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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...
What are the benefits of participating in the TDA Program?
First, your contributions are deducted from your paycheck before taxes are taken out; as a result, your current taxes are lower. (For New York residents, this includes federal, state and local taxes. Please check with your accountant about state...
How may I enroll in the TDA Program?
If you have a username and password on the TRS website at www.trsnyc.org , you can enroll in the TDA Program online at any time. When you enroll in the TDA Program, you should also designate a TDA beneficiary, which is available on the TRS website...
Do I need to re-enroll in the TDA Program each year?
No. Your contributions automatically continue into the next year. However, you may change your contribution rate on the Teachers' Retirement System website at www.trsnyc.org or by filing a hardcopy TDA Contribution Rate Change Form. BERS members may...
What are the investment options for my Tax-Deferred Annuity (TDA)?
The TRS Passport Funds provide six investment offerings: The Fixed Return Fund offers a guaranteed rate of return set by the New York State Legislature. The current 7 percent annual rate is guaranteed in accordance with applicable laws. The...
What are the eligibility requirements for taking a pension loan?
You may be eligible for a loan from your pension fund account (Qualified Pension Plan or QPP) if: you are either an in-service member or on a leave of absence, you are not in default on an existing pension loan. as a Tier I or II member, you have at...
What are the eligibility requirements for taking a TDA loan?
You may be eligible for a TDA loan if you have participated in the TDA Program for at least one year; you are an in-service member, or you are on a leave of absence, or you have TDA Deferral status; you are not in default on an existing TDA loan. You...