Retired teachers chapter news

June 1, 2017

Changing banks for your EFT retirement payments

If you’re planning to choose a new bank to electronically receive your monthly retirement payments from the TRS, keep in mind the following so that you can avoid suspension of your Electronic Fund Transfer (EFT).

We must organize the organized

Organize the organized! That’s an old labor saying to remind union leaders that simply signing up individuals as members should not be the end of the process.

Termination pay for 2015, 2016

The New York City Department of Education will issue the last installment of termination pay for 2015 retirees and the second installment of termination pay for 2016 retirees.

Summer checks for new retirees

Members who are retiring at the end of the school year will receive four summer checks.

May 4, 2017

A blueprint to move forward

John F. Kennedy was born 100 years ago on May 29, 1917. As the president, he inspired many of us who came of age in the 1960s through his idealistic call to action in his inaugural address: “Now the trumpet summons us again …”

Required Minimum Distribution

Do you participate in the Teachers’ Retirement System’s Tax-Deferred Annuity program?

April 6, 2017

2016 sales tax break for New York, Florida and other states’ residents

Federal tax law allows taxpayers who elect to itemize deductions to deduct their state and local income taxes or state and local general sales taxes to reduce their federal income tax.

Reporting TRS distributions on your local income tax

If you received one or more of the distributions listed below during 2016, you are required to report the total gross amount of the distribution on line 16a and the taxable amount of the distribution on line 16b on your 2016 federal income tax Form 1040.

Electronic Fund Transfer (EFT) Payment for Medicare Part B
If you paid more than the standard monthly reimbursement rate for Medicare Part B in calendar year 2015 as an Income Related Monthly Adjustment Amount (IRMAA), you are eligible for additional reimbursement. If you filed promptly for your calendar year 2015 Medicare Part B IRMAA reimbursement, your reimbursement for 2015 will be deposited directly into your bank account on or about April 14.
Protecting what we’ve worked for

When the president’s chief strategist used the phrase “deconstruction of the administrative state” in his speech at the February meeting of the Conservative Political Action Conference, he was signaling what’s ahead in this administration. The phrase represents an ideology designed to undo 150 years of progressive achievements to establish a social safety network. It stands in contradistinction to the basic progressive belief that government at its best is a catalyst for social good.

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