Review your Benefit Profile carefully when you receive it annually. This is your opportunity to verify the accuracy of information reported to this System (i.e., salaries, days of service). Your eligibility for current and future benefits, as well as the calculation of those benefits, will depend on this information. The benefit projections, including death and disability benefits, can help you make important financial decisions at each stage of your career. Remember, you can also access your Profile and other personal benefit information online with a MyNYSTRS account.

Attend a Retirement Seminar

As you approach retirement, consider attending a Retirement Planning Seminar. The daylong programs are open to active members and their spouses/companions. Among the topics discussed are:

• Retirement Income: Your NYSTRS pension, Social Security, and savings.
• Benefit Payment Choices: A review of your pension payment choices, including a comparison of option selections and private life insurance.
• Adjusting to Retirement: Acclimating to the emotional and physical changes you face in retirement.
• Legal Considerations: Maintaining essential estate planning documents and planning for possible long-term care.
• Financial Planning: Comparing income and expenses before and after retirement; the basics of tax-deferred annuity accounts; and, getting financial planning assistance.

Request a Benefit Estimate

In addition to the projections of your retirement benefits shown on your Benefit Profile, you may request a personalized estimate at an in-person or video benefits consultation, by written request, through our Web site, or by calling us at (800) 348-7298, Ext. 6020. The more accurate the salary information you provide, the more accurate your estimate will be. Please be advised that a benefit estimate is merely an estimate — not a representation of entitlement. A retiree's actual benefit compensation is based on proof of salary and documentation obtained when the retirement process is completed.

You should provide the following information:

• Retirement date(s). You can request estimates for different dates and see how much your benefit will increase if you continue to work. This is particularly important if your benefit would no longer be reduced after you reach certain service and age milestones.
• Date(s) you will stop working, especially if you plan to stop before you are old enough to collect a benefit.
• Current and future salaries, including extra income earned from summer school, coaching, adult education or other extracurricular activities. If you do not know your salaries, we will assume 2% increases per school year using the last known salary in estimating your final average salary (FAS).
• If your date of membership is prior to June 17, 1971, the amount of any payments for unused sick or vacation leave, or a local retirement bonus or incentive. These payments must be made by the end of the calendar year of retirement and can be included in the calculation of a five-year FAS. For members employed on a 12-month basis, we will use only your contract salaries to determine an FAS for a benefit estimate.
• If you request estimates of the survivor options guaranteeing a lifetime income for a beneficiary, the date of birth and gender of your beneficiary.

You can also use the pension calculator on our Web site to get a quick estimate of your Maximum retirement benefit.

Apply for Retirement

To begin receiving a benefit payment, you must file a retirement application with the System. Your effective date of retirement can be the same day you file, but you cannot apply any sooner than 90 days prior to your retirement date. You can obtain a retirement application:

• From the Forms page of our Web site.
• By calling our forms Hotline at (800) 782-0289.
• At any NYSTRS in-person consultation.
• From your employer.

On the application you should:

• Indicate your choice of the Maximum benefit or an option, and sign it in the presence of a notary.
• Indicate if you wish to withdraw the balance of your Annuity Savings Fund if you are a Tier 1 or 2 member.
• Complete the Direct Deposit Authorization Agreement (GRE-54) for deposit of your monthly retirement payment in your savings or checking account.
• Complete the Withholding Election and Certificate (W-4P) indicating how much federal income tax, if any, you want withheld from your payments.

Note: Members who plan to borrow at retirement must apply for the loan before their effective date of retirement.

If you file for service retirement, you may withdraw your retirement application or change your retirement date by notifying NYSTRS with a signed request within 14 days after your effective date of retirement. If you file for disability retirement, you may withdraw your retirement application by filing a signed request any time before the latter of a) the date the Retirement Board acts upon the application, or b) the date the retirement becomes effective.

Your employer's policy for withdrawing a retirement application or changing a date of retirement may differ from NYSTRS'. Some employers, for example, may consider a letter of resignation or retirement irrevocable. You should consult with your employer's Human Resources or Business office, or with a representative of your bargaining unit, to determine the local policy on filing for retirement.

Additionally, the date of resignation you provide your employer differs from the date of retirement from NYSTRS. For NYSTRS’ purposes, the effective date of retirement that you enter on your retirement application must be at least one day after the last date you earned salary under contract. For example, if you last earn salary under contract on June 30, the earliest effective date of retirement you could select is July 1.

If necessary, you may change the benefit payment choice you made on your retirement application up to 30 days after your retirement date by filing an Election of Retirement Benefit (RET-54.6) form.