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Top Retirement Questions

Top Retirement Questions
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Which office is the BSC Benefits team associated with?  

The Benefits team is part of the Business Services Center which is part of the Office of General Services. 


When do I need to file my retirement application with OSC? 

You must file your application 15-90 days before the date that you wish to retire.


How can I get an estimation of my retirement pension benefit?

You can request an estimation from OSC at 1-866-805-0990 or go online and use the Pension Projection Calculator (for Tiers 1 - 4 only). Please note that both of these methods are estimates.


When will I receive my lump sum payment?  What is in the lump sum payment?

The BSC will process a retiree’s lump sum payment for:

  • Unused vacation leave (up to 30 days) 
  • 5-day salary withholding
  • Non-comp accruals (up to 30 days)
  • VRWS (Voluntary Reduction in Work Schedule) accruals (no maximum) 
  • Over 40 comp CSEA and PEF (up to 120 hours)

The lump sum payment is typically paid in a check that is issued 2-3 weeks after you receive your final paycheck (6-7 weeks after your retirement date). If you are enrolled in direct deposit for paychecks, your lump sum check will automatically be direct deposited.


How do I get a retirement benefits packet? 

The BSC will send you a retirement packet upon your request. Please call 518-457-4272 or e-mail us. You can request this packet as soon as you know your retirement effective date.


Can I submit my timesheet prior to my last day on the payroll?

Yes. On your last day in the office, you should complete and submit your timesheet up until the effective date of your retirement. If your retirement is not effective on the first day of a pay period, complete your last timesheet up until the last day you are on the payroll and “save” it. The BSC will complete and submit the final timesheet on your behalf. 


How can I calculate my sick leave credit?

Your sick leave credit is calculated by taking the number of unused hours of sick leave on your final timecard (maximum 200 days) multiplied by your hourly rate of pay then divided by your life expectancy in months. A calculator is also available on NYSHIP Online.  


What is the difference between “Single Annuitant” and “Dual Annuitant” Sick Leave Credit? 

The single annuitant sick leave option gives you the full value (100%) of your monthly sick leave credit applied to your monthly health insurance premium.  

The dual annuitant option allows your dependent survivors to continue to use your monthly sick leave credit to reduce their monthly NYSHIP premium if you die. If you choose the dual annuitant sick leave option, your sick leave credit is reduced to 70% of its full value for as long as you live and continues as long as your covered dependents are eligible for dependent survivor coverage. If you choose this option, you must do so before your retirement date. This option is only available prior to your retirement.


When will I receive my pension check?

Pension checks are sent out at the end of every month by ERS (Employees' Retirement System). The best way to ensure safe and timely delivery is to set up direct deposit for your retirement checks.


How do I update my beneficiaries?

Use the Designation of Beneficiary with Contingent Beneficiaries (RS-5127) form to update any beneficiary information relating to your retirement account.