Becoming a participating employer begins a partnership with the Retirement System that we take seriously. Without your cooperation and assistance, we would not be able to provide members with the benefits they have earned. Since we rely on you to provide us with key information about your employees throughout their employment, it is vital our relationship remain strong.
One of the most important responsibilities you have as a participating employer is ensuring each and every employee is aware of the opportunity to join NYSLRS. Employers must notify new employees in writing of their right to join when they begin employment.
Employers send us data on the salaries paid and days worked for NYSLRS members. The accurate and timely reporting of employees’ salary is extremely important because the reported salary determines their final average salaries, one of the factors used to calculate retirement benefits. It also helps us determine your annual contribution to NYSLRS. Days worked are used to determine service credit, which is another one of the important factors used to calculate retirement benefits.
Employers also help us deliver benefit information to our members. We&rsquoll work with you to answer the questions your employees ask you about such topics as loans, transfers, service credit, disability and death benefits, retirement and final average salaries.
You help us deliver information to your employees who are NYSLRS members and report information to us that we need to determine those employees’ benefits. You are critical to our success in achieving our goals. We understand the burden this can sometimes place on you. That’s why we’re continually working on ways to strengthen our partnership and make the flow of information between us as useful, accurate, timely and efficient as possible.