As a new teacher, your retirement may feel like a long way off. After all, you’re probably focused more on tomorrow’s lesson plans than your Tax-Deferred Annuity.

But although designating your financial beneficiaries isn’t as exciting as designating your next big unit of study, enrolling in the Teachers’ Retirement System is an important part of launching your teaching career.

As a certified, appointed teacher, you automatically become a member of the Teachers’ Retirement System, and pension deductions from your paycheck should begin within two months. When they do, you’ll notice a “TRS 414H” deduction on your pay stub.

The amount you contribute to your pension varies with your salary, from 3 percent of your wages if you earn less than $45,000 to 6 percent of your wages if you earn more than $100,000. These contributions to your pension lower your taxable income, and your pension benefit is “vested” after 10 years of service.

What does vesting mean? It means that after 10 years of teaching, you’ll have access to your pension benefits — including regular payments, health insurance and disability benefits — when you retire. (You’ll be eligible to retire with full benefits at age 63.)

Soon after your pension deductions begin, you should receive an enrollment kit in the mail from the TRS. Call the TRS at 1-888-8NYCTRS or speak to a pension consultant in your UFT borough office if you don’t receive your TRS welcome kit this fall.

Even though your paycheck deductions happen automatically, you’ll want to submit your enrollment information to take full advantage of your TRS membership. Some of the important forms you’ll find in your TRS kit include:

• The TRS Enrollment Form. You can complete your enrollment by submitting this form to the TRS — plus proof of your date of birth.
• The TDA Enrollment Form. You can make voluntary contributions toward a Tax-Deferred Annuity by filling out this form. You’ll choose from any combination of six investment options: a Fixed Return Fund, which offers a guaranteed rate of return on your investments, and five variable funds. You can contribute between 1 and 20 percent of your salary to your TDA, and you won’t be taxed on your contributions until you withdraw them. If you choose to enroll in the TDA, you’ll contribute through payroll deductions — look for the “TRS TDA” code on your pay stub.
• Designation of Beneficiary forms for both your pension (QPP) and TDA accounts. These forms tell the TRS whom you wish to receive your death benefit. The QPP benefit will grow to a maximum of three years’ salary; the TDA benefit is based on your TDA account balance. You can change your beneficiaries as your life situation changes. For quicker service, you can also enroll in TDA and designate your beneficiaries online. Take a few minutes and register on the TRS website. Go to www.trsnyc.org and click Forms/Tools.

It’s no secret that public pensions are under assault across the country, but UFT members are fortunate to have access to an excellent pension plan. The sooner you take care of your enrollment, the more secure your financial future will be as you embark on your teaching career.