Retired Members

Beneficiary Designations

Can I change my beneficiary designations after retirement?

The answer depends on which retirement option you elected. For certain options, the age of the member's beneficiary is a factor in calculating a retirement allowance; as a result, the beneficiary cannot be changed after the retirement date has passed. However, for the following options, you can change your beneficiary(ies) after retirement:

For Tier I and II members—Options I, IV-b, IV-d, and IV-e; and
For Tier III, IV, and VI members—Options 3 and 4.

After retirement, you may also change your fractional beneficiary and your Death Benefit #2 beneficiary, if applicable.

Why do I need to provide TRS with my beneficiary's Social Security number?

Having your beneficiary's Social Security number^ on file with TRS prevents unnecessary delay and complications at the time death benefits become payable.

TRS cannot distribute death benefits from a member's account until we have identified and contacted all designated beneficiaries on file. And, while other demographic information may be incomplete in our records or become outdated over time, the Social Security number is the most reliable way of confirming the identity of your beneficiaries and initiating contact with them.

You are not required to enter Social Security numbers at the time you enter your beneficiary designations. However, if you don’t, TRS may follow up with you periodically to remind you to provide this information.

^If your beneficiary does not have a Social Security number, then an alternative number such as the Individual Tax Identification Number (ITIN) may be used instead. If your beneficiary is a charity or organization, the Employer Identification Number (EIN) may be used.

Death Benefits

What is Death Benefit #1?

Under Death Benefit #1, the benefit would equal 1/12 of the member's last 12 months' regularly earned salary multiplied by each full year of Total Service Credit—to a maximum of three times the member's annual salary; this maximum would apply to members who have 36 or more years of Total Service Credit. (This description assumes that the member was in active service and died with at least one year of Total Service Credit since last joining TRS.)

As of October 1, 2000, beneficiaries of Tier II, III, and IV members receive the greater of either Death Benefit #1 or Death Benefit #2, even if the member had elected Death Benefit #1 coverage. Members who joined TRS after January 1, 2001 (including Tier VI members) are automatically enrolled in Death Benefit #2.

What is Death Benefit #2?

Under Death Benefit #2, the benefit would equal one year's salary upon the completion of one year of service, two years' salary upon the completion of two years of service, and three years' salary upon the completion of three or more years of service. If the member remained in service to age 61, the in-service death benefit would be reduced by 5% for each succeeding year until age 70, when the benefit would equal 50% of the applicable amount. This description assumes that the member was in active service and died with at least one year of Total Service Credit since last joining TRS.)

The following table shows the age-reduction factors that affect the benefit payable under Death Benefit #2.

Age at Date of Death (While in Active Service)	Percentage of Benefit Payable After Reduction
60 or under	100%
61	97%
62	94%
63	91%
64	88%
65	85%
66	82%
67	79%
68	76%
69	73%
70	70%

Note: Different reduction factors applied for members who died before July 1, 2021.

What should I do if I want to leave my death benefit to my estate or to a trust?

When you use the Beneficiaries feature in the secure section of our website, you may name your estate or a trust as a beneficiary. If you designate a trust, you will also need to provide TRS with a completed Verification of Trust Instrument Legality form (code EN4), which is available on request or after logging in to the secure section of our website; you can upload the completed form while you are logged in, or you may mail it to TRS. You may also be asked to provide TRS with a copy of the trust document or other information TRS considers necessary to administer payments to a trust beneficiary.

When a retiree dies, what benefits may be payable?

A death benefit, representing all or part of the member's retirement allowance under the Qualified Pension Plan (QPP), may be payable to a designated beneficiary or the member's estate; this would be based upon the payment option that the member chose at retirement. In addition, a fractional payment of the retirement allowance payment for the month in which the member died would be payable to a designated beneficiary, as long as the member did not die on the last day of the month.

Why are beneficiaries required to return any retirement allowance checks the retiree received in or after the month of death?

When a retiree dies before the last day of a month, that month's check is no longer payable to the member. A fraction of the payment, representing the portion of the month the member was alive, is payable to a fractional beneficiary, whom the member designated on his/her retirement application. The remaining portion of the payment is payable as part of the regular death benefit.

If any retirement allowance payments were cashed or directly deposited after the member's death, TRS will contact his/her beneficiaries to inform them of the total amount due. TRS must receive payment in order to process any benefits payable.

Is interest included in death benefit payments?

Death benefit payments may include interest, when applicable, for a limited period of time after TRS is notified of the member's death. Claimants/beneficiaries are encouraged to promptly submit documentation of the member's death (and return payments issued by TRS after the member's death). This will enable TRS to begin determining benefit amounts and any interest payable.

Employment

What is the maximum that I can earn after retirement?

The amount differs under certain situations. For example:
There is no limit if you are at least age 65, or if you are working in any job other than public employment with New York State or its political subdivisions. If you are a service or a disability retiree working in public employment in New York State, the total of the pension portion of your retirement allowance plus your post-retirement earnings must be less than $1,800 annually.

Service retirees may file a Section 212 Waiver online with TRS and earn up to the designated annual limit, which currently is $35,000. (The $35,000 limit will remain the same unless the New York State Legislature changes it.) By filing a Section 211 Waiver with their employer, service retirees may be able to earn more than this amount. (Note that disability retirees are not eligible to file Section 212 or 211 Waivers.) Retirees are encouraged to request an estimate of their earnings limit from TRS prior to filing a Section 211 Waiver with their employer.

What is a Section 212 Waiver?

A Section 212 Waiver allows service retirees under age 65 to return to public employment with New York State or any of its political subdivisions and earn up to a designated limit each calendar year without jeopardizing their retirement allowance. The current earnings limit is $35,000; it will remain the same unless the New York State Legislature changes it. A Section 212 Waiver can be filed online.

What is a Section 211 Waiver?

A Section 211 Waiver allows service retirees under age 65 to earn more than the maximum earnings allowed under a Section 212 Waiver. It is filed with their employer (not TRS), and allows members to continue receiving a retirement allowance subject to certain restrictions. Retirees must contact TRS to request an estimate of their earnings limit prior to filing a Section 211 Waiver with their employer.

For more information, please see the Earnings After Retirement brochure.

Can I dispute my post-retirement earnings indicated by TRS?

If you think the earnings amount indicated in your notification letter should not be counted toward your post-retirement earnings for this calendar year, you can file a Report of Income Earned Before Retirement (code RP86); you must file this form within 30 days of the date of your notification letter and you must include supporting documentation (e.g., pay stubs). Exempt earnings include: a) income earned before retirement (e.g., vacation pay, sick pay, termination pay, retroactive pay for salary increase); b) post-retirement income earned in a previous year; or c) income earned from any private employment, public employment outside New York State, or nonprofit organization.

What happens if I exceed the earnings limitation for a retiree?

If you exceed your earnings limit, you must repay the excess earnings to your employer or your retirement allowance would be suspended. (Refer to How do I repay excess earnings to my employer?). If you are working under a Section 212 Waiver, your suspension would begin in the month you exceed your earnings limitation and generally continue for the rest of the calendar year. Under a Section 211 Waiver, the suspension would continue until the amount of your suspended retirement allowance equals your excess earnings.

How do I repay excess earnings to my employer?

If you are employed by the New York City Department of Education (DOE), make your certified check or money order payable to the New York City Department of Finance. Otherwise, make your check or money order payable to your employer. If you are employed by either the DOE or the City University of New York (CUNY), submit your payment (as well as a copy of the most recent communication from TRS that shows the amount of your excess) to the applicable address below. If your employer is another New York City/State agency, you should contact that agency directly about repayment.

New York City Department of Education	CUNY- University Benefits Office
Attention: Benefits Administration Director	Attention: Benefits Administration Director
65 Court Street, Room 1400	555 West 57th Street, 11th Floor
Brooklyn, NY 11201	New York, NY 10019

You need to inform TRS if you intend to repay your excess earnings by filing an Overpayment of Post-Retirement Earnings Form (code RP92); you must send this form to TRS within 30 days of the date of your notification letter.

How can I voluntarily suspend or resume my retirement allowance?

You can file a Retirement Allowance Suspension/Resumption Form (code RP88), which authorizes TRS to suspend your retirement allowance on a given payroll, or resume your allowance if you previously elected to suspend it. Please call TRS Member Services at 1 (888) 8-NYC-TRS to request this form.

For more information, see the Earnings After Retirement brochure.

How can I be restored to active service after I retire?

You should first find employment in a TRS-eligible position. In addition, you must file with TRS either an Application for Restoration from Service Retirement (code GA1) or an Application for Voluntary Restoration from Disability Retirement (code DI20). The Application for Voluntary Restoration from Disability Retirement may be obtained by calling TRS at 1 (888) 8-NYC-TRS and speaking with one of our Member Services Representatives.

How long does it take to complete a restoration to active service?

The process takes four to six months from the effective date of restoration.

How soon after I am restored to active service can I apply for a QPP loan?

You may apply for a new QPP loan approximately four months after you receive your new TRS membership number.

Legal

What should I do if I have mistakenly been designated as deceased by TRS?

Your erroneous date of death may have been reported to TRS by employers, obituary services, the Social Security Administration, or LexisNexis, a vendor TRS uses for analytic data. The best way to address the issue depends on the source of the error. Therefore, if you have mistakenly been identified as deceased, please contact our Member Services Center at 1 (888) 8-NYC-TRS, or (212) 612-5949 from outside the United States, and a Member Services Representative will assist you.

What is a Power of Attorney (PoA)?

A Power of Attorney (PoA) is a legal instrument that allows one or more individuals (referred to as agents or attorneys-in-fact) to act on behalf of another person (referred to as the principal).

By using a PoA, you can decide in advance who you want to act for you in situations in which you are unable to make decisions for yourself. Agents can be granted the right to handle a broad range of personal, financial, legal, and other business affairs—including retirement benefits.

When choosing an agent, you should select someone you trust who will act in your best interest. Agents may take actions on behalf of a principal with or without their consent.

We strongly urge consultation with an attorney before executing a Power of Attorney.

Can I still handle my own TRS retirement transactions with a PoA on file?

Yes. You may still handle your own retirement affairs; you do not lose your authority to act even though you have given your agent a similar authority.

Does TRS provide a PoA for retirement benefit transactions?

Yes. A TRS Special Durable Power of Attorney (code BK75) is available on our website and it can be used by members, retirees, and beneficiaries. The TRS PoA will also be honored by the other New York State and New York City retirement systems listed on the form.

What types of PoAs does TRS honor?

TRS will honor PoAs that authorize retirement benefit transactions and meet the standards of governing law at the time they were executed. (The law governing the requirements for a New York PoA changed effective June 13, 2021. Any PoA executed on or after June 13, 2021, must comply with the new requirements under New York’s General Obligations Law, Article 5, Title 15).
TRS accepts Public Retirement System Special Durable Power of Attorney forms from:
- The New York City Employees' Retirement System
- The New York City Board of Education Retirement System
- The New York City Police Pension Fund
- The New York City Fire Pension Fund
- The New York State and Local Employees' Retirement System
- The New York State Teachers' Retirement System
- The New York State and Local Police and Fire Retirement System

What can I authorize my agent to do on my behalf with a PoA?

You may grant your agent Standard Authority and/or Gifting Authority. Depending on the level of authority granted, your agent will be able to conduct the following transactions:

Standard Authority—allows your agent to access account-specific benefit information and conduct other transactions on your behalf such as: withdrawing funds, changing direct deposit accounts, taking loans and updating address/phone numbers.
Gifting Authority—allows your agent to elect a pension payment option that provides for a beneficiary, designate or change death benefit beneficiaries, and name himself or herself as your beneficiary if “self-gifting” is granted.

How do I allow for gifting on a PoA without using the TRS form?

All PoAs executed on or after June 13, 2021, must be signed by 2 disinterested witnesses (witnesses who are not listed as agents, successor agents or named in the PoA as persons who can receive gifts).
If you use a NYS Statutory PoA form, gifting authority for all agents including your close family members must be granted in the Modifications Section of the PoA. To do this, you must initial Section (g) “Certain Gift Transactions” and provide the specific gifting authority granted to your agent(s) in Section (h) “Modifications.”

How do I allow for gifting on a PoA using the TRS Special Durable Power of Attorney form?

If you use the TRS form, and your agent is your spouse, domestic partner, parent or child, then your agent will automatically have “gifting authority,” including the authority to designate himself/herself as your beneficiary.

If your agent is not your spouse, domestic partner, parent or child, they will only have limited “gifting authority.” For this agent to have the authority to designate himself/herself as your beneficiary, you must grant such authority by initialing one of the statements in the “Modifications” section of the TRS form (page 4, section g).

Should I send a copy of my PoA to TRS?

Although you are not required to, we urge you to submit your PoA to TRS so it can be reviewed and noted in your record. Having your PoA on file at TRS will prevent any delay should your agent need to access your account information or conduct transactions in an emergency. Additionally, once the PoA has been reviewed, we will advise you (and your agent, when appropriate) what level of authority your agent has regarding your TRS account.(In order for your agent to receive information regarding their level of authority, you must provide TRS with their address).

How can I execute a Power of Attorney (PoA) granting an agent the authority to make decisions on my behalf regarding my TRS benefits?

If you are a TRS member wishing to execute a PoA granting another person(s) the authority to make decisions regarding your current and future TRS retirement benefits, you may either:

Complete and submit a TRS Special Durable Power of Attorney (code BK75), which is available on our website or from our Member Services Center at 1 (888) 8-NYC-TRS. This non-statutory form is for use by TRS members and is specifically limited to TRS retirement benefit transactions and does not authorize an agent to act in a transaction that is not related to TRS. Please note that TRS makes this form available merely as a convenience and assumes no responsibility with regard to your use of it.

Complete and submit a statutory short form PoA executed in accordance with the New York General Obligations Law or other state’s applicable law.

How can I revoke my Power of Attorney (PoA)?

You may revoke your PoA at any time, as long as you are of sound mind, by sending TRS a signed revocation statement.

If TRS is not notified when a PoA is revoked, TRS will assume that the PoA on file is still valid and continue to honor it. Therefore, please submit any revocation notices as soon as possible to TRS!

If I have Power of Attorney (PoA) for a retiree, how may I obtain a copy of the retiree's 1099 form?

If TRS has a copy of your PoA on file, you may submit a written request to TRS for a copy of the retiree's 1099 form. You may also submit a written, notarized authorization from the retiree if you wish to have this information released to you.

What is the Goodman Settlement?

On March 17, 2014, a settlement between the City of New York and the United States Attorney's Office in the case of Goodman, et al. v. City of New York, et al. ("Goodman") became effective. The Goodman Settlement impacts the pension calculations of certain members and pensioners who served in the military after September 11, 2001.

TDA Program

How can I change the way my TDA contributions are invested?

In-service TDA participants, members with TDA Deferral status, and TDA annuitants may change their TDA investment elections four times a year. Investment election changes take place on the following conversion dates: January 1, April 1, July 1, and October 1.

In-service TDA participants may change their investment elections for their future TDA contributions and/or past TDA accumulations by logging in to the secure section of our website at any time; their elections would take effect on the next conversion date that occurs at least 30 days after TRS receives their form or online request.

Members with TDA Deferral status may change their investment elections for their TDA accumulations by logging in to the secure section of our website at any time; their elections would take effect on the next conversion date that occurs at least 30 days after TRS receives their form or online request.

TDA annuitants may change their investment elections for their TDA accumulations by filing a paper TDA Annuitant's Investment Election Change Form (code RP9) at any time; their elections would take effect on the next conversion date that occurs at least 60 days after TRS receives their form.

Why didn't my TDA investment election changes take effect in my account?

In general, TDA investment election changes made by in-service TDA participants and members with TDA Deferral status take effect on the next conversion date that occurs at least 30 days after TRS receives their form or online request. If your elections have not taken effect in that time frame, then TRS may not have received your TDA Investment Election Change Form (code TD45) or online request, at least 30 days before the next conversion date. In such a case, your elections would take effect on the following conversion date.

In general, TDA investment election changes made by TDA annuitants take effect on the next conversion date that occurs at least 60 days after TRS receives their form. If your elections have not taken effect in that time frame, then TRS may not have received your TDA Annuitant's Investment Election Change Form (code RP9) at least 60 days before the next conversion date. In such a case, your elections would take effect on the following conversion date.

Can I stop investment election changes already in progress?

In-service Tier I and II members under the QPP, all in-service TDA participants, and members with TDA Deferral status may file a new investment election change form or online equivalent; in this case, any 6-, 9-, or 12-month conversions in progress but not yet completed would stop as of the date the new election takes effect. However, any 1- and 3-month conversions in progress cannot be stopped because they would be completed by the next effective date.

For Tier I and II retirees under the QPP and all TDA Annuitants, in-progress conversions cannot be canceled before they are completed. However, they may submit a new investment election change form to make investment elections for any portion of their QPP or TDA funds that have not been affected by any in-progress investment election changes.

When will my TDA Quarterly Statement be available?

Members with TDA Deferral status can view their TDA Quarterly Statements by logging in to the secure section of our website. Statements are available within one to two months after the end of each quarter of the calendar year.

How can I correct an error on my TDA Quarterly Statement?

You may send a copy of the statement, along with a letter indicating the requested correction, to TRS, Member Accounting Unit, 55 Water Street, New York, NY 10041.

May I use a direct withdrawal to pay off a TDA loan?

Yes. You may use the withdrawn money at your discretion.

What are the tax consequences of making a Direct Withdrawal?

Direct Withdrawals of TDA funds are generally taxable. Other than hardship withdrawals, TRS is required to withhold 20% of any taxable amount over $200 you withdraw and do not instruct TRS to directly roll over to an eligible successor program(s). If you receive a Direct Withdrawal and do not roll over the distribution within 60 days of the withdrawal check, the withdrawal would generally be federally taxable and may be subject to state and local taxes. The IRS may impose an additional 10% tax on all Direct Withdrawals unless the withdrawal is made: a) in conjunction with your separation from service during or after the year in which you attain age 55; or b) during or after the year you attain age 59½; or c) as a qualified hardship withdrawal; or d) in conjunction with your disability retirement; or e) by your beneficiary in conjunction with a death benefit payment.

TRS suggests that you consult with your tax advisor should you have any specific tax questions.

When can I expect to receive my TDA withdrawal?

TRS would issue your distribution of TDA funds as follows:

For partial withdrawals drawn only from your balance in the Fixed Return Fund: Generally within 15 days of TRS' receipt of your withdrawal request.
For all other withdrawals: Generally within 45 days of TRS' receipt of your withdrawal request.

How are Direct Rollovers and Direct Transfers different from Direct Withdrawals?

If you make a Direct Withdrawal, TRS sends the withdrawn amount directly to you. If you make a Direct Rollover, TRS sends the withdrawn amount directly to the IRS-qualified Individual Retirement Arrangement (IRA) or other eligible successor program that you elect. Unlike Direct Withdrawals, Direct Rollovers are not subject to current taxes and penalties. If you make a Direct Transfer, TRS sends the withdrawn amount directly to the IRS-qualified Section 403(b) Program that you elect. However, as a result of new IRS regulations governing Section 403(b) Programs, TRS, on the advice of outside tax counsel, has suspended all processing of Direct Transfers pending further clarification from the IRS.

What unit value will be used to calculate a TDA withdrawal?

In most cases, the unit values used would be the unit values in effect for the month after TRS' receipt of your TDA Withdrawal Application (code TD32) or online equivalent.

However, as described on the TDA Withdrawal Application, different unit values would be used for withdrawals that are taken after the expiration of TRS membership rights or in conjunction with the withdrawal of QPP accumulations.

1099 Forms

When does TRS mail out 1099 forms?

1099 forms for a given year are generally issued by the following January 31.

May I view my 1099 forms online?

Members and beneficiaries who have received lump-sum distributions in the past five years can view the associated 1099 forms online by logging in to the secure section of our website. Retirees can view the 1099 forms for their monthly benefits, beginning with the 2021 tax year. Please note that TRS will continue to mail paper forms, including corrected forms, to all members. If you have any questions about the distributions reported on your online or paper 1099 forms, please file a 1099-R/1099-INT Inquiry Form (code GA5) with TRS.

What is reported on the 1099 forms?

TRS issues a separate 1099-R form for each of the following types of distributions:

Taxable excess withdrawals, including those taken at retirement;
Defaulted loans and taxable loans taken at retirement;
Advance payments from the Qualified Pension Plan (QPP);
Retirement allowance payments from the QPP;
Annuity payments from the Tax-Deferred Annuity (TDA) Program;
TDA and QPP Direct Withdrawals and Direct Rollovers;
TDA Required Minimum Distributions (RMDs);
Death benefit payments;
Lump-sum disability payments;
Withdrawals of funds upon separation from service; and
Refunds of erroneous contributions.

Generally, TRS issues a separate 1099-INT form for any interest payments associated with a distribution listed above. However, the full amount of any Direct Rollover is reported on a 1099-R form, including any portion of the Direct Rollover that is attributable to interest.

Why was I issued more than one 1099-R?

A separate 1099-R form must be issued for each distribution from TRS.

Why was I issued a 1099-R even though I rolled over my funds?

TRS must issue a 1099-R form even if a distribution was rolled over.

May I receive a duplicate 1099 form?

Yes. Members with active TRS accounts and beneficiaries who received a lump-sum distribution from TRS in the past five years may request a duplicate of the associated 1099 form online by logging in to the secure section of our website.

Of the sum represented on the 1099-R form, which portion is tax-free and which portion is taxable?

The tax-free amount is listed in box #5; the taxable amount is listed in box #2a.

What does "not determined" mean on the 1099 form?

"Not determined" is an indication that not all of the facts are available to figure the taxable amount. If you are a retiree, your Benefits Letter may help you calculate the amount. You may also wish to consult the following IRS publications: #571—Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations; #575—Pension and Annuity Income; #590-A—Contributions to Individual Retirement Arrangements (IRAs); #590-B—Distributions from Individual Retirement Arrangements (IRAs); #721—Tax Guide to U.S. Civil Service Retirement Benefits; and #939—General Rule for Pensions and Annuities.

Why didn't I receive a 1099 form from TRS?

TRS may not have made a taxable or tax-deferred distribution to you or on your behalf during the year. However, if you received a distribution, or if TRS processed a direct rollover of your QPP and/or TDA funds during the year, you should have received a 1099 form. If you changed your address without notifying TRS, the 1099 form would have been sent to your previous address.

You may update your permanent address with TRS by logging in to the secure section of our website.

Members and beneficiaries who received a lump-sum distribution from TRS in the past five years may view or request a duplicate of the associated 1099 form online by logging in to the secure section of our website.

Withdrawals/Distributions

Note: These FAQs do not reflect the SECURE Act, which as of 2020 changed the required beginning age for RMDs.

What is the QPP?

Q-P-P stands for the Qualified Pension Plan. This defined-benefit plan, administered under Section 401(a) of the Internal Revenue Code, enables TRS members to receive a monthly retirement allowance upon meeting certain eligibility requirements.

What is an RMD?

R-M-D stands for a Required Minimum Distribution. This is the amount that certain participants in TRS' TDA Program must receive from their TDA funds in a given year to meet the distribution regulations of the Internal Revenue Service. RMDs apply only to TDA participants who have separated from service, reached age 73 in 2023 or later, and have TDA Deferral status. It is important to note that the IRS imposes an excise tax on any amounts that are required to be distributed for a given year, but are not.

Also, certain members who are vested and inactive may become subject to RMD requirements for their Qualified Pension Plan accounts.

What are the tax consequences of making a Direct Withdrawal as a retired member?

Direct Withdrawals of TDA funds are generally taxable. The IRS requires that TRS withhold 20% of any taxable amount you withdraw that you do not instruct TRS to directly roll over or directly transfer to an eligible successor program(s).

TRS suggests that you consult with your tax advisor should you have any specific tax questions

When can I expect to receive my TDA withdrawal?

TRS would issue your distribution of TDA funds as follows:

For partial withdrawals: Generally, within 15 days of TRS' receipt of your withdrawal request (drawn only from your balance in the Fixed Return Fund).
For all other withdrawals: Generally within 45 days of TRS' receipt of your withdrawal request.

How are Direct Rollovers different from Direct Withdrawals?

What unit value will be used to calculate a TDA withdrawal?

In most cases, the unit values used would be the unit values in effect for the month after TRS' receipt of your TDA Withdrawal Application (code TD32) or online equivalent.

However, as described on the TDA Withdrawal Application, different unit values would be used for withdrawals that are taken after the expiration of TRS membership rights or in conjunction with the withdrawal of QPP accumulations.

Can I change my RMD options after filing my RMD Election Form (code TD39)?

You may change your RMD options by filing a new RMD Election Form. However, TRS must receive your new form at least 60 days before the expected RMD payment date, based on your elections on the previous form. (For example, if your RMD payment date would have been the last business day of December, TRS must receive a new form by the end of October.)

Do I have to withdraw or roll over my total TDA account balance when I reach age 75?

No. If you are maintaining a TDA balance through TDA Deferral status, you would need to begin receiving an RMD that is based on your entire TDA balance.

When am I required to begin receiving a minimum distribution on my TDA funds?

In general, the IRS requires that TDA distributions begin if you have left service (having elected TDA Deferral status) and have reached or will have reached age 73 by December 31 of a given year. In most cases, you will have to meet minimum distribution requirements for every year that you maintain a TDA balance. The amount you must receive is called your Required Minimum Distribution (RMD).

Will I receive notification when I need to take a Required Minimum Distribution (RMD)?

Yes. Each year, TRS sends a comprehensive RMD packet to members who are subject to distribution requirements for the year. This packet includes a letter indicating the RMD amount for that year, as well as an RMD Election Form (code TD39).

How is my RMD amount calculated?

Your annual RMD amount varies year to year and will be calculated by the IRS on a number of different factors (when applicable).

Your annual RMD amount for a given year is determined by applying an actuarial factor(which changes annually) from an IRS life-expectancy table to your applicable TDA balance.
If your spouse is more than 10 years younger than you, and is your sole primary TDA beneficiary, your spouse's date of birth will be factored into your RMD calculation.
If you are a retiree between ages 72 and 75, your RMD amount is calculated based on your Post-1986 TDA balance as of December 31 of the previous year. Your Post-1986 TDA balance is determined by subtracting your Pre-1987 balance from your total TDA balance as of December 31 of the previous year. However, if you are a retiree age 75 or older, your RMD amount is calculated based on your total TDA balance as of December 31 of the previous year.

If I have more than one TDA beneficiary, which one is considered when calculating my RMD?

The only time during your lifetime that an actual beneficiary is used to calculate your RMD is when your spouse is more than ten years younger than you, and is your sole primary TDA beneficiary.

Are there different ways that I can receive my RMD amount?

Yes. You have several choices: You may receive an RMD payment from TRS for the required amount; you may make a Direct Withdrawal of an amount equaling or exceeding your RMD amount; you may elect to annuitize your funds; or you may satisfy the RMD requirement by receiving payments from another Section 403(b) Program.

If I receive a distribution from my IRA, can it take the place of my receiving an RMD from my TDA funds?

No. Only a payment from another Section 403(b) Program can take the place of receiving a distribution from TRS' TDA Program in order to meet RMD requirements.

Is it possible for my TDA beneficiaries to get an annualized RMD payment?

Generally, RMD payments are made only to members. However, after a member dies, the member's beneficiary(ies) may defer distribution of TDA death benefits by establishing a TDA account with TRS. In this case, if the member had been receiving RMD payments, these distributions would continue to be made to the beneficiary(ies) in accordance with Internal Revenue Service (IRS) guidelines.

Can RMD payments be rolled over?

No. They must be received by the member.

What are the tax consequences of receiving an RMD?

All RMD amounts are taxable in the year in which they are distributed.

On the RMD Election Form (code TD39), members may elect the percentage of the RMD amount to be withheld for federal taxes; the percentage must be a whole number from 0 to 100.
In the case of a new Direct Withdrawal(s) taking in the same year, to satisfy the RMD sum, 20% withholding will be applied to any amounts distributed.
In the event you have missed the deadline to elect the RMD tax withholding percentage and distribution date, your RMD will still be disbursed by TRS, at the end of the year and the automatic tax withheld will be 10%.

It is important to note that the IRS imposes a 50% excise tax on any amounts that are required to be distributed for a given year, but are not.

Loans

Applying for a Loan

What is the maximum loan amount that I may borrow?

For both QPP and TDA loans, the maximum loan amount available to you is based on factors such as your account balance, your service credit, your current outstanding loan balance, and your highest loan balance during the previous 12 months. You may learn the maximum loan amount that you may borrow by logging in to the secure section of our website. Members may also write to TRS to obtain this information at any time; if you do so, please include your membership number in your correspondence.

Why is my maximum available loan amount less than I expected?

Your maximum loan amount may be less than you expected because the maximum amount you may borrow is restricted by certain conditions. These conditions are explained in the QPP Loans and TDA Loans brochures.

What are the eligibility requirements for taking a TDA loan?

You may be eligible for a TDA loan under the following conditions: a) if you have participated in the TDA Program for at least one year; b) if you are an in-service member, or you are on a leave of absence, or you have TDA Deferral status; and c) if you are not in default on an existing TDA loan. You may learn whether you are currently eligible to take a loan by logging in to the secure section of our website.

What is the minimum loan amount that I may borrow?

In general, the minimum QPP loan available is $250; however, for Tier III, IV, and VI members who do not have an outstanding QPP loan, the minimum QPP loan available is $1,000. The minimum TDA loan available is $1,000 for all members, except for those with an outstanding TDA loan balance; those members may request a minimum amount of $250 as long as the amount they request plus their current outstanding TDA loan balance totals at least $1,000.

Can I change the loan amount that I request on my application?

Yes. However, you must submit a notarized request to do so by noon on the Friday of the week in which you filed your application.

What interest rate charges and service charges apply to a loan?

The current interest rate on a QPP loan is 6%.

For all tiers, the interest rate on a TDA loan is equal to the annual rate of return that you would receive on TDA investments in the Fixed Return Fund. Therefore, for members serving in (or retired/resigned from) a UFT-covered title, the interest rate on TDA loans would be 7%; for other members, the interest rate would be 8.25%.

A $30 service charge is added to all TDA loans, as well as to QPP loans issued to Tier III, IV, and VI members.

Is insurance provided on a loan?

Yes. For all TDA loans and for QPP loans issued to Tier III, IV, and VI members, full insurance coverage begins 30 days after a loan is issued; insurance premiums are included in regular loan payment amounts. For QPP loans issued to Tier I and II members, partial insurance coverage begins 30 days after a loan is issued; this coverage gradually increases until 90 days after the loan is issued, when coverage reaches 100% of the loan balance, up to a $10,000 limit. Tier I and II members are not charged for the insurance on a QPP loan. Insurance on a loan would be terminated if you default on your loan.

How do I apply for a loan?

If you are a member in active service or on a leave of absence, you may apply for a loan from the QPP by logging in to the secure section of our website or by filing a paper QPP Loan Application (code LO6).

If you are a participant in TRS' TDA Program and you are in active service, on a leave of absence, or have TDA Deferral status, you may apply for a TDA loan by logging in to the secure section of our website or by filing a paper TDA Loan Application (code LO15).

However, if you are applying for a QPP or TDA loan in conjunction with retirement, you must file a paper loan application. For more information about loans, please refer to the QPP Loans and TDA Loans brochures.

Why was my loan application canceled?

Your loan application may have been canceled because you were ineligible for a loan at the time you applied. TRS will also cancel a loan application if a member's employer notifies us that a member has resigned. Please see the explanation in the letter notifying you of the cancellation.

How often may I take a loan?

If you are a Tier I or II member, you may be eligible to receive up to two QPP loans within a 12-month period. If you are a Tier III, IV, or VI member, you may be eligible to receive one QPP loan within a 12-month period. Eligible TDA participants may receive one TDA loan within a 12-month period.

May I take a loan while I have an outstanding loan balance?

If you are otherwise eligible for a loan, you may apply for a new QPP loan while you have an outstanding QPP loan balance. Internal Revenue Service (IRS) regulations require that any new loan requested be treated as a separate loan balance. Each loan balance is subject to the interest, insurance charges, and repayment terms in effect when the loan is issued.

Issuing a Loan

How long does it take for a loan to be issued?

Each Wednesday, TRS mails loan checks to members' home addresses. In order for a loan check to be mailed to your home address on a given Wednesday, TRS must generally receive your loan application by the close of business on Wednesday of the preceding week. (If a holiday occurs during the week, TRS must receive your loan application by the first business day of that week.)

What happens if a loan check never reaches my home?

TRS will place a stop-payment on a lost loan check and reissue your check if you file an Affidavit for Check Reissue Request (and Authorization to Stop Payment) (code BK2). In general, TRS will issue a duplicate check within 15 business days after receiving the completed form.

Can I have my loan deposited directly in a bank account?

Members who receive their paychecks through direct deposit or monthly retirement allowance payments electronically may elect to have their loan forwarded via Electronic Fund Transfer (EFT) to the account where these payments are deposited. If members are not eligible to elect EFT, their loan check would be mailed to their home address.

Will a TRS loan show up on external credit checks?

No. TRS will not release your information to a third party.

If I purchase an expensive item such as a car with my loan money, should I indicate TRS as a lienholder?

No. TRS does not have a lien on the items you may purchase with loan proceeds.

How can I obtain information about the current status of my loan?

You may do so by logging in to the secure section of our website. You may also write to TRS to obtain this information at any time; if you do so, please include your membership number in your correspondence.

Repaying a Loan

How do I repay a loan?

Retirees who take TDA loans have a choice of how they want to repay the loans: automatic deductions from their monthly retirement allowance, online payments in the secure section of our website, or monthly direct payments to TRS. To change your repayment method for any outstanding TDA loan, you may file a Request to Change TDA Loan Repayment Method (code LO105). You may also request to repay your outstanding loan in a lump sum by filing a TDA Loan Repayment Request Form (code LO11t) with TRS.

How many months do I have to repay a loan?

Tier I and II members must repay QPP loans within four years. All TDA loans, and QPP loans for Tier III, IV, and VI members, must be repaid within five years.

What does the number of loan payments mean in terms of months?

The number of payment periods for a loan is generally two per month. For example, 96 payments means 48 months.

May I change the amount that I am currently repaying toward my loan?

If you are an in-service Tier III, IV, or VI member, you may submit a partial lump-sum payment on a QPP and/or TDA loan and thus reduce the amount of your regular loan payments. This payment would be made in addition to your regularly scheduled periodic payments.

To make a partial lump-sum payment, please submit a check payable to the "Teachers' Retirement System of the City of New York" with a written request to have your repayment period changed (if it would not exceed 60 months) and/or to change the amount of your regularly scheduled payments. Once TRS receives your payment and written request, your loan balance would be recalculated and your subsequent loan payments would be reduced accordingly.

If you have not elected the five-year maximum repayment period for your loan, you can change your repayment amount by requesting that TRS recalculate your loan for the maximum repayment period. Since you will be repaying the loan over a longer period of time, the amount of each regular loan payment would be reduced. Alternatively, you can ask TRS to recalculate your loan for a shorter repayment period, so that you can repay your loan faster.

When you have an outstanding loan and you take a new loan, Internal Revenue Service (IRS) regulations require that any new loan requested be treated as a separate loan balance. Each loan balance is subject to the interest, insurance charges, and repayment terms in effect when the loan is issued.

May I use a direct withdrawal to pay off a TDA loan?

Yes. You may use the withdrawn money at your discretion.

When would a loan go into default?

If your loan is not fully repaid within five years, it is considered in default, and TRS would ask you to make a lump-sum repayment within 30 days. If you do not repay the amount within 30 days, the loan would become a taxable distribution and would be reported to the IRS. If you are not in active service, your loan would also go into default after you miss three scheduled monthly payments or, if you are a Tier I or II member with a QPP loan, after you miss one quarterly payment. If a TDA loan goes into default, tax consequences may include an IRS-imposed 10% penalty and an additional 20% withholding applied to any TDA funds you receive later that year.

What happens if I have an outstanding loan balance when I retire?

When you retire, any outstanding QPP or TDA loan balance would be deducted from your funds in the corresponding program, reducing the amount available for your retirement. In addition, the balance would be considered a distribution, and any taxable portion of the balance would be subject to 20% withholding. TRS would take this withholding from any subsequent cash payment made to you from the corresponding program in the same tax year. This would be a loan at retirement, and if necessary, a QPP excess withdrawal to a Tier I or II member, or a TDA withdrawal. If the withholding due were greater than the subsequent cash payment, TRS would issue you a check in a nominal amount of $10 and would take the balance of the payment towards your withholding obligation.

May I roll over an outstanding or defaulted loan balance?

The following loan amounts may be eligible for a rollover:

a) the taxable portion of any outstanding QPP loan balance at the time of your retirement;
b) if you are a non-vested Tier III, IV, or VI member, the taxable portion of any outstanding QPP loan balance at the time of your separation from service; and
c) if you do not elect TDA Deferral status, any outstanding TDA loan balance at the time of your retirement or separation from service.

May I transfer an outstanding loan balance to another retirement system?

You may transfer the amount of your outstanding QPP loan if you are transferring your membership to one of the following retirement systems: the New York City Board of Education Retirement System; the New York City Employees' Retirement System; the New York State Teachers' Retirement System; or the New York State and Local Employees' Retirement System. In addition, if you are transferring your membership to the Board of Education Retirement System, you may transfer your outstanding TDA loan balance. The other retirement systems previously mentioned currently do not maintain a TDA loan program; therefore, your TDA loan balance cannot be transferred.

Payments

Retirement Allowance

When are retirement allowance checks distributed?

Retirement allowance checks are mailed three business days before the end of the month. EFT funds are wired to financial institutions on the last day of the month.

Is my first retirement allowance payment retroactive?

Yes. If you receive advance payments, your first payment will be retroactive to your effective retirement date (or initial payability date, if you retired under deferred payability). Your first regular payment will contain the amount you are due from the date of retirement, minus any advance payment(s) you have received, plus applicable interest.

What are advance payments?

In order to provide you with retirement income as quickly as possible, TRS issues advance payments of your retirement allowance beginning with the payroll approximately one to two months following your effective retirement date (or initial payability date, if you retired under deferred payability). However, if your regular retirement allowance is available at that time, you would receive your regular retirement allowance instead.

If TRS cannot finalize your retirement allowance within four months of your retirement date, we would increase the amount of your advance payments, so that they would be closer to the amount you will receive once your retirement is finalized.

Advance payments are not estimates of your retirement allowance payments; in fact, your advance payments are designed to be smaller than your retirement allowance payments. The advance payment calculations do not reflect all the factors used to determine your retirement allowance payments. TRS calculates your advance payments based on your retirement plan choice, payment election, salary, and any applicable age-reduction factor. Total Service Credit is not used in the advance payment calculations.

Can I pay my own federal taxes once I retire?

Yes. However, you should ask the Internal Revenue Service or your tax consultant for advice regarding "estimated taxes" in order to avoid the possibility of penalties due to underpayment.

Why does my monthly retirement allowance amount fluctuate?

There are several possible explanations. For example:

Your first payment may contain retroactive funds, so subsequent payments may be smaller than your first payment.
Deductions for insurance and union dues may have begun (usually in the first few payments).
If you elect to change the amount of federal taxes withheld from your payments, the amount of your payments would be different after your federal withholding election is implemented.
If some of your funds are invested in the variable-return Passport Funds, the return on those investments would fluctuate from month to month.
A revision of your retirement allowance may have been implemented, in which case you would receive a revised Benefits Letter.

How did TRS determine the number of units paid to me each month?

When you retired, an actuarial calculation was made to determine the number of units you would be paid as part of your retirement allowance. The calculation was based on several factors, including the number of units you had at retirement, your retirement elections, and life expectancy. (If you chose to receive your TDA funds as an annuity, a similar calculation was made.)

Please keep in mind that the number of units you will be paid will normally remain constant from month to month unless you transfer funds to or from a variable-return Passport Fund.

How can I find out how many units I am being paid each month?

The number of units paid to you monthly is indicated on your Electronic Fund Transfer (EFT) Quarterly Statements. If you receive your payments by check, this information is included on your retirement allowance and/or TDA annuity check stubs.

if you are maintaining your TDA account after retirement through TDA Deferral status, your TDA Quarterly Statement shows how many units you have in each variable-return Passport Fund. This information is also available on your monthly online statements.

What should I do if my retirement allowance (or other) check is late, lost, or stolen?

You should log into the secure section of our website and access our Outstanding Checks feature in the Payments section. This feature will allow you to request that TRS reissue unclaimed and outstanding TRS pension payment checks via Electronic Fund Transfer (EFT).

Unclaimed checks are uncashed checks 90 days or older.
Outstanding checks are uncashed checks 10-89 days old

If you have not set up EFT, you will need to do so before TRS can reissue your payments. TRS requires that unclaimed and outstanding pension checks are only reissued via EFT, not by check. Retirement payments are generally reissued via EFT in 5 business days. Checks are only issued if your EFT cannot be verified.

If you have set up EFT since the check was issued, your unclaimed check will automatically be reissued to that EFT account.

For checks other than retirement payments, you will need to file an Affidavit for Missing Check (code BK2). In general, checks other than retirement checks will be reissued 15 business days after receiving the completed form.

If you are unsure if you have outstanding funds due you, you may access the Unclaimed Funds feature in the Resources section. This lists checks issued by TRS that have not yet been cashed after at least 90 days.

If your missing check was cashed, TRS will mail a copy of the cancelled check to you. If you still suspect that a check was stolen, you can file an Affidavit for Forged Check (code BK1).

If I have a check from TRS that I did not cash within the 90-day time period allowed, what can I do?

See What should I do if my retirement allowance check is late, lost, or stolen?. Please note that checks other than retirement checks would generally be reissued 15 business days after receiving the completed form.

How long will it take for my retirement allowance payment to be reissued?

Retirement allowance payments will be reissued by EFT within 5 business days after your EFT setup is finalized.

Can I have my paystubs recreated in order to have a payroll record for this past income tax year?

Yes. You may do so by sending a written request to TRS. However, please be aware that recreating paystubs can be a lengthy process.

How is my retirement allowance taxed?

QPP retirement allowance and TDA annuity payments generally are federally taxable and may be subject to state and local taxes; please check with your tax advisor.

Are federal taxes withheld from my retirement allowance payments?

Unless you elected otherwise, withholding is applied to your retirement allowance payments and any advance payments at the rate for a married person with three dependents (before the 2022 tax year). If no withholding election is made for payments beginning in January 2022 or later, withholding is applied at the rate for a single person with no adjustments.

May I change my withholding elections?

Yes. You may elect a new rate by filing an online election through the secure section of our website or by filing a Withholding Certificate for Periodic Pension or Annuity Payments (W-4P) with TRS.

Please note that, if you have a permanent home address outside of the United States, Internal Revenue Service (IRS) regulations prohibit you from electing to have no federal income tax withheld from your retirement benefits.

Your withholding election would generally take effect approximately two to six weeks after TRS receives your online W-4P filing, or approximately two months after TRS receives your paper form.

How do I report the taxable portion of retirement funds issued to me?

The taxable portion of these funds must be reported on your tax return. Taxable distributions from the Qualified Pension Plan should be reported under "total pensions and annuities." Taxable distributions from the TDA Program should be reported under "total IRA distributions."

Why are there so many deductions from my retirement allowance payment?

Your retirement allowance payment includes deductions for withholding tax, union dues, health insurance, and catastrophic life insurance.

Who should I contact regarding deductions related to health insurance?

All questions pertaining to health insurance should be directed to the New York City Health Benefits Program at 22 Cortlandt Street, 12th Floor, New York, NY 10007. The phone number is (212) 513-0470.

Who should I contact regarding deductions related to union dues?

You should contact your union directly.

Do I receive a cost-of-living adjustment to my retirement allowance?

Eligible retirees receive an annual cost-of-living adjustment (COLA) of between 1% and 3%, based on half of the Consumer Price Index increase for the year ending March 31. This increase is calculated on the lesser of the retiree's maximum fixed retirement allowance or $18,000.

The following individuals are eligible for a COLA:

Retirees who are at least age 62 and have been retired for at least five years;
Retirees who are at least age 55 and have been retired for at least ten years;
Disability retirees who have been retired for at least five years;
Recipients of accidental death benefits who have been receiving their benefit for at least five years;
Designated annuitants who are a surviving spouse of a member who died prior to 1980, and who were entitled to a lump-sum benefit, but elected a lifetime annuity instead; and
Surviving spouses who are receiving a joint and survivor benefit, whose spouse, if alive, would have received a COLA benefit. (Note: Such individuals are eligible for half the COLA amount their spouse would have received.)

Can I receive a letter stating that I am collecting my retirement allowance from TRS?

Yes. You can request an income-verification letter in the secure section of the TRS website in the Payments section. The letter can be printed or downloaded, and a copy will be posted to your Documents section. You can also elect to have the letter mailed to a third party.

How can I apply for my Social Security benefits?

For information regarding Social Security benefits, please contact the Social Security Administration at (800) 772-1213 between 7:00 a.m. and 7:00 p.m. on weekdays.

What is the "retirement allowance verification" process?

Each year, TRS conducts annual "retirement allowance verification" mailings to a small percentage of our retirees as a protection against fraud. The mailings are sent to retirees who are over a certain age, over a certain pension amount, or living outside the U.S.

Retirees who receive these mailings must provide "proof of life" to TRS. Although such requests may seem intrusive, TRS has a fiduciary responsibility to verify that our pension payments are being received by the intended parties—and only the intended parties. If a fraudster steals pension payments from a TRS member, that harms the member, the member’s beneficiaries, and TRS (through increased liabilities).

Members who receive the verification mailing from TRS have different ways to meet the verification requirements, and those who do not respond are sent reminder letters. Members who do not respond will have their retirement allowance payments placed on hold, and they risk future suspension of their payments unless TRS receives the necessary documentation.

TRS understands that this verification process can be inconvenient, but preserving the security of our members' pension payments is our highest priority.

Benefits Letter

What is a Benefits Letter?

A Benefits Letter, which TRS sends each retiree, shows the member's monthly and annual retirement allowance amounts. In addition, it provides the specific information used to calculate the member's retirement allowance.

When will I receive my Benefits Letter?

You will most likely receive your Benefits Letter from TRS about one week before receiving your first retirement allowance payment. The letter is sent out after the processing of your retirement is completed.

Why does my retirement allowance differ from the amount that my union representative calculated?

The figures used by your union representative were estimates. Several factors included in the actual retirement allowance calculation may not have been known to your union representative when he or she made the estimate. These factors may have included changes in unit value, your recent investment elections, the payment option you chose, your Final Average Salary, your total service credit, and whether you took a loan or made an excess withdrawal at retirement.

Why does the number of variable units shown on my QAS differ from the number of variable units used to compute my retirement benefits?

The QAS indicates the number of your variable units at the end of each quarter of the calendar year. Unless you retired in the month following the end of a calendar quarter (i.e., January, April, July, or October), the number of variable units shown on your QAS would differ from the number of variable units used to compute your retirement benefit.

What should I do if I disagree with information in the Benefits Letter?

You should file a Benefits Letter Inquiry Form (code RC1) , along with a copy of the page of your Benefits Letter. Please highlight the information that you believe needs to be corrected, explain the discrepancy, and include supporting documentation.

May I receive a duplicate Benefits Letter?

Yes. In order to receive a duplicate Benefits Letter, you must submit a written request to TRS at 55 Water Street, New York, NY 10041. Please include your name, address, retirement number, and Social Security number in this request.

Electronic Fund Transfer (EFT)

What is EFT?

E-F-T stands for Electronic Fund Transfer. This service enables TRS retirees to have their monthly benefit payments (and other distributions) electronically forwarded to their checking or savings account. In-service members who are paid on the City of New York payroll through direct deposit may choose EFT for their QPP and TDA loans and TDA direct withdrawals. EFT allows members' accounts to be credited on the payment date and safeguards against delayed, lost, or stolen checks.

How does EFT work?

By the last day of every month, the City of New York will transmit your payment to your financial institution for deposit in your designated account. Under the EFT system, you will no longer receive a check stub, but you will receive an EFT Quarterly Statement detailing your monthly payments. In addition, you will be able to view payment details each month after logging on to our website.

The monthly transactions will also appear on statements from your financial institution. (Note that statements from your financial institution will reflect the date a payment was credited, whereas TRS statements will reflect the date a payment was disbursed.)

Is EFT available for payments other than retirement benefits?

EFT is available for other payments, as noted below.

If you are an in-service member paid on the City of New York payroll through direct deposit, you may elect to receive QPP loans or QPP direct withdrawals via EFT in the same account where you receive your pay. You would automatically receive a TDA loan or TDA direct withdrawal via EFT, unless you elect to receive these distributions by check.

If you are a retiree with TDA Deferral status and you are receiving your retirement allowance via EFT, you would automatically receive a TDA loan and TDA direct withdrawal via EFT in the same account where you receive your benefit payments, unless you elect to receive these distributions by check. You would automatically receive a Required Minimum Distribution (RMD) via EFT.

How can I initiate EFT at retirement?

If you are currently paid on the City of New York payroll through direct deposit for work in a position that entitles you to TRS membership: You will be automatically enrolled to receive your monthly benefit payments (including advance payments) via EFT. You do not need to do anything; these payments will be automatically deposited in your account via EFT. However, if you want your monthly benefit payments (including advance payments) to be deposited via EFT in a different account, you must file an EFT Election at Retirement Form (code BK66).

If you are currently paid on the City of New York payroll through direct deposit for work in a position that does not entitle you to TRS membership (e.g., substitute or per diem teacher): You must file an EFT Election at Retirement Form if you want your monthly benefit payments (including advance payments) to be deposited via EFT.

If you are not currently paid on the City of New York payroll through direct deposit: You must file an EFT Election at Retirement Form if you want your monthly benefit payments (including advance payments) deposited via EFT.

Retiring TRS members who are not currently paid on the City of New York payroll through direct deposit MUST file either an EFT Election at Retirement Form or an Opt Out of EFT at Retirement Form (code BK67) in order to receive their advance and/or regular retirement allowance payments. Failure to file one of these forms would result in a delay in the payment of benefits.

These two forms are available on request from our Member Services Center (not from our website). Members who are retiring should speak with a Member Services Representative for more information about EFT.

How can I initiate or change my EFT account after retirement?

If you are a retiree who is receiving monthly benefit payments, you can initiate EFT or change your EFT account information by accessing the secure section of our website or filing an EFT Authorization Form (code BK58)with TRS. Beneficiaries must file an EFT Authorization Form.

On what day will funds be deposited in my account under EFT?

Under the EFT system, funds are deposited in your account on the day the payment is issued. Monthly benefit payments, withdrawals, and other distributions are generally issued by the last day of each month. In order for a loan payment to be forwarded to your account via EFT by a given Friday, TRS must generally receive your loan application by the close of business on Wednesday of the preceding week. All payments deposited via EFT are available for immediate withdrawal.

Can one EFT Authorization Form (code BK58) or EFT Election at Retirement Form (code BK66) be filed to receive both QPP retirement allowance payments and TDA annuity payments through EFT?

If you file an EFT Authorization Form all payments you receive from TRS will be deposited to the same account. If you want to designate different accounts for different types of TRS payments, you must do so in the secure section of our website. If you file an EFT Election at Retirement Form (code BK66) you can select which TRS payments you would like deposited to your account.

Can different types of monthly benefit payments be deposited in different accounts?

You can request this in the secure section of our website, or you can file a separate EFT Authorization Form (code BK58) or EFT Election at Retirement Form (code BK66), as applicable, for each account.

On the EFT Authorization Form (code BK58) or EFT Election at Retirement Form (code BK66), should I check off "savings" or "checking" if my EFT will be made to a money market account?

Members should contact their bank to determine if the money market account is considered a checking or a savings account.

What happens after I establish an EFT account online or I file an EFT Authorization Form (code BK58) and/or an EFT Election at Retirement Form (code BK66)?

If you established an EFT account online or filed an EFT Authorization Form , your EFT would generally begin within 15-45 days after TRS' receipt of your request. If you filed an EFT Election at Retirement Form, your EFT would begin with your first monthly benefit payment. If you did not complete your form correctly, TRS would send you a letter indicating why your EFT could not be processed, and including further instructions and a new form to file, as applicable.

Before your EFT begins, TRS will send you a letter confirming the type of account (i.e., checking or savings), account number, transit routing number, and the financial institution to which payments are to be deposited. If you currently receive your monthly benefit payments via paper checks, your confirmation letter will also indicate when your EFT will start, as well as the date of your final paper check.

What may cause my EFT to stop?

If your account is closed, or your financial institution closes, TRS will be unable to complete the processing of your EFT. We would contact you by phone and/or letter if this occurs. If you already have another active EFT account, we will reissue your payments to this account.

If you do not have an active EFT account, we urge you to set up a new EFT quickly as we may be able to reissue the missing payment to a new EFT account. TRS would otherwise reissue the missing payment as a check.

If the payment was reissued by check, but you would prefer to receive it via EFT, you can log in to the secure section of our website and access our Outstanding Checks feature in the Payments section. This feature enables you to have your unclaimed and outstanding TRS pension payment checks reissued via EFT.

In some cases, additional information will be required and TRS will await your response before reissuing your payment(s).

Can I change the account or financial institution to which my EFT is sent?

Yes. You can change accounts by accessing the secure section of our website or filing an updated EFT Authorization Form (code BK58).

What should I do if my account information or personal information changes?

If your account number changes (within your financial institution), or if you are changing financial institutions, you can update your account information by accessing the secure section of our website or filing an updated EFT Authorization Form (code BK58). To avoid interruption of your EFT, TRS would need to receive your updated information at least 45 days prior to the change.

It is important that you notify TRS whenever your address changes. If you are an in-service member or retiree, you may change your address either by accessing our website or by filing a paper Member's Change of Address Form (code DM13) with TRS. If you are a beneficiary, you may change your address by filing a paper Beneficiary's Change of Address Form (code DM14). Failure to notify TRS when your address changes will not interrupt your EFT; however, it may prevent you from receiving your EFT Quarterly Statements, tax documents, and other important correspondence from TRS.

How often will I receive EFT statements?

TRS issues EFT statements for monthly retirement allowance and TDA annuity payments on a quarterly basis. For loans and other payments disbursed through EFT, a letter confirming the deposit will be sent to your home address. You may also view a secure online record of your monthly payments by accessing our website. Payments will be available for viewing approximately one week after the pay date; up to three years of payment history will be available.