We are nearing the end of another year doing what is probably the most important job in the world. Despite the challenges each of us faces in our jobs every day, we have educated more than 1 million children.

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As compensation for our hard work and invaluable contributions to the children and families of our city, we have this year seen our salaries rise and have earned another year of pension credit. Our higher salary will translate into a higher lifetime income when we collect our pensions.

If you’re retired or about to retire

Members who retired between Nov. 1, 2009, and June 30, 2014, have received a lump sum for their retroactive pay raises under our 2014 contract with the Department of Education. The Teachers’ Retirement System is now recalculating the pensions of the more than 14,000 UFT members who retired during that time period to ensure that their pensions incorporate these salary increases. Most pensions of eligible members will likely be recalculated by early fall, and all are expected to be done by the end of December.

To those of you retiring this summer, we wish you a healthful, happy, long and financially secure retirement. We thank you for your service and remind you that you have more than earned the benefits you will receive. Congratulations!

You can now rely on what we call the three pillars of retirement security: a defined-benefit pension plan, Social Security and employer-provided health insurance.

Most UFT members also have a fourth pillar to bolster their retirement security: the Tax-Deferred Annuity program or other personal savings.

If you’re not retiring yet

To those of you returning in the fall, have a restful, refreshing summer. We look forward to keeping you informed next school year about how to “secure your future.”

Remember that it is important to plan ahead for the years after you stop working. Retirement can last 30 years or more.

Summer can be a good time to set up and maintain a file of important pension-related papers, which should be accessible to a trusted person and should include copies of:

• Your up-to-date Designation of Beneficiary forms for both the Qualified Pension Plan and the Tax-Deferred Annuity program.
• Your most recent Annual Benefit Statement, which among other items has a record of your credited service and a listing of your beneficiaries.
• Your most recent Quarterly Account Statements for both the Qualified Pension Plan and the TDA.
• Any other document related to your retirement benefits, such as a letter on a pension-tier change or other correspondence from the TRS.

And, be sure to keep the UFT and TRS updated about any changes in your home address.

Proof of birth

All TRS members must have on file with the retirement system proof of their birthdate. The following is considered acceptable birthdate documentation:

• birth certificate
• passport
• naturalization document

If none of the above is available, then two of the following items are required:

• baptismal certificate
• certificate of military record
• driver’s license
• government-issued identification
• life insurance policy

Pension clinics

If you are thinking of retiring in a year or two, summer can be a great time to attend a UFT pension clinic.

Each clinic is a mini-course on your retirement benefits. No one should plan to retire without participating.

Although clinics are scheduled throughout the school year, many members find that summer is the ideal time to participate. If you are approaching retirement, check the clinic dates for this summer [see box at right] and plan to attend. You don’t need to preregister.

Summer pension services

During July and August, the UFT will have pension staff available for telephone inquiries from 10 a.m. to 5 p.m. on Monday through Thursday at the union’s headquarters at 52 Broadway. The phone number for retired members to call is 1-212-598-9536. For in-service members, it is 1-212-598-6866.

In-person consultations will be available only in cases that need immediate attention such as for members approved for ordinary disability retirements. Full service in the borough offices will resume in the fall when school reopens.

The Teachers’ Retirement System summer hours are from 8:30 a.m. to 5 p.m. on Monday through Thursday and from 8:30 a.m. to 1 p.m. on Friday. TRS is at 55 Water St., 2nd floor, in Manhattan. Bring a photo ID — government or school — if you visit TRS. You may also call 1-888-869-2877 or visit the website, www.trsnyc.org.

A cautionary tale

Just recently, a young UFT member with a family passed away without a Designation of Beneficiary form on file.

All members are covered by a death benefit that provides for one or more beneficiaries in the event of your death. But if you have no beneficiary form on file at the time of death, any benefit that may be payable will be issued to your estate, which can cause delays in payment and lead to possible unnecessary legal expenses.

Having a beneficiary form on file ensures that the death benefit goes to the person intended. In addition, if you die before retiring, as this member did, your beneficiary may be able to receive any member contributions, plus interest, made by you to the Teachers’ Retirement System.

So, it is extremely important to have Designation of Beneficiary forms on file and to keep them up to date. You may need to update your beneficiary designation after events such as marriage, divorce or death. Also, remember that if you participate in the Tax-Deferred Annuity program, you need two forms on file: one for the Qualified Pension Plan and one for the TDA.

You can check your current designated beneficiaries on your Annual Benefit Statement, your Quarterly Account Statement or the TRS website.