Page 7 - Retiree News Spring 2025

SPRING 2025 7
Editor’s Note: State
Comptroller Thomas P.
DiNapoli has written this
column to provide important
updates to CSEA Retiree
members.
While your New
York State and
Local Retirement
System (NYSLRS) pension
is not subject to New York
State or local income tax,
most NYSLRS pensions are subject to federal
income tax. If your last federal tax bill or return
was larger than you expected and you want to
change the amount withheld from your NYSLRS
pension, you can use Retirement Online or a
W-4P Form (Withholding Certificate for Pension
or Annuity Payments) to update your federal tax
withholding.
Retirement Online Makes It Fast and
Convenient to Update Your Withholding
•
Sign in to Retirement Online (www.bit.ly/
RO-sign-in).
•
Look under My Account Summary.
•
Click Update My W-4P Tax Information
button.
•
Follow steps to update withholding.
Your changes will generally be applied that
month if you update your federal withholding
online by the middle of the month.
If you don’t have an account, learn more about
Retirement Online (www.bit.ly/Retirement-
Online#retirees) and click Register Now to
get started. For help signing in to an existing
account, you can find step-by-step instructions
for looking up your User ID, resetting your
password and unlocking your account under the
Tools & Tips section.
For instructions on updating your withholding
or for information on submitting the paper W-4P
Form, visit the Taxes and Your Pension webpage
(www.bit.ly/Taxes-and-Your-NYSLRS-Pension).
Please note, using the paper form will take
longer for the information to reach us. If you do
use a form, please print the current version from
the NYSLRS website and make sure you sign and
date it.
Important Information and Tips Before
Updating Your Withholding
If You Receive More than One Pension
Payment from NYSLRS
NYSLRS administers two retirement systems—
the Employees’ Retirement System (ERS) and
the Police and Fire Retirement System (PFRS).
It’s possible to receive more than one pension
payment from one or both systems as a retiree,
a beneficiary or an ex-spouse who receives a
benefit under a domestic relations order.
If you receive more than one pension payment
from the same system, such as the ERS, you only
need to submit your withholding information
once and income tax will be withheld from
all payments you receive from that system.
However, if you receive pension payments from
both the ERS and the PFRS, you must submit
withholding information for each system.
You can check your pension pay stub for your
retirement system.
Review Your Pension Pay Stub for Current
Withholding Information
You can view your pension pay stubs in
Retirement Online and see a list of payments
you’ve received beginning with your January
2023 payment and going forward. Your pension
pay stub shows your tax status and the current
From State Comptroller Thomas P. DiNapoli:
Your NYSLRS Pension and Federal Tax Withholding
and year-to-date amounts of your federal tax
withholding.
•
Sign in to Retirement Online (www.bit.ly/
RO-sign-in).
•
From Account Homepage, click View
Pension Check link.
•
Select date of the pension payment to
view.
•
Look for information under Tax Data,
Taxes, Fed Taxable Gross and Total Taxes
sections.
Please note, the “Allowances” on your pay
stub will show “N/A” because the Internal
Revenue Service (IRS) no longer allows tax filers
to adjust their withholding by electing a specific
number of allowances.
For more information and a quick guide
to your pay stub, visit the Pension Pay Stub
webpage (www.bit.ly/NYSLRS-pension-pay-
stub).
Use the IRS Tax Withholding Estimator
The IRS has a new Tax Withholding Estimator
(www.irs.gov/individuals/tax-withholding-
estimator) which may help you estimate the
federal income tax you want withheld from your
pension. When using the tool, be sure to have
your most recent tax return, pension pay stubs
and other income information—your results will
be based on the information you enter.
Where to Go for Help
NYSLRS cannot provide tax advice. If you’re
not sure whether you need to adjust your federal
withholding or if you have other tax questions,
consult a tax advisor.
The NYSLRS W-4P Form is based on the IRS
form. If you need assistance completing the form,
visit the IRS’ About Form W-4P webpage (www.
irs.gov/forms-pubs/about-form-w-4-p). You can
also find phone numbers and online resources
on the IRS’ Let Us Help You webpage (www.irs.
gov/help/let-us-help-you).
DiNapoli
To get started, visit the
Retirement Online sign-up page at
www.bit.ly/RO-sign-in
Retirement Online is secure and safe to use. For any
questions or trouble accessing an existing account, call
our customer service representatives at 866-805-0990 or
(518-474-7736 in the Albany area) and follow the prompts.
Sign up today!
Now is a great time to sign up for Retirement Online.