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UFT.org Home > News > New York Teacher > Secure your future > Step-by-step help to plan your retirement
The UFT’s pension clinics are aimed at those members thinking about retirement within five years, but all members are welcome to attend. The clinics are only one part of the UFT’s many services devoted to helping members prepare for a financially secure retirement.
All clinics 4:15–6:15 p.m.
Bronx borough office,
2500 Halsey St.
Part 1 — April 28
Part 2 — May 5
Tier VI pension / TDA
52 Broadway, Manhattan
(Tier VI is the pension plan for members who joined TRS on April 1, 2012, or later.)
The unit value is computed during the latter part of each month.
Daylight savings time has arrived, baseball has begun and green leaves are unfurling in gardens and parks around the city. With the arrival of spring, many of us begin to plan our summer vacations. Many others, however, are planning for the rest of their lives as they prepare to retire.
Most members who are retiring on June 30 began planning months or even years ago. That’s the right way to retire. Begin well in advance of the actual occasion, since the decision to retire is a serious one and should be made only after careful preparation.
Preparation for the rest of your life takes time. Fortunately, for our members, the UFT has done much of the heavy lifting by developing tried-and-true steps they should take. If you’re thinking about retiring in the near future, you should take advantage of all of the UFT’s pension-related services:
- Have you had a preliminary or final pension consultation?
- Have you decided to take terminal leave or termination pay?
- Have you attended a UFT pension clinic — a mini-course in pensions with an opportunity to ask retirement-related questions? The UFT recommends all members participate in this program two to three years before retirement.
- Have you registered for the UFT’s “Ready or Not” pre-retirement seminar program? We also recommend taking this class as part of retirement preparation.
We urge members to have a final pension consultation in the months before they retire. This consultation, if arranged in a timely fashion, is held in the UFT borough office of your choice. The earlier you book your appointment, the greater chance you will have to get the consultation at the most convenient site. Call 1-212-598-6866 to book a final consultation. We urge you to bring your spouse or partner to the consultation.
By taking advantage of these services and discussing retirement with your family and personal advisers, you can enter a well-earned and pleasant period of your life with financial security thanks to your defined-benefit pension, Social Security income and employer-sponsored health benefits (for most retirees). For those who participated in the Tax-Deferred Annuity program — and most of you do — you’ll also enjoy a supplemental lump-sum payment.
Final Pension Consultaton
The following topics are covered at the final consultation:
- An estimate of your retirement allowance
- Options: You have to choose how to structure your defined-benefit pension. You may take the maximum retirement allowance or chose options to provide for dependents and beneficiaries.
- Lump-sum withdrawals: How will this money affect you retirement allowance and tax payments?
- The Tax-Deferred Annuity: The TDA is one of the largest financial assets most members own. Members must decide whether to continue to invest with TRS (to defer it) or remove the TDA and invest it with another organization.
- Health insurance and UFT Welfare Fund benefits
- Social Security benefits
- The UFT’s Supplemental Health Insurance Program, also known as S.H.I.P, is available at low cost.
- A review of the TRS retirement application and related forms
- A brief review of how federal, New York State and city income taxes will affect your retirement allowance
- The Retired Teachers Chapter: Many UFT services are available through membership in the Retired Teachers Chapter.
When you leave your final pension consultation, you’ll receive a personalized printout of the estimated retirement-allowance calculations, TRS application forms as well as other forms and a retiree’s kit. The retiree’s kit contains information about work after retirement, the Retired Teachers Chapter, health benefits and other related topics.
The UFT’s pension clinics are aimed at those members thinking about retiring within five years, but all members are welcome to attend. These clinics are only one way the UFT educates its members about how to prepare for a financially secure retirement.
|2017||Variable A||Variable B||Variable C||Variable D||Variable E|
|2017||Diversified Equity||Bond||International Equity||Inflation Protection||Socially Responsive Equity|
|For more pension information, call you UFT borough office or the Teachers' Retirement System at 1-888-8NYC-TRS (1-888-869-2877); or visit the UFT pension or TRS.|
|1 Year||5 Years||10 Years||15 Years||20 Years|
|Variable A (Diversified Equity Fund)||22.95||11.65||6.17||7.10||7.18|
|Variable B (Bond Fund)
(Began Jan. 1, 2013)
|Variable C (International Equity Fund)||18.81||5.76||NA||NA||NA|
|Variable D (Inflation Protection Fund)||12.29||2.64||NA||NA||NA|
|Variable E (Socially Responsive Equity Fund)||24.36||12.86||NA||NA||NA|
|Returns for periods of more than one year are annualized.
* In the Fixed Return Fund, members are credited with 7 percent annually
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