February 2016 Issue
January 27, 2016

ERS: How do you know when you are ready to retire? Let us help

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

New York State Comptroller Thomas P. DiNapoliWe are faced with decisions every day. And while some decisions are bigger than others, like which car to purchase, or where to live, few decisions are as life-altering as retirement. How do you really know if you're ready? There are many considerations, but perhaps the most important is financial security: How much money will you need to support you and your loved ones for the rest of your lives? Only you can decide when it is time for you to retire, but the New York State and Local Employees' Retirement System offers many resources that can help.

Online resources

Read our publication, How Do I Prepare to Retire? (VO1709) at www.osc.state.ny.us/retire/publications/vo1709.php for step-by-step information on the retirement process and planning tips, including paying off your loan and planning your post-retirement budget.

Use our benefit projector calculator

The Benefit Projector Calculator (www.osc.state.ny.us/retire/members/projecting-your-pension.php) is a good way to begin. This online service does not reflect your actual service credit and salary, but rather calculates your pension based on information you provide. You can use this service at any point during your career.*

Request a benefit projection

Most Tier 2, 3 and 4 members with five or more years of service credit can request a benefit projection, based on their salary and service reported to that date, by calling our automated phone line. Actively employed members age 50 or older can also request a benefit calculation that projects additional service credit based on a date of retirement up to five years into the future.

Request an estimate

If you are eligible to retire within five years and you have not received credit for all your public service in New York state, you should submit a Request for Estimate form (RS6030). An estimate can take a number of months to complete, so we recommend you submit your request well before your intended retirement date.

Speak with information rep

You can speak with a representative by phone or in person to discuss any questions you have about filing for retirement. Appointments are required for individual consultations at all sites.

Connect with us online

For tools to help you understand your benefits, important NYSLRS news and updates on a variety of retirement topics, read our blog, New York Retirement News (www.nyretirementnews.com), like us on Facebook (www.facebook.com/nyslrs) and follow us on Twitter (twitter.com/nyslrs).

*Currently unavailable to some members, including ERS Tier 5 and 6 members.

Every month state Comptroller Thomas P. DiNapoli, sole trustee of the New York State and Local Employees' Retirement System, provides information on the system, which delivers retirement benefits to many NYSUT School-Related Professionals and other support staff. If you are an ERS member with a question of general interest, email united@nysutmail.org.

For immediate assistance, contact the ERS Call Center toll-free at 866-805- 0990, or 518-474-7736 in the Capital District area.