UFT Treasurer and Teachers’ Retirement System trustee Victoria Lee is familiar with the unanswered questions that can pile up as UFT members near retirement.
“Our members lead busy lives, and, as they get closer to retirement, they have questions but it can be hard to find the time to track down the answers,” Lee said.
Which is why the UFT Pension Department organized its first-ever Pension Expo on Oct. 26 — and why the event sold out. More than 400 people registered within two hours of receiving the email invitation.
“We organized an event where everything our members need to make informed decisions about their retirement would be at their fingertips,” said Lee.
UFT Assistant Treasurer and TRS trustee Tom Brown kicked off the day with a session about what to plan for and look forward to in retirement. Then Lee led a panel discussion featuring four recently retired members.
At that point, the attendees split into two groups. Two hundred members went to a different floor to peruse an exhibit hall, attend breakout sessions on the Tax-Deferred Annuity (TDA) program and TRS, or receive pension consultations and printouts of their pension calculations.
The other half remained in Shanker Hall to hear about the TDA and designating beneficiaries from UFT Special Representative Frank Panebianco and about the retirement process from TRS trustee Christina McGrath.
Then the groups switched places, so everyone had access to the same information.
Nineteen-year teacher Rekha Thomas of PS 28 in Manhattan said she attended the expo to learn more about her retirement options and to get guidance on how to maximize her retirement savings.
“It’s important for the UFT to have this event so teachers can have questions answered by experts and make informed decisions about their future,” she said, noting that having accurate information “will help reduce anxiety about retirement years.”
Her school’s chapter leader, Elkis Felice, said she plans to retire in four years and attended the expo to “start educating myself on the process.”
Felice said she came away from the expo with a much clearer understanding of her pension benefits. “I am very proud that New York City teachers are part of a select group of Americans who have this great pension plan,” she said. “I left excited about my financial future.”
Lee said the UFT Pension Department plans to hold more expos in addition to its regular pension workshops, district events, school visits and one-on-one pension consultations.
“It was a huge endeavor,” she said, “but it was so well-received.”