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Why should I choose a beneficiary?
It is very important to choose a beneficiary or beneficiaries so you can be sure that if you die while you are still working for the New York City public schools the person(s) you choose receives your death benefit, instead of leaving it up to the...
How may I choose or change a beneficiary?
New members receive a “Designation of QPP (Qualified Pension Plan) Beneficiary Form” with their TDA enrollment application and should file both forms together. Participants in the Tax Deferred Annuity Program should designate a beneficiary for their...
Are married members required to designate their spouse as their beneficiary?
No. They may designate someone else if they choose.
Why are there different pension tiers?
Your pension is governed by state law and protected by the State Constitution. Whenever the State Legislature made substantial changes in public employee pensions, it passed a new law creating a new plan for people hired after the law’s effective...
What are the qualifying appointment dates for the pension tiers?
Tier I — those who joined TRS before July 1, 1973. Tier II — those who joined TRS after June 30, 1973 and before July 27, 1976 Tier III — those who joined TRS after July 26, 1976 and before September 1, 1983 All Tier III members may retire under Tier...
Can I change my pension tier?
You may qualify for a different tier if you switched tiers during a tier change period, or if you transferred your membership to TRS from another eligible retirement system. In addition, you can apply for reinstatement to your previous status if you...
If I previously worked for the city or state, can I get pension credit for those years of service?
In some cases, Tiers III, IV and VI members can purchase service credit for certain employment they had before joining TRS . For your service to be eligible, the work had to have been rendered while you were in public employment in New York City or...
Are there any restrictions on purchasing credit for prior service?
There is no limit on the number of years of prior service credit you can purchase. However, you can't receive more than one year of credit for any given school year, and there may be minimum service requirements in a given year. You must complete at...
How much does it cost to purchase service credit?
The cost of purchasing service is based on your tier in the pension system. You may be eligible to pay in a lump sum, through payroll deductions, or through a TDA transfer. TRS will give you a Cost Letter, which explains the options, the amount of...
What is the Tax-Deferred Annuity (TDA) Program?
In addition to the defined benefit Qualified Pension Plan, the Teachers’ Retirement System and the Board of Education Retirement System offer a voluntary program, the Tax-Deferred Annuity (TDA) that allows you to save additional money for your...