Changing Your Address
It is important to keep your address current with NYSTRS throughout your career. It
is your responsibility to report address changes to us. You may do so online with a MyNYSTRS account, by submitting a Name/Address Change (GRE-50) form, or by sending us a letter that includes your EmplID or Social Security number and your signature. You cannot change your address by phone or e-mail.
Filing Documents
Whenever a law requires a document to be filed with the System within a prescribed
period of time or by a special date in order for you to be eligible for service credit
or a benefit, the document shall be deemed filed with the System on the date it is
mailed through the United States Postal Service. The mailing must be sent by registered
or certified mail. Items delivered by any other means (as well as all payments, no
matter how they are sent) are deemed filed with the System on the date received.
Documents must be received by the System to be considered filed.
Naming Your Beneficiary
You'll find your latest beneficiary designation listed in your annual
Benefit Profile. Make sure your designation is up to date so your wishes will be carried out. To designate or change your beneficiary, print a Designation of Beneficiary (NET-11.4) form from our Web site or call our Hotline at (800) 782-0289 to request one. We cannot make death benefit payments directly to minor children. You may want to consult with an attorney to find out how best to carry out your wishes and provide for children.
Power of Attorney
With a power of attorney, you name an agent to act on your behalf in a broad range
of personal, legal, financial and other affairs, including NYSTRS matters. Under a
durable power of attorney, the agent can act for you even if you become legally
incapacitated.
Although a durable power of attorney is revocable before someone becomes incapacitated, banks or other third parties that are not notified when a power of attorney is revoked are generally entitled to rely on their good-faith belief as to the power's continued validity. In any event, a durable power of attorney ends upon death unless revoked earlier.
A durable power of attorney may make it possible to avoid the expense and formality of a court-ordered guardianship should you subsequently become incompetent. A guardianship, however, affords a stricter accountability and more stringent controls on conflicts of interest.
The use of a durable power of attorney is a personal decision that should be based upon your particular needs and objectives. Due to the high degree of control vested in the person named to act on your behalf by the durable power of attorney, only a trusted person should be named. In any case, because it is a powerful document, the System strongly recommends that you consult with an attorney before executing a durable power of attorney.
The Special Durable Power of Attorney Form is available on the Legal Publications page of our Library, or by calling our Hotline at (800) 782-0289.
IRS Limitations on Benefits
Section 401(a)(17) of the Internal Revenue Code limits the amount of annual compensation that can be used in the FAS calculation for NYSTRS members with a membership date on or after July 1, 1996. The limit for the 2011-12 school year is $245,000. Additionally, the maximum salary used to calculate a Paragraph 2 death benefit is currently $163,772.
Health Insurance Coverage
NYSTRS does not provide health insurance. Any questions regarding your health insurance coverage in retirement should be directed to your employer. The System acts only as an authorized deduction agent for the New York State Health Insurance Program with the New York State Department of Civil Service Health Insurance Unit. |
