new teacher q & a
As an appointed teacher, am I automatically in the pension system or do I have to apply?
May 21, 2009 3:46 PM
Newer teachers often confuse membership in the pension system with enrollment. As an appointed teacher, you are automatically a member of the Teachers’ Retirement System (TRS) and a pension deduction is automatically set into motion. If you see such a deduction on your pay stub, you are already contributing to your pension. But that doesn’t mean you are enrolled.
Unless you actually enroll, you may not be getting your money’s worth. To date, only 15 percent of all first-year teachers have submitted enrollment forms and even fewer have indicated their beneficiaries or provided proof of their date of birth. That means that tens of thousands of newer teachers may be shortchanging themselves.
By filing a simple enrollment form and providing certain other information, you will be able to take full advantage of such benefits and protections 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.
- Filing or updating a TRS “Designation of Beneficiary” form helps protect your loved ones with a death benefit. The death benefit is payable to beneficiaries you name. 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.
- As an in-service member of TRS, you have the added security of a disability retirement.
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. (Go to www.trs.nyc.ny.us and click on Forms.) You’ll be protecting yourself and those you love.
