May 2017 Issue
April 27, 2017

ERS: Retirement planning tools at your fingertips

Source: NYSUT United

New York State Comptroller Thomas P. DiNapoliOne of the biggest decisions you will make is deciding when to retire. But how will you know when you are ready? Luckily, the New York State and Local Employees' Retirement System has a host of tools you can use at any point in your career.

Most members get a projection of future pension benefits on their Member Annual Statement. Your statement may include up to three benefit projections based on different retirement dates. Although these benefit calculations are typically conservative, they are based on your retirement account information and are an effective planning tool that you can use throughout your career.

You can use our online benefit calculator to estimate potential pension amounts based on different scenarios. For example, you can see how much your pension would increase if you work longer and retire with more years of service and a higher average salary. The calculator also projects benefit amounts under the various pension payment options available to you. Visit our website at www.osc.state.ny.us/retire/members/projecting-your-pension.php to use the calculator.

If you are within five years of your earliest eligible date of retirement, you can request a customized benefit projection by phone or mail. For phone requests, call 866-805-0990, press "three," then "one," then "four" and enter your account information. In most cases, it will be mailed to you the next business day. If you are not certain you have received retirement service credit for all of your public employment, you can complete and mail a Request for Estimate form (RS6030), available at www.osc.state.ny.us/retire/forms/rs6030.pdf. Please be sure to include as much information as you can about your public employment history.

ERS offers many tools to help you plan for your retirement. You should also consider other sources of retirement income, like Social Security and deferred compensation. For a modest annual fee, members can access expert planning advice through the NYSUT-endorsed Financial Counseling Program (details at www.memberbenefits.nysut.org/program-service/legal-and-financial/financial-counseling-program). For more tips on retirement planning, subscribe to our blog at NYRetirementNews.com. You can also read the ERS retirement planning booklet, How Do I Prepare to Retire, at www.osc.state.ny.us/retire/publications/vo1709.php.

Every issue, 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, call the ERS Contact Center toll-free at 866-805-0990 or 518-474-7736 in the Capital District area.

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).