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Click on any of the programs listed in the menu on this page to learn more about them. Life insurance is crucial income that allows your family to pay: 1. Daily living expenses such as food, rent, gas, and utilities 2. Mortgage and property taxes 3. Outstanding debts such as credit cards or loans 5. Any final medical, burial or funeral expenses You owe it to yourself and your family to re-evaluate your current life insurance policy to determine if you need more of it.

What your purchased last year, five years ago or 10 years ago may not be enough to replace your income and all that you currently provide for your family. See if the vehicle has a high accident rate or is popular with thieves. Crash test results can be found at nhtsa. Tip 2: Increase your deductible -- If you know you can handle the out-of-pocket expense in the event of an accident, it is a good idea to increase your deductible.

Our Benefits and Services Insurance. Insurance :. Term Life Insurance Life insurance is crucial income that allows your family to pay: 1.

Statewide 55/25 Retirement Incentive Law is Alive.... Again!

Learn More. It helps to pay the high cost of custodial care and other long-term care expenses that a long-term illness or injury can bring. However, this type of insurance is not for everyone. Is it a good idea for you and your family? Ask yourself the following questions before making your decision: 1. Do you lead a healthy lifestyle? What does your family's health history look like? Are you willing to spend your own assets down or depend on your family if you need car e?

Having the right disability insurance can mean the difference between remaining financially secure or going into bankruptcy. While nobody likes to think about getting sick or injured, consider what you would do if something were to happen to you or a loved one?

This is where disability insurance comes in -- essentially protecting your income if you are unable to work due to a serious illness or injury. And chances are that you or someone you love may suffer some type of disabling injury at some point during your life.Skip to main content.

Monday, December 2, A bill now in committee in the New York State Assembly could lead to a uniform retirement incentive option for all union schools in our state. The legislation, A, would allow districts to provide members of our New York State Teachers Retirement System NYSTRS the option to retire at age 55 and with 25 years of service with the maximum pension benefit allowed for their respective retirement tier.

Currently, 30 years of service are required in order to retirewithoutreductionforTiers 2, 3, 4 and 5 members. Tier 6 members are required to attain age 63 in order to retire withoutreduction regardless of the number of years of service they have.

Similar legislations have been proposed and considered in recent years in both the State Assembly and State Senate but did not make it out of their committees for floor votes. There is considerable momentum in Albany to suggest that this time around things may be different.

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Over the years, districts have seen the financial benefits of offering retirement incentives. The cost of the incentive to retirees is greatly outbalanced by the savings to the district who often hire employees to replace retirees at a lower level on the salary scale. In the end, incentives serve as a "win-win" for both sides of the deal. Some state lawmakers believe that offering a temporary incentive across the state will relieve the burden on local districts that might be reluctant to work out details on their own.

You can read the full text on the bill and give your support for it here. You can also go to the New York State Assembly website to find the contact information for your local Assemblymen and let them know that you are in favor of this legislation moving out of committee and on to the Assembly floor for a vote. Found in:. Political Action.The links below provide details about each item listed.

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For more information, applications or brochures about any of these endorsed programs and services, please contact NYSUT Member Benefits at or visit their website. Reduced coverage amounts are available for members between the ages of 65 and One low premium covers all of your dependent children under the age of Your age determines the length of term you may apply for under the coverage.

Applicants must be under age 55 to be eligible for the year plan, under age 60 for the year plan and under age 65 for the year plan. This group universal life insurance plan offers you a way to plan for the continuing need for life insurance coverage while taking advantage of the term life insurance that you already have. This program also allows you to purchase life insurance coverage that increases as your term life coverage decreases or terminates. Premiums may be set at a level to produce as much or as little accumulation of cash value at age 95 as you choose.

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You must be age 70 or under to apply. Coverage is available in all 50 states. Various discounts may apply. This program provides valuable income replacement benefits to help meet your living expenses if you become partially or totally disabled and are unable to work.

Disability insurance can be customized to fit within your budget and still provide peace of mind until you are able to return to work. Long-term, five-year or short-term disability insurance plans are available. This plan provides unlimited toll-free legal advice; a Simple Will, Health Care Proxy, Living Will and Power of Attorney; guaranteed maximum fees for many personal legal matters; and legal assistance at discounted rates throughout the continental United States.

The plan can provide assistance with identity theft, debt consolidation and mortgage foreclosure issues. This benefit includes travel assistance services provided by Europ Assistance at no cost that focus on providing coordination services to travelers. Are you looking to purchase a new home? Do you want to lower your mortgage payment or are you considering a home improvement project? NYSUT member benefits. Disability Insurance This program provides valuable income replacement benefits to help meet your living expenses if you become partially or totally disabled and are unable to work.

Legal Service Plan This plan provides unlimited toll-free legal advice; a Simple Will, Health Care Proxy, Living Will and Power of Attorney; guaranteed maximum fees for many personal legal matters; and legal assistance at discounted rates throughout the continental United States. Mortgage Discount Program Are you looking to purchase a new home?When you retire and you are vested in your employer defined-benefit pension planyou will have to choose how you want to receive your pension benefits.

If you're married, it's important to understand the benefits that you and your spouse are entitled to under each payment structure so that you can decide which pension option is best for your joint financial needs. Under a defined-benefit pension plan, retirees can opt to receive payments from the plan in the form of an annuity monthly payments or a lump sum a one-time payment of the whole amount you are owed.

In general, annuities are preferable for pensioners who believe that they and their spouse will exceed the average life expectancy.

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This is because they feel confident that will live to receive future installments of the pension. In contrast, a lump sum may be a good option for people who don't believe they will live past the average age, usually because of health issues. Getting all the money up-front can relieve the worry that a retiree won't live to see future payouts. There are several types of annuity pension payouts to consider, each with pros and cons. Choose a single-life plan.

This annuity generally results in the highest monthly payout. But payments cease upon your death, and there are no benefits for the surviving spouse. Your spouse will be in a precarious financial situation if he depends on the income, making this an unsuitable option for retirees whose priority is income security for their spouse.

Opt for a single-life plan with a certain term. Under this annuity, you receive payments for a preset number of years at a minimum, but they continue as long as you live. If you die before the preset term, your beneficiaries will receive your payouts for the remainder of the term. This can be an appropriate option if your spouse is considerably older than you. With this annuity, you will get a payout for as long as you live.

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Monthly payments are lower than under a single-life annuity because you're covering both you and your spouse. However, you get the peace of mind of knowing that your spouse will have some form of income when you die.

Your monthly payout will be the lowest with this annuity that pays you as long as you live. This annuity provides the greatest measure of security that your surviving spouse will be income-secure in retirement.

This example of a retiree's pension benefit distribution choices can help you determine which pension option is best for you:.This example is for illustrative purposes only. Actual results will vary. The information shown is hypothetical, does not reflect actual results and is not a guarantee of future results. Inflation is the rise of prices of goods and services, as happens when when spending increases relative to the supply of goods on the market.

Previous Next. View Larger Image. Surprise 1 Your Pension is very valuable. If you die before you file for benefits, the value of that pension could drastically decrease for your spouse and family.

There are some ways to cover this risk, including life insuranceso again, it is important that you reach out to your financial planner and discuss these things and ask some questions.

Is this a risk worth taking? Are you at risk of this situation happening to you? Sign up for our Financial Lesson Planning email course. We go over several tips and guidelines for you to review on your own time and at your own pace with a little help from me!

Yes, you will receive that check each and every month up until your death, but what it buys could go down each year with the rate of inflation. Over a 25 to 40 year expected retirement small increases like this simply may not keep up with inflation.

NYS Retirement System (Non-Teaching Employees)

The good news is this is a challenge that can be addressed with some planning. So if you dream of not working and enjoying your later 50s and 60s, you can plan for this.

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Related Posts. Naming Your Beneficiaries. Toggle Sliding Bar Area.Enter your email and date of birth below. If we find you in our database, we'll send an email with your membership information. NYSUT has one of the most active and successful union retiree programs in the country.

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In an effort to better serve the growing number of retirees, 11 retiree services consultants have been hired to serve members in the field. The NYSUT Retiree Services Program provides printing, mailing and other communications services; plans, develops and coordinates regional membership conferences; provides support for retiree council meetings; provides communication and logistical support for lobbying activities and rallies; publishes a quarterly newsletter; answers post-retirement questions; and helps obtain speakers and programming for retiree councils and chapters.

It may seem odd to ask someone just beginning a career to think about retirement. But it is never too early, and information is available to help you make informed decisions and plan intelligently. Your tier depends on when you first joined the retirement system.

All teachers and teaching assistants who joined on or after January 1,are in Tier 5, and all teacher and teaching assistants who joined on or after April 1,are Tier 6. The minimum criteria to retire with full pension for Tier 4 members is 55 years of age and 30 years of service; you can retire with less service at a reduced pension.

Tier 4 members are eligible to collect a pension, or vested in the retirement system, after achieving five years of service credit and are required to contribute 3 percent of their salaries until they have completed 10 years of service credit. The minimum criteria to retire with a full pension for Tier 5 members of TRS is 57 years of age and 30 years of service; you can retiree with less service at a reduced pension. Tier 5 members of TRS are vested in the retirement system after achieving 10 years of service credit.

They contribute 3. Tier 6 members can collect a full pension at age 63 and are vested in the retirement system after achieving 10 years of service credit.

Tier 6 members contribute to the retirement system for the life of their employment. The amount Tier 6 members contribute is based on their salary and ranges between 3 and 6 percent.

Your employer also contributes; the rate fluctuates from year to year and is set each year by the TRS Board of Directors. Three members of this board are teachers.

They can be reached at New York City teachers and paraprofessionals who have questions about retirement can also call a pension representative in the borough offices of the United Federation of Teachers. The borough office numbers are:. Permanent, month, full-time employees must join the system.

Part-time employees have the option to join the system and are encouraged to do so.

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Armed Forces, may be able to claim retirement credit for that service. Members are encouraged to contact their retirement system directly to determine their eligibility for this additional service credit and the process through which to obtain retirement credit. Members who have retired from service, but want to return to public employment, may be able to do so without a diminution of their retirement benefits. Retired members who would like to return to public service are encouraged to contact the ERS or TRS directly for more information on the different options that are available.

Retirement for private-sector employees is a subject for negotiation. Members should consult their collective bargaining agreements and local leadership for information about retirement benefits available to them.The pension fund of New York is one of the three largest in the nation and serves well over one million plan participants.

The New York retirement system is one of the simplest in the U. For those who want some extra help, the SmartAdvisor tool can pair you with financial advisors in your area that have experience working with such clientele.

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However, in both plans, you will be covered for death and injuries from the day you start. No matter which you choose, though, a maximum of 32 years can be credited toward your pension. These dates apply to when you became a member to your respective program:. It essentially allows you, the participant, to design how your investment portfolio will look with the aid of a free investment professional.

Your contributions will vest after a year with a VDC, which is significantly faster than most other plans New York offers. As a result, this plan offers one of the best chances for state employees to retire early. These taxes can either be withheld from your checks throughout the year or you can make estimated tax payments.

Withholding can help to ensure that you get a refund or only need to pay very little in taxes at the end of the tax year. On the other hand, you must personally calculate estimated tax and pay it quarterly throughout the year. However, if your retirement plan affords you the option to send your distributions as a rollover to another qualified retirement account, such as an IRA, you will not have to pay taxes on them. Once that money is distributed from your secondary retirement account, though, you will need to pay federal income tax on it.

Roth IRAs are after-tax accounts, though, so rollovers made to a Roth will require your taxes to be paid immediately.

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The state of New York does not charge its own income tax on pension distributions given to former employees of its retirement systems. But should you move to another part of the U. What you will need to complete, though, is Form W-4Pwhich tells New York how to set up your federal tax withholding situation for your pension payments.

It has well over 3, employers at a state and local level that have employees included in the fund, with significantly more than one million participating retirees, members and beneficiaries. In an effort to instill protections for this strong pension fund further, New York state comptroller Thomas P. DiNapoli has passed laws protecting who can be a part of it.

For example, any investment advisors who contribute to a state comptroller and lobbyists cannot become involved with the fund. Also, all investment sales and purchases made within it are reported monthly to the public.


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