News You Need: Working in Retirement

08/10/2018

If you are retired and collecting a NYSTRS pension but want to supplement your income by working in another capacity, there are several important facts to keep in mind. Maybe the most important: with few exceptions, you can earn up to a legislated limit — currently $30,000 per calendar year — in New York State public employment without it impacting your NYSTRS pension.

Some other items of note:

  • Beginning in the calendar year you turn 65, you can have unlimited earnings in ALL employment — including New York State public employment.
  • There is no earnings limit if you work in private or federal employment, or public employment in another state.
  • If you work as a consultant for a New York State public employer and your date of membership is prior to May 31, 1973, NYSTRS must receive, review and approve your consultant agreement prior to your employment.
  • If you work in NYS public employment, you’ll need to report your earnings to NYSTRS each year.

If you want to work in New York State public employment and exceed the $30,000 earnings limit, you have a choice to make. To learn more see the article Know the Rules for Working in Retirement in the June 2018 edition of the newsletter Your Source.

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