Retirement Planning

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. 

Understand Your NYSLRS Pension
Defined Benefit Plan

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 Describes Your Benefits

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.

Get Credit for All of Your Public Service

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.

Use Our Calculator to Estimate Your Pension

Sign in to Retirement Online to estimate your NYSLRS pension based on information we have on file for you. You can enter different retirement dates and adjust earnings and service credit totals to compare retirement outcomes.

Understand Your Final Average Earnings

Your Final Average Earnings are one of the major components that determine the amount of your pension benefit.

Partial Lump Sum Payments at Retirement

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.

Preparing for Retirement
Saving for Retirement

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.

Designating a Power of Attorney

NYSLRS Special Durable Power of Attorney (POA) document allows someone to act on your behalf regarding retirement benefit transactions.

Divorce May Impact Your Benefits

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).

Determine Your Retirement Needs

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.

Will You Work After Retirement?

If you are considering returning to work after retirement, you should be aware of the restrictions to post-retirement employment.

Ready to Retire?
Schedule a Pre-Retirement Consultation

If you’re nearing retirement, you may want to schedule a pre-retirement consultation to review your benefits and get answers to your questions.

The Retirement Process

This timeline walks you through important topics to consider and steps you should take starting 18 months before your retirement date. Read 3 Months – 15 Days Before You Retire for information about filing for retirement.

Use Retirement Online to Apply for Retirement