At this point in your life, you may be achieving both family and career milestones.
As your family expands, so does your responsibility to provide financial protection if you are unable to work. If necessary, you should update your NYSTRS beneficiary designation, and review your private life and disability insurance to determine if you have adequate protection.
With 10 years of service credit, you may be deciding if you will be a career teacher. Among the considerations: How will your retirement benefit increase as you continue to work? How does your death benefit change over the years? Do you need to supplement your NYSTRS benefits with additional private coverage? How will your benefits be affected if you decide to stop working before you are eligible to retire?
Our services and publications will help you answer these questions and provide the information you need to make your decisions.
The information you receive each year in your Benefit Profile takes on new meaning as you build credit and become eligible for additional benefits.
Continue to make sure your service credit and salaries are correct. Are all of your earnings for the last school year included? Has your service credit been properly recorded? In the future, your benefit eligibility and the calculation of your benefits will depend on the accuracy of this information.
The "Projected Benefits" section of your Profile is a valuable career-planning tool. Your retirement benefits are projected under the following scenarios:
Now that you are credited with at least 10 years of service, you have met the service credit requirement for a disability retirement. The projection in your Profile shows what you would receive for a disability retirement at the end of the current school year.
If you become ill or are injured and must stop working, you or a family member should call us as soon as possible at (800) 348-7298, Ext. 6010. You should also request our pamphlet If You Are No Longer Able to Work, which explains in detail how to file for a disability retirement.
Your in-service death benefit and your contributions fund are updated annually. Your beneficiary information is also shown. Check your beneficiary designation; do you want or need to change it? Call our Hotline at (800) 782-0289 or visit our website for a Designation of Beneficiary (NET-11.4) form.
The newsletter Your Source is published three times a year. In it you will find information about your NYSTRS benefits, as well as articles on retirement planning, System news, and other items of interest to educators. Topics range from how service credit affects your retirement benefits to finding a financial planner.
Visiting our website at www.nystrs.org is the quickest and easiest way to get the latest information on legislation and news related to your benefits. You can also:
If you are a Tier 3 or 4 member with 10 years of service credit or membership, you will stop making required 3% member contributions, giving you more take-home money to invest. Regardless of your tier, this is the perfect time to evaluate your financial status and answer important questions, such as: