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The New York State Department of Civil
Service; Employee Benefits Division
Meet with your agency Health Benefits
Administrator (HBA) to discuss:
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Eligibility
requirements for continuing health insurance
coverage as a retiree and whether you meet
them.
-
How sick leave
credit may reduce the cost of your health
insurance coverage.
-
Dual annuitant
sick leave credit.
-
Option to defer
your health insurance coverage as a retiree.
-
Your dental,
vision, and life insurance benefits after you
retire.
Before your last day on the payroll, meet with
your HBA to:
-
Recalculate the
value of your sick leave credit.
-
Tell your HBA if
you want dual annuitant sick leave credit. You
must decide no later than your last day on the
payroll and if you choose it, you may not
discontinue it later.
-
Tell your HBA if
you want to defer your coverage as a retiree.
You must decide no later than your last day on
the payroll, and must have other health
insurance coverage, for example through your
spouse’s/domestic partner’s employer or
through post-retirement employment.
After you retire:
-
Watch your mail
for your Dear Retiree Letter.
-
Watch your mail
for your bill for health insurance.
-
Keep your
payments up-to-date until your pension
deductions begin. Once pension deductions
begin, you will no longer be billed.
New York State
Office of the State Comptroller (OSC); NYSLRS
Preparing for retirement:
-
Request a general
estimate 12-18 months before you retire to
determine the approximate amount of pension
you can expect to receive monthly. Use form
RS6030.
-
Locate proof of
your birth date. No benefits can be paid
without this proof.
Filing for retirement:
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Submit your
retirement application, along with your proof
of date of birth, at least 30 but not more
than 90 days prior to your date of retirement.
Use form RS6037.
-
Submit a W-4P
Form (form available from Guide, OSC web
site, or Call Center). Use the OSC tax
calculator to help you determine how much you
should have withheld from your retirement
benefit.
Selecting your retirement option:
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Review your
general estimate and select the option that
best fits your specific needs.
-
File your
Retirement Option Election form no later than
the last day of the month in which you retire.
Beneficiary Information
-
Before and after
retirement periodically check to make sure
your beneficiary information is up-to-date.
The New York
State Deferred Compensation Plan
Schedule an account check-up to:
-
Review your asset
allocation strategy in retirement.
Choose a payout option that fits your
needs:
-
The earliest you
can begin making withdrawals is 45 days
following separation of service.
Decide when you want to take
distributions:
-
The Plan does not
require you to begin benefit payments until
you are age 70 ½, and separated from State
service. After April 1 of the calendar year in
which you reach age 70 ½, the IRS requires you
to take a minimum distribution or pay a
penalty of 50% of the amount that was not
withdrawn as required.
To begin receiving distributions:
-
Call the HELPLINE
at 1-800-422-8463 and request a Benefit
Distribution Packet. Confirm that your
beneficiary information is up-to-date.
Social Security
and Medicare
Apply for Social Security:
-
Contact Social
Security if you are 62 and plan to retire or
if you are within three months of 65, even if
you don’t plan to retire.
Medicare:
-
If you are
receiving social security benefits you will be
sent Medicare information.
-
If you are not
receiving benefits, apply 3 months before your
65th birthday. Call Social Security to apply.
-
As a retired New
York State employee, you MUST enroll in both
Parts A & B when you become eligible for
Medicare. NYS will reimburse you for the cost
of Part B.
This checklist was compiled by GOER in
conjunction with the Office of the State
Comptroller, the NYS Department of Civil
Service, the NYS Deferred Compensation Plan, and
the Social Security Administration. Funding is
provided by the negotiated agreements between
the State of New York and CSEA, PEF, UUP, GSEU,
and DC37; and by the Governor’s Office of
Employee Relations for employees designated M/C. |
