As members of the UFT, you are entitled to a benefit that is becoming as rare as it is important — a traditional defined-benefit pension plan, the gold standard of retirement plans, which guarantees a lifetime annuity of regular payments based on your years of service, your salary and your age.
Many of us who retire at age 62 can expect to live longer than our forefathers. But to be safe, it's important to prepare by having family discussions about what to do in the event of a debilitating illness or death. Here is a list of topics to discuss and the legal documents to have.
You possess a valuable financial asset from participating in a defined-benefit pension system and saving money in a tax-deferred annuity. That’s why it’s important to designate beneficiaries, keep your beneficiary designations current after life-changing events and make sure the latest contact information for your beneficiaries is on file with your pension system.
If you were a public employee who worked for New York City or New York State before joining the Teachers’ Retirement System or the Board of Education Retirement System, you may be able to purchase credit for that prior service and increase your Total Service Credit — a key factor in determining your retirement eligibility and the amount of your retirement benefit.