Your defined-benefit pension and the Tax-Deferred Annuity program and Roth option for voluntary savings are among your most valuable financial assets as a UFT member employed by the Department of Education. Whether you are a new member, in mid-career or close to retirement, there are steps you can take to learn about your pension benefits and stay on track as you progress down the road to a financially secure retirement.
Early to Mid-Career
- Check if proof of your date of birth is on file with the Teachers’ Retirement System and verify your contact information in the TRS online portal.
- Participate in the Tax-Deferred Annuity (TDA) program and/or the Roth option.
- Designate beneficiaries for your Qualified Pension Plan (QPP), your TDA account and your Roth account.
- Apply for eligible pension credit if you have any prior service with a New York City or state agency by requesting a cost letter from TRS. Transfer any eligible service you may have rendered as a member of a different New York City or New York State retirement system.
- Stay up to date on pension issues by attending a pension workshop, reading this Secure Your Future column and visiting the pension section.
3-5 Years Prior to Retirement
- Check and update your contact information on the TRS website and make sure your beneficiaries are up to date.
- Attend the UFT’s pension clinic series to prepare for retirement.
- Call 212-331-6311 to arrange for a preliminary pension consultation to receive an estimate of your retirement allowance.
1-3 Months Prior to Retirement
- If you or your dependents are 65 or older, you must enroll in both Medicare Parts A and B. Contact the Social Security office for more information.
- Call the UFT to arrange a final pension consultation if you are a TRS member. BERS members should contact BERS.
- File your online retirement application at least one business day, but not more than 90 days, before your retirement date.
- Choose termination pay or terminal leave. File form OP 44 with the payroll secretary for termination pay. File form OP 40 for terminal leave with the payroll secretary at least 30 days prior to the onset of your leave, or by June 1 if your leave begins in September.
- Attend a health final consultation on Zoom to complete your retiree health benefits application, Retired Teachers Chapter enrollment form, COPE card and SHIP enrollment form.
After Retirement
- You will receive advance payment checks from TRS until your pension is finalized.
- You will receive a statement of benefits along with your full pension allowance.
- File form W-4P for tax withholdings.
- Review rules for working retirees.
- Keep your contact information and beneficiaries up to date.
- Participate in RTC activities or Si Beagle courses at any UFT borough office or at the union’s Florida office.
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Pension