new teacher articles

TRS: Thousands of newer teachers missing

by Anne Millman

May 22, 2008 11:45 AM

Tens of thousands of newer teachers may be missing out on some valuable benefits and important protections because they have not enrolled in the Teachers’ Retirement System (TRS) or provided TRS with other vital information.

TRS is concerned that only 25 percent of recently hired teachers have submitted enrollment forms and many others have failed to designate their beneficiaries or submit proof of their date of birth.

How do you know if you are among the “missing”? You may not know. In fact, you may think you are enrolled in TRS because you see a payroll deduction for your pension on your pay stub. That’s because the pension deduction is set in motion automatically. Enrollment is not. So you may be contributing to your pension but not be getting your money’s worth.

If you don’t file an enrollment form and provide certain other information, you may be missing out on benefits or protections such as these:

• You may qualify for TRS pension credit for prior service, either through transferring that credit or buying it back — but only after two years of TRS membership. This credit could add thousands of dollars to the value of your pension. The sooner you file your enrollment application, the sooner TRS will be able to set up your account.
• As an in-service member of TRS, you have the added security of a disability retirement and a death benefit that helps protect your beneficiaries. The death benefit is payable to beneficiaries named on a “Designation of Beneficiary” form provided by TRS. If this form is not on file or has not been updated, your wishes concerning who gets the death benefit may not be carried out.

To find out what forms or information may be missing from your file, call TRS at 1-888-8NYC-TRS and follow the prompts to speak to a TRS representative. Then, if you need to, submit a TRS enrollment form, a Designation of Beneficiary form, and any other missing information that TRS needs for your account. You’ll be protecting yourself and your loved ones.