The Fine Print on Loans
Before you decide to borrow against your pension, be sure you understand all the ins and outs, including repayment requirements. Loans must be repaid within five years and payments are made through payroll deductions.
Usually the deduction is the amount that will repay your loan within the five-year period, but because the payment must be at least 2 percent of your salary, sometimes it’s a higher amount. To learn more about loans, the possible tax consequences and how they could affect your pension, read the loan information on our website.
Getting Close To Retirement?
The Retirement Benefit Calculator
Are you curious to see how purchasing additional service credit or delaying your retirement would increase your pension benefit? Our online Retirement Benefit Calculator is an excellent tool to help you find the answers. You can enter different retirement dates, final average salaries (FAS) and service credit totals to see the possible impact on the amount of your pension. Try it out today and play around with the possibilities.
By the Way: Retirement Online is a helpful tool that allows you to view your own Retirement System information – such as your contribution balances or beneficiary designations – securely on our website. If you haven’t already enrolled in this service, take a few minutes to sign up now.
Retirement Online Signup: http://www.osc.state.ny.us/retire/portal.php