You’ll have a substantial financial responsibility to prepare for your retirement.
You can retire and start collecting a pension when you separate from employment at any age and have enough years of service credit. You can also purchase additional service credit to increase your monthly retirement benefit.
Benefit Estimates
Benefit estimators are calculators that estimate your retirement benefits based on the information you provide. The estimate’s accuracy will depend on how closely the input data matches your earnings, service records, and calculation factors. Changes to contributions, salaries, pension factors, or legislative changes may affect the estimated results. The combined plan estimator allows you to select annuity options and see the impact on your retirement benefits.
NPERS also provides an online FEHB and Medicare estimator to help members compare the cost of various options before selecting the best choice for their needs. Please note that the estimator only shows what you could save and is not a projection of your savings or investment returns.
When you’re ready to retire, request a written tier one or tier two benefit estimate from OMS before the last day of your earliest eligibility period. If your account involves a divorce award, you must use a unique form to request an estimate.
A consolidated benefit estimator is available to WRS members who have worked for the combined and defined contribution plans or are planning on retiring with an accumulated balance in each of these accounts.
Plan Documents
The plan document is at the heart of every ERISA-covered retirement plan. It defines the program’s provisions and determines how and when benefits are distributed to participants. It must also be updated under law changes and other amendments made to the plan.
As fiduciaries, plan sponsors must prioritize the needs of plan members and beneficiaries. To fulfill this commitment, they must comprehend every aspect of the plan document and how retirement information and services affect the rights of participating persons.
A comprehensive 401(k) document can help a business meet its objectives by giving employees the tools to save for retirement. It can specify the types of contributions (or “elective deferrals”) employees can make via payroll deduction, whether pre-tax or Roth, which allows them to diversify their tax situation and take advantage of the federal match and other employer subsidies.
It can also provide details on how service with other state-administered retirement plans may impact your eligibility for benefits. Finally, it can explain how the program meets ERISA and IRS requirements to enable participants to receive tax-deductible contributions and grow their savings on a tax-deferred basis. Among other things, it entails making sure the plan doesn’t bias in favor of highly compensated workers (HCEs) and that it passes yearly nondiscrimination testing.
Forms & Guides
The retirement system provides numerous forms to assist members. Many of these forms are available in our ORBIT member self-service tool. Some of these forms are required to process certain transactions or to comply with federal laws.
For example, a member may need to complete Form 170 (Authorization of Direct Deposit) in ORBIT to authorize the automatic deposit of their monthly benefit payments into an account specified on the form. Or, a member may need to sign and submit Form 6 (Claiming Your Monthly Retirement Benefit) or Form 891 (Designation of Beneficiary(ies) for Service Retirement) as part of the service retirement application process.
Upon retiring, a retiree must contact the Social Security Administration three months before their first retirement date to enroll in Medicare Parts A and B. Enrollment is critical to ensure that a retiree’s monthly benefit payment will be calculated appropriately.
Retirement Online
You can use retirement online to view and conduct many transactions in real time. This convenient and secure website lets you access important information about your benefits, including current and historical contribution rates, upcoming payments, and lifetime allowances. You can also update your contact and beneficiary information.
To ensure you get the most return on your investment, staying up to date with investing trends is essential. The goal of ORBIT is to help you increase your retirement savings. However, aside from what your NYSLRS paperwork offer, there are other methods that you can save.
Retirement online offers a convenient and secure way to conduct business with the system for members, retirees, and participating employers. It provides a wealth of information about your NYSLRS account and gives you the power to manage it.
If you’re a mandatory member, you can use retirement online to upload your membership application and change your contact information. You must fax your membership application for optional members (seasonal, substitute, on-call, or per diem employees).
If you’re a reporting employer, you can use retirement online to upload your monthly report file or enter your reports manually.
