Deferred Coverage
You must choose to defer NYSHIP coverage before you leave payroll. Once you leave payroll, you cannot defer coverage.
Dependent Coverage and Deferment
If you had Family coverage when you deferred and then you pass away, your dependents may qualify to reenroll in NYSHIP as dependent survivors. They must write to EBD to request reenrollment in NYSHIP within 90 days of the date of your death. To qualify, they must meet the same eligibility requirements as if you had kept your coverage in retirement.
Ending Deferment
You may end deferment by sending a signed letter to EBD with your requested reinstatement date. That date must be the first of an upcoming month, unless you provide proof of loss of other coverage within 30 days of the event date.
Sick Leave Credit
In order to receive you sick leave credit when your deferment ends, you must have submitted PS-410 to your HBA or Agency Contact before you left payroll.
Your sick leave credit will be calculated at the time you end deferment and enroll as a NYSHIP retiree. Your sick leave credit will be recalculated to a higher amount based on your new life expectancy and the same actuarial table in effect when you began deferment.
While premiums are subject to change annually, your sick leave credit will not change.
Deferred Pension
You can still qualify for NYSHIP retiree benefits, even if you deferred collecting your pension from the New York State and Local Retirement System or an optional retirement plan. This is referred to as “constructive retirement,” and your premium is billed by EBD directly.
Contact your retirement plan if you want to start collecting your pension.