Retirement Countdown

Spring: Final Preparations and Filing

Spring will signal your final weeks at school.  You'll enjoy one more spring concert and you'll submit grades for the last time.  Perhaps you're even looking forward to a retirement celebration in your honor.  Here's what else you have to look forward to as your retirement date nears.

The filing period for a July 1st retirement begins April 2nd.  You can file your application up to 90 days prior to your effective date of retirement, or as late as the date of retirement.  Waiting until your retirement date nears will allow you more time to make decisions and continue tracking new legislation that could affect your final benefit.  To ensure you receive your first benefit payment in July, file your retirement application with NYSTRS by June 14th.

Whenever you decide to file, we urge you to submit your application by registered or certified mail.  Doing so will give you proof of mailing and ensures that we consider your application received on the date it was postmarked.  If your application is sent any other way, it is considered received the day it arrives at NYSTRS headquarters in Albany.

Continue tracking pending legislation by calling our Hotline at (800) 782-0289 or visiting our Web site.  If there is legislation pending and you've already filed your retirement application, you can withdraw your application up to 14 days after the date of retirement and re-file at a later date.

If June arrives and you still have to file for retirement, begin preparing your application in anticipation of a July 1st retirement.  You can obtain an application from the Forms page at www.nystrs.org, by calling our Hotline at (800) 782-0289, or by requesting a copy from your employer.

On the application, you will need to indicate your choice of the Maximum benefit or an option.  Remember to sign your application in the presence of a notary before submitting it to NYSTRS.

In addition to your application, you'll need to complete a Direct Deposit Authorization Agreement so your monthly payments will be deposited in the proper account.

Also complete the W-4P Withholding Election and Certificate and indicate whether you want federal income tax withheld from your payments.

Continue to Summer.