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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...
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...