Retirement Planning

Contact the Social Security office three months before you or a dependent turns 65 to enroll in Medicare parts A and B

As a retiree, you must have Medicare Parts A and B in effect on the first day of the month in which you reach 65. Although Medicare allows you to enroll up to three months after your 65th birthday, NYSHIP REQUIRES YOU TO HAVE MEDICARE PARTS A AND B IN EFFECT ON THE FIRST DAY OF THE MONTH IN WHICH YOU REACH 65.If you do not apply three months before your birthday, you will have a waiting period before Medicare becomes effective. During that waiting period, you will have a gap in coverage that may be very costly.

Visit The State Comptroller Website retirement section for the latest information and forms to download.

From this page, you may sign up to access RETIREMENT ONLINE. Retirement Online is a a private secure link to your personal retirement account information. Members can check their outstanding loan and past service cost balances, contribution balance, beneficiary designations, estimated service credit and other important membership information.

Visit the Official Social Security Website for help in retirement planning and to estimate your benefits.

Work-Life Services has an excellent page for pre-retirement planinng.

For those of you who wish to calculate the value of sick leave credit for different amounts of accrued sick leave click sick leave formula to view/download this pamphlet.

Retired Public Employee Association (RPEA) has a worthwhile website for those planning for retirement as well as current retirees. Access is provided to up-to-date information. Useful details such as how different states tax NYS pension benefits and other income after retirement (TAX INFO tab) is posted.

The New York State Public Employee and Retiree Long-Term Care Insurance Plan allows purchase of a long-term care insurance policy by employees and retirees who are eligible for enrollment in the NYS Health Insurance Program, their spouse/domestic partner, dependent children, parents, parents-in-law, vestees, and dependent survivors. The carrier is MedAmerica Insurance Company of NY.