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Understanding Your NYSTRS Benefit Profile

by Steven Witter, CFP®

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The New York State Teachers' Retirement System (NYSTRS) Benefit Statement provides important information about your retirement benefits. Your NYSTRS benefit profile may be accessed online or by mail. Below are the key things to review on your NYSTRS Benefit Profile. Keep in mind that specific details may vary, so refer to the instructions provided by NYSTRS for the most accurate guidance:

Page One

Review Personal Information:

Ensure that your personal information, such as your name, address, and beneficiary information, is correct. Notify NYSTRS if you find any discrepancies.
You will notice a Pension Projection using your max pension option available at your earliest full retirement date. Read this on why most married teachers do not want to take the maximum pension option. There is more detail on all your pension options on page 2.
You will notice the amount your beneficiary would receive if you were to pass away before retirement. Click here to read why this amount is a terrible deal for your family.

Examine Salary Information:

Verify that your reported salary information is accurate. Your final average salary is a key component in determining your retirement benefit.

Page 2

Pension Options:

Your statement provides an estimate about different pension options available to you, such as the pension maximum option or various survivor options. Here is more detail on your options and why we recommend the pop-up survivor option for married teachers.
This estimate is based on various factors, including your service credit and final average salary. Take note of the different benefit options presented.

Page 3

Death Benefit Information:

You will notice the amount your beneficiary would receive if you were to pass away before retirement. Click here to read why this amount is a terrible deal for your family and why I recommend at least $1,000,000 of life insurance coverage for married teachers until retirement.

Disability Protection:

If you were to become disabled some of the various options you could receive are listed.

Page 4

Your Service Credit:

Here are the detail about your service credit including the total years and months of service you've accumulated. Service credit is a crucial factor in calculating your retirement benefits. If you are missing credit or have prior credit here is how you can buy back that past credit and boost your pension.

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Since your NYSTRS Benefit Statement contains sensitive information, keep it in a secure place. If you have questions or need clarification about any information on your statement, don't hesitate to contact NYSTRS directly. They can provide personalized assistance.

Remember, the NYSTRS Benefit Statement is a valuable tool for understanding your retirement benefits, and it's crucial to review it regularly, especially as you approach retirement age.

If you have specific questions about retirement or your NYSTRS Benefit Profile, schedule a meeting here.

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The Lincoln Investment Companies nor any of its representatives is affiliated with the New York State Teachers' Retirement System (NYSTRS); and NYSTRS does not sponsor, authorize or endorse the retirement educational services described in this or other communications of The Lincoln Investment Companies.