Rochester Retirement Plan and Pension Lawyer
Planning for retirement in Rochester, New York, is a critical process that can ensure a prosperous future for you and your family. As a tax-paying individual who works hard for the state, you are entitled to a proper retirement. However, understanding the specifics of what benefits you can potentially receive, as well as what pension plans might work for you, can be difficult to grasp without the help of a Rochester retirement plan and pension attorney.
At Trotto Law Firm, P.C., our dedicated Rochester retirement plan attorneys are here to assist you with understanding your options. Whether you have questions about receiving disability or retirement in older age, a pension lawyer from our firm can help clarify the planning steps that will help you and your family.
When it comes to retirement planning, you will need a pension lawyer who can help you consider personal, legal, and monetary elements related to your circumstances. A retirement plan and pension lawyer from Trotto Law Firm, P.C., can help you understand complex legal definitions related to Rochester, New York, pension plans, disability benefits, and other retirement-related entitlements you may have.
Our estate planing lawyers in Rochester can help ensure that you are making strategic plans for your future and that you receive all of the benefits that you are entitled to once you have reached retirement.
What Is a Retirement Pension Plan?
In order to properly plan for retirement, it is critical to understand basic definitions and legal processes surrounding pensions. A retirement pension plan helps ensure workers have the support they need after they go into retirement. Usually, this plan is supported by the employer of the individual or the government. Government retirement plans can be made at the district, state, or even federal level.
In 2023, around 79% of New York State and Local Retirement System retirees and beneficiaries lived in New York State, and their spending contributed $18.2 billion in economic activity.
During the pension agreement, an individual agrees to pay a certain amount of their salary or wages into an account so that when they retire and are no longer working, they can receive monthly payments from this same account.
Depending on the terms of the agreement, the government entity or employer involved may agree to contribute a certain amount of money to the retirement plan as well. To determine what monthly or lump sum retirement payments will be, factors such as the time in service and the amount contributed by the individual are taken into account.
Understanding New York State Pension Plans
As of 2023, there are three main Rochester, New York state pension plans that public servants in the state of New York are using to plan for retirement. They are as follows:
New York State and Local Employees’ Retirement System (ERS)
The New York ERS is for government workers who do not live or work in New York City. Workers eligible for the ERS can be working on the local or state level. Under this pension system, individuals enrolled can get access to disability and retirement benefits, as well as coverage in case of death.
New York State and Local Police and Fire Retirement System (PFRS)
The pension system, otherwise known as PFRS, is solely for firefighters and police officers who work in New York State and are not located in New York City. Individuals enrolled in this pension system have potential benefits related to retirement and disability, as well as payments to affected loved ones should the individual pass away.
New York State Teachers’ Retirement System (NYSTRS)
The NYSTRS is particularly for public servants in New York who work in the public schools as administrators or teachers. It does not apply to those living in New York City. Like the other pension systems in New York State, individuals with access to this pension system can get retirement and disability benefits, as well as death benefits.
It’s important to keep in mind that in addition to the three pension plans for government workers in New York State, individuals working for the public system in New York City have five options. The Rochester pension systems are run separately from the state-run options.
Understanding Pension Payments
A pension payment is essentially the amount of money that an individual will receive from their pension plan, which can either be in the form of regular payments or withdrawn money. Regular payments are formally known as benefits. It is also possible to take out funds in the case that the individual opts out of the pension system before receiving payments. This is known as withdrawal.
The Employee Retirement Income Security Act (ERISA) is a federal law that governs most private-sector retirement plans, such as 401(k), 403(b), and employee stock ownership plans. ERISA establishes minimum standards to ensure employees receive promised benefits and that employers uphold their fiduciary duty when managing plan assets.
If you’ve been denied benefits or believe your employer mishandled your retirement funds, a Rochester pension lawyer can help you appeal the decision or file a claim under ERISA. These cases often involve missed contributions, improper rollovers, or failure to follow the company’s own plan documents.
A Step-By-Step Guide to Navigating Retirement Planning
With help from a Rochester retirement plan and pension attorney, you can gain a better understanding of state retirement plan and pension laws. Planning for the future without a Rochester retirement plan and pension lawyer could be a costly mistake. Attorneys bring years of experience managing complex retirement plans and pension cases.
They can guide you through these and other important steps. Start by assessing your income, savings, and long-term financial goals. Identify which retirement system you qualify for (such as the New York State and Local Employees’ Retirement System, PFRS, or NYSTRS) and determine your expected benefits. The New York State and Local Retirement System (NYSLRS) serves over 1.2 million members, retirees, and beneficiaries.
Review your pension contribution history, years of service, and potential payout options. Consider supplementing your pension with an IRA or 401(k) for additional security.
Trotto Law Firm, P.C., Client Reviews
At Trotto Law Firm, P.C., we are proud to serve the residents of Rochester. Our understanding of ERISA rules and recent law changes allows us to provide relevant and exceptional legal services focused on protecting your financial future. For example, starting September 30, 2025, eligible New York State retirees will receive a 1.2% cost-of-living adjustment (COLA) on their pension benefits, effective through August 2026.
Under state law, this permanent, automatic increase applies to the first $18,000 of a retiree’s annual benefit. Those earning $18,000 or more will see an $18 monthly increase, while smaller pensions receive a prorated adjustment.
These are just a few of our many five-star reviews:
- “Very fast and friendly service. The staff made everything simple and stress-free.” — John O.
- “Excellent experience — the team exceeded my expectations.” — Joshua M.
- “Everyone was kind, patient, and understanding throughout my case.” — Nicole E.
- “Professional and straightforward about what they could do for me.” — Willie W.
- “Knowledgeable and efficient — every document was done correctly and on time.” — Judy S.
- “Jonathan made the process easy and comfortable for my husband and me while preparing our wills.” — Ryanne B.
- “Thorough, punctual, and fair — truly a wonderful experience.” — Geoff F.
Our positive reviews demonstrate our commitment to compassion, guidance, and professionalism. We’re proud to help Rochester residents protect their finances, families, and futures. Whether you’re concerned about your pension or need help creating a retirement plan, we are ready to help.
Choose Trotto Law Firm, P.C., for Legal Assistance With Your Retirement Plan and Pension
When you work with Trotto Law Firm, P.C., you gain the support of an attorney who has practiced law in the area since 2009. For 10 years straight, since 2014, he has been named a Rising Star by the peer-reviewed group Super Lawyers. He is proud to serve Rochester communities like Park Avenue, Corn Hill, and Charlotte by providing trusted legal guidance to individuals and families across Monroe County.
FAQs
What New Law Was Introduced for New York Retirement Planning?
In late 2021, the governor of New York, Kathy Hochul, put into place a law that makes businesses in New York with ten or more employees offer retirement-related options for their workers, including a 401(k) or a 403(b) plan. It is important to note that as of 2023, the exact details for implementation are still being sorted out.
How Old Do I Have to Be to Start Receiving Pension Payments?
In order to understand when you can start getting pension payments, you will need to understand which kind of pension plan you are subscribed to and what the exact rules are. Usually, the minimum age at which you can start collecting payments ranges from 55 to 65. New Yorkers usually retire between 60 and 65. It’s important to speak to a knowledgeable pension lawyer so you understand when you can strategically start collecting money without losing certain benefits.
How Much Is a New York State Pension?
A Rochester, New York State pension amount depends on the circumstances of the individual contributing to the plan, including how long they worked, how much they made, and the kind of plan they are enrolled in. Each of the three kinds of pension systems in New York State has different rules that determine how much money will be paid out.
Can I Contribute to Both a Pension Plan and an Individual Retirement Account (IRA)?
Yes, you can contribute to a pension plan as well as an individual retirement account, or IRA. Usually, pension plans are agreements made between employers and workers. Employees make contributions by adding portions of their salaries to the plan. An IRA is an account set up by an individual who can choose to contribute as much as they want and can receive tax-deductible savings if they don’t take the money out before a certain time.
Secure Your Retirement and Future Today: Contact the Talented Team at Trotto Law Firm, P.C.
The legal professionals at Trotto Law Firm, P.C., have years of experience helping hard-working Rochester residents plan for their future in retirement and get the benefits that they have long labored for. Contact one of our NY retirement plan & pension attorneys today to get the support you need.
