Pension Payroll

Now that you have retired it's important to know what to expect and what to do if you do not receive your pension payment.

Methods of Receiving Your Retirement Payments

BERS Retirees can choose to receive their monthly pension payments in one of the following two ways:

1. Direct Deposit
2. Mailed to your Home/Legal Address

If you do not submit a Retiree EFT Authorization form to BERS, then BERS will automatically mail your pension check to the home/legal address on file. Retirees should cash or deposit their pension checks as soon as possible. If the check is not cashed within 90 days after receiving it, BERS may stop future pension payments. If your pension payments have stopped, you must contact the BERS office as soon as possible.

If you do not receive your pension check in the mail after 10 business days, you must complete and submit a Lost Check Affidavit form to BERS. Once BERS receives the form we will stop the outstanding check and reissue the payment.

Direct Deposit allows BERS to deposit your pension payment directly in your bank account or a joint bank account. To set up or change where your pension check is deposited, Retirees should complete and submit a Retiree EFT Authorization form.

Change of Address

BERS will continue to mail important forms and information after retirement, so it is important to make sure your address is up to date. If you move, you should complete and submit a Retiree Update Contact form to BERS. Once your form has been processed you will receive a confirmation letter detailing the change.

Taxes

If you are a retiree living in New York State then your pension payment is subject to federal income tax withholding. Deductions from your pension payment for federal income tax can be started, stopped, or changed by completing and submitting a W4P form to BERS. If you are a resident outside of New York State, you must check with a tax advisor to confirm any additional tax withholding required to be paid.

COLA

A Cost-of-Living Adjustment (COLA) is an annual increase to your retirement benefit that is based on the consumer price index (CPI) and a formula set by State law. The COLA is paid in addition to your monthly pension benefit (once you become eligible) and is designed to address inflation.

Eligibility: To begin receiving COLA payments, you must be:

1. at least age 62 and have been a BERS retiree for five or more years; or
2. at least age 55 and have been a BERS retiree for ten or more years; or
3. a BERS retiree receiving a disability retirement benefit, regardless of age, and has been retired for five years; or
4. a beneficiary receiving the accidental death benefit of a BERS member, regardless of age, and has been receiving a benefit for five years; or
5. a spouse receiving a Joint and Survivor Benefit of a BERS retiree (in which case you are eligible to receive 50% of the monthly COLA of what the Retiree would have been eligible for).

How to Contact BERS

Get in touch with BERS. Details are here.