Popular choices include SEP IRAs, SIMPLE IRAs and solo 401(k)s, each offering distinct benefits and contribution limits. Service retirement applications, for example, must be on file at least 15 days but not more than 90 days before the employee's chosen date of retirement.R tax form is used to report the distribution of taxable retirement benefits. Retirement Online gives NYSLRS members, retirees and beneficiaries an easy and secure way to review their benefits and do business with NYSLRS in real time. You must use a special rule to calculate retirement plan contributions for yourself. A SIMPLE IRA may be an easy and low-cost way to set up a retirement program. Maximize contributions for you and up to 100 employees. A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services. However, plans may allow employees to begin participation before reaching age 21 or completing one year of service. • Set Up Your Account Electronically.