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New York State and Local Retirement System

Preparing for Retirement

Part Three: Request an Estimate

Speaker one:
Each year you receive a Member Statement that contains a wealth of personalized information including your tier, retirement plan, service credit and a projection of retirement benefits. That projection can be helpful as you begin to consider retirement. But as you get closer to that big day, you’ll want more precise figures.
Speaker two:
So if you’re within 18 months of retirement eligibility, we highly recommend you send us a completed Request for Estimate form to get a formal estimate of what your pension will be.
Speaker one:
The most important section of this form is number 8, "Information About Your Public Employment and Memberships." Fill it out accurately and completely. If you need more space, feel free to attach another sheet.
You'll also want to complete section 11, "Information About Your Intended Beneficiary." This is not a legal beneficiary designation, it just allows us to provide you with benefit information under all the retirement options.
Speaker two:
We see a lot of people who fail to request an estimate when they first become eligible because they don’t expect to retire anytime soon. Don’t let this stop you. An estimate does many things besides giving you pension amounts. And, if you don’t retire, you can request another one in 18 months.
Speaker one:
Why should you request an estimate of your retirement benefits? There are several reasons:
First, with an estimate, you can verify that you've received credit for all your public employment. Service credit directly affects the amount of your pension and you want to be certain our records are accurate so that your pension is correct.
Your estimate also includes information about:
  • your final average salary;
  • your total member contributions;
  • the amount of your outstanding loan balance;
  • the retirement plan used to determine your benefit; and
  • the name and birth date of your beneficiary.
Plus, it can help in your financial planning. It provides information about your retirement benefits and the approximate amount you can expect to receive each month under the available payment options.
Speaker two:
When you get your estimate, be sure to review the information carefully and report to us any inconsistencies as soon as possible.
Your estimate won’t include the money you may receive for any unused vacation and it won't include credit for your unused sick leave. But when you do retire, your benefit will be adjusted to include all allowable payments and credit for your sick leave, if your employer provides that benefit.
Speaker one:
Finally, we suggest you begin organizing your legal and financial papers. You’ll want to store them in a safe but accessible location and let your spouse, children or a trusted friend know where to find it.

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