Jun 5, 2008 3:28 PM
Another year of doing what is probably the most important job in the world is soon ending. Despite the roadblocks put in our way by a Department of Education that gives hard-working school personnel little respect, we have educated more than 1 million kids. We have earned another year of pension credit and have seen our salaries rise by 5 percent on May 19. As we continue to work, this higher salary will be translated into a higher lifetime income when we collect our pensions.
This year saw the enactment of legislation we have been trying to get since 1973: a law that allows members who joined the retirement system for the first time after July 1, 1973, to retire at age 55 with an unreduced retirement allowance upon the completion of 25 years of service. Randi Weingarten honchoed this legislation personally and deserves kudos from everyone. It also shows the importance of your COPE contributions. We could not have achieved this and other victories without COPE. We should all be contributing. If further legislation passes in this session, we will let you know.
While Teachers’ Retirement System members can retire at any time after becoming eligible on one day’s notice, the professionalism that they display is demonstrated by the fact that the vast majority of retirements take place in early July after the school year is completed, or in August after summer programs are over. Last year, 1,675 members retired during the July-August period.
Those members who had participated in the UFT’s Ready-or-Not program and attended the UFT’s Pension Clinic and had a final pension consultation had a much less stressful time retiring than people who had not participated in these services. All retirees are going to get a retirement allowance (pension), Social Security, when eligible, and a comprehensive health insurance program. Most will also have the fourth pillar of retirement security: personal savings and investments (tax-deferred annuity). At a time when fewer and fewer Americans are able to provide themselves with a financially secure retirement, it is a comfort to know that UFT members can.
The summer is an excellent time to participate in the UFT’s Pension Clinic. Check the listing on this page for time and place.
The UFT will have pension staff available for telephone inquiries from 9 a.m. to 4 p.m. Mondays through Fridays in the central office. Call either 1-212-777-7500 or 1-212-598-6866. Pension staff will be available in the borough offices from 9 a.m. to 4 p.m. on Mondays and Wednesdays to answer questions regarding opting into 55/25 and other pension-related matters.
In-person consultations will be available only in cases that need immediate attention such as members seeking disability retirement or for other emergencies. Full service in the boroughs will begin when school reopens in the fall.
The TRS’ summer hours are weekdays from 8:30 a.m. to 5 p.m. The TRS’ address is 55 Water Street, New York, NY 10041. The phone number is 1-888-8NYCTRS.
Urgent reminder: In order to be covered by the new 55/25 plan you must opt in by Aug. 25, 2008. This is a firm date written into the law. Opt-in applications that are received after the close of business on Aug. 25 will not be honored. It is very unlikely this benefit will be made available in the future. TRS members may opt in online; BERS members should call 1-718-935-5400.
TDA Investment Elections can be changed in August. The change form must reach the TRS by Sept. 1. Changes will take effect in October. Remember, changes are optional not mandatory. If you do not want to make any changes at this time, do not file a form. Investment changes can be requested quarterly. The next investment election changes will be available in January. The TRS must receive change requests by Dec. 1 to become effective in January.
For those of you retiring, please accept our thanks for all you have done to educate the children of the City of New York. Our best wishes for a healthy, happy, lengthy, financially secure retirement. We hope that you will use some of your well-earned spare time to keep active in the union through the Retired Teachers’ Chapter.
For those of you who will be returning, we wish you a restful, refreshing summer and we look forward to keeping you informed about how to Secure Your Future again this fall.
“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.