Secure Your Future

School’s almost out — forever for some

Jun 17, 2009 10:16 AM

The school year is soon ending. The end of the year was made more challenging by the flu epidemic that pointed out the Department of Education’s inability to get information from the schools. The UFT, once again, had to get the essential information from the schools through its chapter leaders to get anything done. We will sure be glad when the last bell rings this year.

As we have said before, the most common retirement dates are the end of the school year and the day after summer school ends. If you have chosen to retire we wish you a healthy, long and financially secure future. Those of you who have decided to park your chalk and fill out your last attendance sheet, despite the fact that the employer will never tell you this, know that you have spent your adulthood in a career that is the most important and valuable one in the world.

If you took advantage of all of the UFT’s retirement-related services:

• You have an estimate of your income in retirement.
• You have an estimate of your expenses in retirement.
• You know all the steps and actions you must take prior to retirement.
• You know about your health and Welfare Fund benefits after retirement.
• You have provided for your heirs and beneficiaries.
• You have made estate plans and have a will or other appropriate documents.
• You have discussed your retirement plans with your spouse, children or other appropriate people.
• You know what you are going to do with your Tax-Deferred Annuity account.
• You know if you are going to take a partial lump-sum withdrawal.

Summer pension services

The UFT will have pension consultants available for telephone inquiries from 10 a.m. to 5 p.m., Monday to Thursday, from Monday, July 6, to Thursday, Aug. 27, in the central office. Call 1-212-777-7500, 1-212-598-6866 or 1-212-598-9536.

In-person consultations will be available only in cases that need immediate attention, such as members approved for disability retirements or other emergencies. Full service in the boroughs will begin when school reopens in the fall.

Summer hours for the Teachers’ Retirement System are weekdays from 8:30 a.m. to 5 p.m. TRS’ address is 55 Water St., New York, NY 10041. The phone number is 1-888-8NYCTRS. The Web site is www.trs.nyc.ny.us.

The summer is an excellent time to participate in the UFT’s Pension Clinic. Check the listing to the left for times and places for the Summer 2009 Clinics.

Investment changes

TDA Investment Elections may be changed quarterly. The next change can be requested in August for change to begin in October. The application must reach TRS by Sept. 1 for changes to begin in October. Remember changes are optional, not mandatory.

If you do not want to make any changes at this time, do not file an application. If you miss the Sept. 1 deadline, or if you do not wish to make a change at this time, the next investment election change can be made for the first quarter of 2010 and will have to be filed so that TRS receives the request to change by Dec. 1.

As we say thanks to our retiring members we want to wish those of you who will be returning in the fall a restful, refreshing summer and we look forward to keeping you informed about how to Secure Your Future again this fall. Be sure to keep the UFT and TRS updated as to your home address.

A last reminder for this school year: be sure you have filed a complete enrollment application with TRS. A complete application includes a Qualified Pension Plan designation of beneficiary form, a TDA designation of beneficiary form, proof of your date of birth, and record of your prior service in Public Employment in New York City or New York State.

“Secure your future” is compiled and written by Mel Aaronson, Sandra March and Mona Romain, teacher-members of the NYC Teachers’ Retirement Board. For further information on items discussed, call your UFT borough office or the TRS. BRONX: 1-718-379-6200; BROOKLYN: 1-718-852-4900; MANHATTAN: 1-212-598-6800; QUEENS: 1-718-275-4400; STATEN ISLAND: 1-718-605-1400; Teachers’ Retirement System: 1-888-8NYC-TRS (692-877), www.trs.nyc.ny.us.