Retirement is a big deal and we want you to be prepared. The resources below will help you. You can estimate your pension, learn about your NYSLRS benefits and find tips on financial planning for retirement.
As a NYSLRS member, you’re part of a defined benefit retirement plan, also known as a traditional pension. Your pension will be based on your years of service and earnings, not on the amount of contributions you make to the Retirement System.
Your retirement plan publication is an essential resource that you should consult throughout your career. Find your plan publication to learn about your benefits, eligibility requirements and calculations specific to your plan. Bookmark the link to your publication and read it online to be sure you have the most current information.
Service credit determines your eligibility for retirement and disability benefits, death benefits and loans. You may also be able to receive additional service credit for public employment before your date of membership or for military service.
Your Final Average Earnings are one of the major components that determine the amount of your pension benefit.
Certain Police and Fire Retirement System (PFRS) and Employees’ Retirement System (ERS) members can receive a partial lump sum payment at retirement, in exchange for a permanently reduced monthly benefit.
Your NYSLRS pension will only provide a portion of your retirement income, so it’s also a good idea to save for retirement to supplement your pension and Social Security. If you start saving early in your career, your money will have more time to grow.
NYSLRS Special Durable Power of Attorney (POA) document allows someone to act on your behalf regarding retirement benefit transactions.
Retirement benefits are considered marital property and can be divided between you and your ex-spouse when the marriage ends. Any division of your benefits must be stated in the form of a Domestic Relations Order (DRO).
It’s important to understand your retirement needs, which could be as simple as making a list of all your expenses. Our Income and Expenses Worksheet can get you started.
If you are considering returning to work after retirement, you should be aware of the restrictions to post-retirement employment.