Month: June 2015

NYSTRS June Newsletter

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The June 2015 issue of NYSTRS’ Resource newsletter is now available on the NYSUT website. Download the newsletter (PDF).

In This Issue:

Coming in September: A COLA Increase
Eligible retirees receiving a monthly benefit of any amount from NYSTRS will see a cost-of-living adjustment (COLA) of 1.0% on the first $18,000 of their annual benefit payment beginning this September, the result of legislation enacted in New York 15 years ago.

NYSTRS Remains a Top-10 Fund
NYSTRS is once again ranked among the top-10 pension funds in the nation according to trade publication Pensions & Investments (P&I).

Promised Pensions Are Guaranteed
NYSTRS retirees have received benefits in full and without fail since 1921.

Your Pension a Better Bang for the Buck
Pension plans like the one administered by NYSTRS are far more cost efficient at providing retirement income compared to individual defined contribution accounts, according to a study conducted by the National Institute on Retirement Security (NIRS).

Changing Banks? Also Change Direct Deposit Info
If you’re changing banks, make sure you update your direct deposit instructions with NYSTRS. If you have a MyNYSTRS account, you can now make the change online at NYSTRS.org.

Experience the Convenience of MyNYSTRS
A MyNYSTRS account gives you access to all your Retirement System benefit information and a variety of self-service tools – accessible in one convenient, secure location.

You’re Invited to Clean Out Our Account!
NYSTRS holds $13.5 million in an Abandoned Accounts Fund that the System would ideally like to see drawn down. Your help in locating rightful owners of the money would be appreciated.

Board Meeting Highlights

Read previous issues of Resource on the NYSUT website. – See more at: http://rc23.ny.aft.org/member-benefits/nystrs-resource-june-newsletter#sthash.WiPigUtT.dpuf

BEWARE OF INTERNAL REVENUE SERVICE SCAMMERS

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Any legitimate inquiry from the Internal Revenue Service (IRS) will only come by mail. The IRS does not make phone contacts nor use email or text messages.

Last month the IRS reported that phone scammers have targeted more than 366,000 people in 2015. The scammers are often aggressive and make threats about penalties. They may even have your Social Security number. What they want is a credit and/or debit card number. If you receive such a call, hang up. If you know you do not owe any taxes and have no reason to think otherwise, call the Treasury Department’s tax administration division at 800-366-4484. If you owe taxes or think you might, contact the IRS at 800-829-1040. Under no circumstances should you give a caller any personal information or your credit card, debit or social security number.

The IRS reports that scammers have victimized over 3,000 people since 2013. However, this pales in comparison to the number of cases of tax identity theft. The IRS lost an estimated $5.8 billion to fraudulent claims in 2013, while blocking $24 billion in attempts.

There is no way to obtain advance notification that your Social Security number is being used to file a fraudulent tax return. An e-filing rejection notice is often the first sign of fraud. Identity thieves are looking for refunds and have little interest in taxpayers who owe money. The IRS web site, www.irs.gov contains steps to rectify fraudulent tax filings. However, even if you act quickly, it could take 120 to 180 days for a final resolution of the problem.