The UFT in March celebrated its 55th anniversary — 55 years since New York City teachers united for their joint welfare and to provide strong support to the children they taught.

One of the many areas in which the union has made a huge difference for members is retirement security. UFT leaders — from Charlie Cogen to Al Shanker, Sandy Feldman, Randi Weingarten and Michael Mulgrew — have all stood firm that those who dedicate their lives to our city’s schoolchildren should be able to retire with “dignity that exceeds mere financial security.”

The New York City Teachers’ Retirement System was founded more than half a century before our union, in 1917. But the benefits back then were bare-bones. There was no such thing as Social Security or tax-deferred savings plans to supplement teachers’ pensions. And, if a member died while in service, beneficiaries received very little.

After the Social Security program began, teachers did not at first benefit from it. Only in the late 1950s did a predecessor organization to the UFT win Social Security coverage for teachers, which added a layer of retirement security above our pensions.

Within a few years of the UFT’s founding in 1960, the union achieved major improvements to member benefits, including better death benefits for in-service members and dramatically reduced member contributions to our retirement plan.

Our Tax-Deferred Annuity program was launched in February 1970 and was immediately popular. Improvements since have made it such a good investment vehicle that many members choose to keep their money invested in the TDA even after they retire.

The UFT has also through the years pushed improvements to the state’s pension laws.

Today, the TRS is one of the largest pension systems in the United States, serving more than 200,000 in-service members and retirees and their beneficiaries. Membership in the TRS is available to certain educators who work for the city Department of Education. All TRS members participate in the Qualified Pension Plan, a guaranteed, defined-benefit pension of the type that has become a rarity. The TDA program gives members an opportunity to build additional retirement income.

The UFT also helped to ensure members’ financial security by obtaining health insurance and UFT Welfare Fund benefits for retirees. Now, the four pillars of retirement security are in place for UFT retirees:

• Pension
• Social Security
• Tax-Deferred Annuity
• Retiree health benefits

But there is a huge fight around the country over public-employee pensions. All of us in the UFT will need to join this battle to maintain retirement security for educators and others who have spent their careers in public service.

The UFT also wants our retirees to have more than financial security. We want them to maintain a vibrant social and cultural life. Through the Retired Teachers Chapter, the union provides opportunities for education, travel, socializing and networking. We have outreach programs in the New York City metropolitan area as well as to thousands of members in Florida, the Carolinas, Georgia, Nevada, Puerto Rico and Israel. Wherever UFT retirees go, they let people know that our retired union members indeed have a lifelong retirement with “dignity that exceeds mere financial security.”

Time to plan

If you plan to retire in the next several years, you should by now have had a preliminary pension consultation and should have attended the UFT’s Ready-or-Not program. If you have not had a preliminary consultation, you should call your UFT borough office.

The UFT holds pension clinics throughout the year. We urge all members to participate in these clinics two to three years before retirement. No one should plan to retire without participating.

The pension clinic covers the following topics:

• How to calculate an estimate of your Qualified Pension Plan retirement allowance
• The TDA and your choices at retirement
• TRS investment programs
• Optional forms of retirement allowance
• Lump-sum withdrawals from the retirement system
• Terminal leave and termination pay
• Health insurance and UFT Welfare Fund benefits in retirement

Many members attend the clinic several times before retirement. No registration is necessary.

Do you max out your TDA?

All New York City pedagogic staff are eligible to contribute to the New York City Deferred Compensation Plan 457 account in addition to TDA accounts. The 457 plan allows you to save each year an additional $18,500 (or $24,000 if you are age 50 or older), either on a tax-deferred or a Roth tax-free basis. In the deferred compensation programs, you can choose among many investment choices.

For more information about the city’s Deferred Compensation Plan, call 1-212-306-7760 for details or visit their website. And just a reminder: the UFT does not give investment advice to members.

Disability retirement benefits

If you become physically or mentally incapable of performing your work duties, you may qualify for disability retirement benefits. To qualify for ordinary disability retirement benefits, you must have at least 10 years of total service credit, although different rules apply to different pension tiers.

However, if you are disabled as a result of an accident that occurred in the performance of your duties in active service, the total service credit requirement would be waived. Qualification for any disability retirement benefit is subject to the approval of the TRS medical board.

There are also special disability retirement provisions for in-service members who have been diagnosed with a terminal illness. If the member has a life expectancy of one year or less, he or she may be eligible to receive a lump-sum disability benefit while still alive to help pay for extraordinary medical care expenses.