May 2016 Issue
June 03, 2016

ERS: Your personalized pension outlook

Author: State Comptroller Thomas P. DiNapoli
Source: NYSUT United

New York State Comptroller Thomas P. DiNapoliEvery spring you receive your own personal newsletter — your Member Annual Statement. Your MAS is like your one-year checkup with the retirement system. It shows personalized information about your New York State and Local Employees' Retirement System membership and benefits, based on the last completed state fiscal year (April 1 – March 31).

It's likely you receive your statement from your employer but, if you are off the payroll, we send it to the last address we have on file for you. Why is your MAS so important? Reviewing your membership information now helps you to prepare for retirement, and gives you an opportunity to correct any mistakes that could affect your benefits later. Let's take a closer look.

Your MAS contains some basic information about your membership, including your tier, date of membership, salary and service credit. It also paints a bigger picture and shows any loan balances or past service payments you are making. This is especially helpful because you can see the reductions to your monthly benefit that would be implemented if you retire with an outstanding loan balance.

Whether you are close to retirement or still have many years to go, our benefit projections are helpful. For most Employees' Retirement System members, your statement includes yearly pension estimates based upon your current earnings under each of the different payment options available to you. You can see a list of milestones that are specific to your retirement plan, which lets you know which retirement benefits you may become eligible for over your career, based on how many years of service you have (for example, a vested benefit and death and disability benefits).

Your MAS offers a good opportunity to review any beneficiaries you have on file with us and provides a link to the form if you need to make any changes. You should also ensure that any possible death benefits available to you will be paid to the correct beneficiaries.

Your MAS is a handy tool. It helps you to prepare for retirement by projecting what your benefits could be based upon your current salary and membership information.

You can also find informational tips and Web address links throughout your statement, including links to our social media sites and to relevant forms. If you need help understanding your statement, visit our tutorial at www.osc.state.ny.us/retire/members/mas_index.php.

NYSUT ERS Consultants

Most NYSUT School-Related Professionals* belong to the New York State and Local Employees' Retirement System (ERS). NYSUT ERS consultants are available to help SRP members navigate the retirement system. Consultants can answer questions, provide forms and help members contact the ERS. Contact any one of our consultants for assistance.

Trudi Davis • 914-592-4411
troers@nysutmail.org

Kathy Hine • 585-454-5550, ext. 144
rochers@nysutmail.org

Patti Lennon • 516-496-2035, ext. 324
nroers@nysutmail.org

*Note: Certified teaching assistants belong to the state Teachers' Retirement System (TRS).