If you are planning to retire at the end of the school year, congratulations! Read on to learn how to ensure you’re prepared and that you’ll receive all the benefits for which you are eligible.
Start by referring to the handy NYSTRS Retirement Checklist, which lists the six items everyone should consider before filing for retirement. Maybe the most important takeaway: Retiring from your employer does not automatically trigger your NYSTRS retirement benefit.
Another handy guide is Countdown to Retirement. It addresses topics like when to file your retirement application; the deadline for withdrawing your application or changing your retirement date; and, when to expect your first benefit payment. There’s also an accompanying “Retirement Countdown” video.
If you haven’t already done so, use NYSTRS’ online pension estimator to get a projection of your pension. Available only through MyNYSTRS, the estimator uses your most-recently posted earnings and service credit information to provide you with a reasonably accurate estimate. Estimates can be run for the Maximum benefit payment or options that may provide beneficiary protection.
Scheduling a benefits consultation with a Retirement System representative before filing for retirement is highly recommended. It provides you the opportunity to discuss your personal circumstances and learn about benefit payment options. Both in-person and video consultations are offered. Schedule an appointment through MyNYSTRS or by calling (800) 348-7298, Ext. 6100.
Another way to learn about benefit payment options is to read Maximum or an Option: Choosing a Benefit Payment Right for You. Or watch our two-part video series “Your NYSTRS Benefit Payment.”
When you’re ready to actually file a retirement application with NYSTRS, we now offer the ability to do so online. This latest addition to MyNYSTRS streamlines the application process and eliminates the need to fill out and mail an eight-page paper application. Logic built into the online application ensures you don’t inadvertently miss a step or make a mistake that would cause the paper application to be rejected.
If you still have questions, we’re here to help. Call us at (800) 348-7298, Ext. 6250 or send us a secure message through MyNYSTRS.