your death, if your beneficiary survives you, they will continue to receive all or part of your pension (depending on the specific option you choose) for the rest of their life. For these options, you can only name one beneficiary, and you cannot change that beneficiary after the 30-day window.
  • There are payment options that allow you to change your beneficiary. For example, with the Five Year Certain or Ten Year Certain options, you can change your beneficiary at any time, but these options only provide a short-term benefit for a survivor.

The Post-Retirement Death Benefit

Your pension is not your only NYSLRS retirement benefit. Most NYSLRS retirees are eligible for a death benefit if they retired directly from payroll or within one year of leaving covered employment. This post-retirement death benefit is a one-time, lump-sum payment. You can change your beneficiary for this benefit at any time, and your beneficiaries for this benefit do not have to be the same as your pension payment option beneficiary.

Visit our Death Benefits page for retirees for information about how your post-retirement death benefit is calculated and how to update your beneficiaries if you are retired.

If you have questions about beneficiaries, death benefits or pension payment options, please contact us.