Retired Teachers Chapter News

Attention new retirees: Expect TRS refunds

Nov 15, 2007 5:07 PM

If you retired this July and received vacation paychecks for July and August at the end of June, you may have noticed that pension deductions were made by the Teachers’ Retirement System.

The checks were prepared before your retirement became effective and the usual automatic deductions were made. You are entitled to a refund of any such deductions (for example: pension contributions, TDA contributions, loan payments and/or buybacks) because pension-related deductions cannot be credited to your account after retirement. If you retired at the end of August, you are not entitled to any refund.

If you elected to defer your TDA, you will not receive a refund of any TDA deductions that were made. Instead, the amount will be added to your TDA account and will be invested in the same manner as your previous deductions.

Refund checks will be mailed to eligible retirees by the end of November. The amount will include interest calculated from the date of deductions to the date of payment.

Are you a 50-, 60- or 70-year member?

If you have been a member of our union (i.e., Local 2 of the AFT) for 50 consecutive years, we want to know about it. You may be eligible for the UFT 50-Year Membership and Service Award.

If you are already a 50-year honoree and have 60 years of continuous membership, let us know and we will send you an application for the 60-Year Membership and Service Award.

Another category of honorary membership has been added. If you have already been a 50- and 60-year honoree and have 70 years of continuous membership, please let us know. You may be eligible for the UFT 70-Year Membership and Service Award.

For an application, please send your name and address to UFT/RTC 50-Year Membership and Service Award Committee, c/o George Altomare, 52 Broadway, 12th Floor, New York, NY 10004. All application requests must be received by Feb. 11, 2008.