Elder Form For Pension In New York
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FAQ
2024 Update Regarding Retiree Earnings Limit For most other retirees under the age of 65, the $35,000 limit is in effect and applies to the entire calendar year.
Beginning at age 62, your pension will be reduced by one-half (50 percent) of the primary Social Security benefit — regardless of whether you are actually collecting a benefit from Social Security.
2024 Update Regarding Retiree Earnings Limit For most other retirees under the age of 65, the $35,000 limit is in effect and applies to the entire calendar year.
If you have at least five years of Credited Service your pension vests automatically, which means you can collect a Vested Retirement Benefit at age 63. If you have less than 10 years of Credited Service, you may request a refund of your contributions, plus 5% compounded interest.
NYSLRS retirees can work after retirement and still receive a pension. However, you should be aware of the laws governing post-retirement employment and how working after retirement may impact your retirement benefits.
If your pension IS taxable in NY, but were 59½ before January 1, 2024, you may qualify for a pension/annuity exclusion of up to $20,000. If you became 59½ during 2024, you can only exclude up to $20,000 of the pension income you received after turning 59½.
You are eligible to retire with full benefits at age 62, or may choose early retirement with a reduced benefit between ages 55 and 62.
You will be eligible for a service retirement benefit when you reach age 55, and have five or more years of service credit earned under this plan after July 1, 1973.
Step 1: List all the places you've worked. Start by listing all the employers you've had. Step 2: Find your pension provider's name. Step 3: Use the Pension Tracing Service. Step 4: Contact the pension provider to trace your pension.
To apply for retirement, sign in to your Retirement Online account, go to the 'My Account Summary' area of your Account Homepage and click “Apply for Retirement.” You can also apply by mail by submitting the Application for Service Retirement (RS6037).