With each report, you must submit payment for the total amount of contributions, loans and service credit purchase payments withheld from your employees during the report period.
The easiest way to send NYSLRS your monthly payment is by direct debit. Rather than sending us a check, we can withdraw the funds electronically through the automated clearing house (ACH) system.
Wiring funds using ACH is:
- Fast. It eliminates unnecessary handling by mailrooms, post offices, staff, etc.
- Easy. Your payment comes directly to us.
- Secure. It’s the same system used by banks.
- Convenient. It saves time, money and paperwork without sacrificing accuracy, reliability or security.
To get started, submit a completed Electronic Debit Authorization form (RS5542) with your name, bank, account number and the name of the person to be notified when the account will be debited. You can mail the form (address is on the form) or email the signed form as an attachment to our Employer Reporting staff or Employer Contact Updates staff.
It will take two to three weeks to set up your account. Once we’ve processed your application, we will notify you by phone or email. Each month, you will receive a two-day notice of the upcoming debit from your account by email.
NYSLRS can only withdraw funds from the account you designate on your application. If you need to change your bank account or email address, you must submit another Electronic Debit Authorization form (RS5542) as soon as possible.
If you do not take advantage of direct debit, you must print a copy of your report summary. Mail it along with your check to:
Member and Employer Services Bureau
110 State Street
Albany, NY 12244-0001
If you use ACH/direct debit to send NYSLRS your monthly payments, we withdraw exactly what is owed. If you mail NYSLRS a check or initiate an electronic payment each month, and you submit more than what is owed, we will credit any excess to your next payment. Details about the overpayment will be sent to you by mail.
If you have questions about reporting errors and monthly payments, call 866-805-0990 (press 1 to access the employer menu).
There are two separate security forms you must submit to participate in the Electronic Debit program.
- Employer Certification Form: Certifies that the salary and service information electronically submitted is true and accurate.
- Electronic Debit Authorization Form (RS5542): Apply to have your monthly payment to NYSLRS electronically debited from your account.