The UFT and its allies — the American Federation of Teachers, the AFL-CIO, the National Conference on Public Employee Retirement Systems and the National Education Association — are leading the fight to protect public pensions.

Traditional defined-benefit pension plans in the private sector have been disappearing for years; the number of Fortune 500 companies offering them dropped from 292 in 1998 to 99 in 2015, according to a Willis Towers Watson study. Across the board, only 4 percent of private-sector employees have, as their only retirement account, a defined-benefit plan, says CNN Money. About 14 percent of companies offer a defined-benefit plan in combination with a 401(k) or other defined-contribution plan.

That contrasts sharply with the statistics for public employees. About 85 percent of full-time state and local government workers are enrolled in a defined-benefit pension plan. The UFT works overtime to make sure public sector pensions are protected since right-wing ideologues and corporate billionaires have deemed this benefit, and unions, public enemy No. 1.

The union also continues to seek improvements for members, not an easy task in the current climate. This past spring, the UFT worked for the passage of a law that allows members of the Teachers’ Retirement System to claim up to three years of service credit for military duty, even if that service did not occur during specific periods of conflict.

What is TRS?

For the newcomers to the union, let’s start at the beginning: The Teachers’ Retirement System was established in 1917 and is one of the country’s largest pension systems, serving more than 210,000 in-service members, retirees and beneficiaries. It manages the money as well as all administrative tasks for UFT members’ accounts.

TRS membership is mandatory for most UFT members who work for the Department of Education. Paraprofessionals may choose to participate, and the union strongly urges them to do so.

All new regularly appointed teachers, school secretaries, guidance counselors and other pedagogues will receive a TRS Welcome Kit this fall. Fill out the enrollment application and the designation of beneficiary form, and send to TRS along with proof of date of birth. (Questions? Call your UFT borough office and speak to a pension consultant. Visit the UFT borough offices page for telephone information.)

TRS members contribute to the Qualified Pension Plan through automatic paycheck deductions. Contribution rates are determined by the initial date of membership in the retirement system. TRS participants belong to a specific pension “tier” that is generally determined by the date they became members of the retirement system. For example, members who joined on or after April 1, 2012, are in Tier VI.

Eligibility for a pension and the amount of the monthly benefit depend upon total service credit. Total service credit is the sum of qualifying service and any outside service. If a member worked for New York City or New York State before joining TRS, that member may qualify for credit for that prior service. Contact TRS at 1-888-869-2877 for more information about prior service eligibility.

TRS members may also contribute to a supplemental Tax-Deferred Annuity, a low-fee, voluntary savings plan. As its name implies, the TDA program enables participants to save money while deferring payment of federal, state and local income taxes for many years.

To enroll in the TDA, you must file a separate TDA enrollment application and a designation of beneficiary form.

Some UFT members who are ineligible for TRS may join another retirement system. Per diem teachers, long-term substitute teachers, substitute paraprofessionals or any other DOE employee who has not been appointed may join the Board of Education Retirement System (BERS). For more information, call 1-718-935-5400.

The defined-benefit pension, the TDA, city-provided health insurance (negotiated by the Municipal Labor Committee) and UFT Welfare Fund benefits are designed to work in tandem with Social Security to provide financial security for our members after a long career in the city’s schools.