new teacher q & a

I heard that if I work for five years I can get a pension. Is that true and how much will my pension be?

Mar 29, 2007 2:30 PM

A: Yes, you can become vested — that is, eligible to eventually collect a deferred pension — after as few as just five years of credited service, reduced from 10 years through union political action. That means that if you resign your position for any reason — to relocate away from New York City, go back to school full time or try another career path — you will be able to collect some kind of pension, payable as early as age 55, after just five years in either TRS or the Board of Education Retirement System (BERS). The exact amount of your pension is calculated the same way as a service retirement pension and will depend on your years of service and your final average salary.

However, if you leave your position temporarily — for up to seven years — you can still keep your pension credit and status. Therefore, before you take a break in service, be sure to ask for a consultation with a pension counselor at a UFT borough office to find out the best way to protect your job and pension status in case you later decide to return.