Jun 7, 2007 11:18 AM
Beginning with the April payroll, retirees who are members of TRS may have noticed a new look to their monthly retirement check stub. Although the changes may not appear extensive, the behind-the-scenes work that made the new check stubs — and the related Electronic Fund Transfer (EFT) quarterly statements — a reality was actually quite complex. Those of you who receive your check by EFT will see the new-looking statement in July.
In fact, the enhanced check stubs and statements are the result of an entirely new pension payroll processing system. This successful and seamless transition occurred without a hitch due to nearly two years of hard work and a well-coordinated effort among the Teachers’ Retirement System of the City of New York (TRS), the New York City Financial Information Services Agency (FISA) and the New York City Office of Payroll Administration (OPA). The UFT also provided input and guidance each step of the way to ensure that your needs were met.
Some of the work involved in this multi-agency project included analyzing and reconciling the differences between the old and new payroll systems; designing and developing more than 100 payroll functions; and revising more than 50 different communications addressing the impact of the new system. Each aspect of the project was also tested extensively to make certain that the system operated as designed. The agencies involved also worked very hard to ensure that your retirement allowances remained protected while meeting the aggressive deadlines set throughout the development process.
For more information about the enhancements provided by the new payroll system — including the expanded information available on check stubs and statements — please refer to the Winter 2007 issue of TRS’ Benefits Report, or TRS’ Reading Your Retirement Allowance Check Stub (code 9.5) and Reading Your EFT Quarterly Statement (code 9.6) brochures. TRS publications are available by accessing the TRS Web site at www.trs.nyc.ny.us or by calling 1-888-8-NYC-TRS and selecting Option 3 on the TRS Service Line’s main menu.