Your defined-benefit pension and the Tax-Deferred Annuity program for voluntary savings are two of 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 (TRS)
If you are not in a TRS-eligible position, you may enroll in the Board of Education Retirement System (BERS)
Participate in the Tax-Deferred Annuity (TDA) program
Designate beneficiaries for both your Qualified Pension Plan (QPP) and TDA account
Apply for eligible pension credit if you have any prior service with a NYC or state agency
Transfer any eligible service you may have rendered as a member of a different NYC or New York State retirement system
Attend a pension workshop/webinar for new members
Stay updated on pension issues by reading the Secure Your Future column and visiting the UFT website
5–10 Years Prior to Retirement
Attend the UFT’s pension clinic series to prepare for retirement
Attend other UFT pension webinars to learn more about your pension, TDA, health benefits and other retirement matters
3-5 Years Prior to Retirement
Arrange for a preliminary pension consultation by calling 212-331-6311 and requesting an estimate of your retirement allowance
Review your Annual Benefits Statement (ABS) from your pension system to be sure your service reflects the years you have worked
1-3 Months Prior to Retirement
If you 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
File your retirement application at least one business day, but not more than 90 days, before your retirement date
File appropriate forms to elect an option for your TDA funds at retirement
File form OP 44 with the payroll secretary for termination pay
File form OP 40 for terminal leave at least 30 days prior to the onset of your leave, or by June 1 if your leave begins in September
File a Health Benefits Application (form ERB) to waive or continue health insurance and check YES for the optional benefits rider to receive prescription drugs
Enroll in the Retired Teachers Chapter and file for your COPE card and SHIP card
After Retirement
Receive advance payment checks from TRS or BERS until your pension is finalized
Receive a Statement of Benefits along with your full pension allowance
File form W-4P for tax withholdings
Review rules for working retirees
Participate in RTC activities at any UFT borough office or at the union’s Florida office
This column is compiled by Tom Brown, David Kazansky and Debra Penny, teacher-members of the NYC Teachers’ Retirement Board.
