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This section provides information about the latest TRS news and events. To receive regular updates, follow us on Facebook @myTRSNYC, Twitter @myTRSNYC, Instagram @TRSNYC, and subscribe to our YouTube channel @TRSNYC.

Calendars


See important deadlines and holiday closings, scheduled dates for pension payments, and a calendar of Teachers' Retirement Board meetings.

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Headlines


Watch Upcoming Board Meetings Online [updated 4/2/20]

The next regular Board Meeting will be held on Monday, April 20, 2020. The next Investment Meeting of the Teachers' Retirement Board will be held on Thursday, May 7, 2020. Normally, meetings are streamed live on TRS' website and are available for on-demand viewing within two business days.

Monthly Account Update Available [posted 3/25/20]

Account information as of February 29, 2020 is now available in the secure section of our website.

In-service members can log in to see their latest account balances, plus loan information and investment elections. Retirees with a TDA account can view their latest TDA account balances, plus investment elections, loans, and RMD information.

TRS Closed to Visitors as of March 16 [posted 3/13/20]

Message to members from TRS Executive Director Patricia M. Reilly:

"We are all extremely concerned about the coronavirus (COVID-19) pandemic and are taking precautions to prevent the spread into our communities. For the safety of our members and our staff, we have decided to close our Member Services Center to visitors for at least two weeks. The closure will begin on Monday, March 16. We will monitor the situation over the next two weeks and evaluate the possibility of reopening on Monday, March 30.

Although members will not be able to visit TRS during this time, all other member services will be available:

  • Our website is available 24/7, and members with a username and password can do their business with TRS online.
  • Any forms or paperwork can be submitted by mail.
  • Member Services Representatives will be available to answer calls from 8:30 am to 5:00 pm, Monday through Friday.

TRS does not make this decision lightly, and we apologize for any inconvenience caused by this closure.

Please visit our website and follow us on social media for updates. Most importantly, please do your part to stay healthy and stop the spread of the coronavirus."

March 2020 Unit Values Available [posted 3/11/20]

The March unit values for the variable-return Passport Funds are now available. Unit values are based on each portfolio's closing market value as of the end of the preceding month.

Investment Changes During Volatile Times [posted 3/10/20]

The last few weeks have been extremely turbulent for the financial markets, and many investors are understandably worried about what will happen next. If you invest in TRS' Tax-Deferred Annuity Program, you may be worried as well. You may also have heard the conventional wisdom that periods of volatility can be the worst time to make asset allocation changes.

While TRS cannot provide investment advice, we want to remind our members that the TDA Program is a long-term investment vehicle with unique rules about changing asset allocations:

  • TRS' Passport Funds are valued on a monthly basis—as of the last day of each month. So most of the daily fluctuations reported in the media do not have a direct impact on your account balances.
  • Investment changes can be made on a quarterly basis and must be filed at least 30 days in advance (60 days for annuitants). Requests filed today will take effect on July 1 and will be based on the value of the accounts on June 30.  
  • If you file for an investment change and then change your mind, you can file to cancel the election before it begins. Members who have an investment change pending for April 1 can cancel that request through March 31. Members (except for annuitants) can make all investment changes in the secure section of our website.

Please make sure you (and/or your certified financial advisor) understand these rules when considering any changes to your TDA asset allocations.

TDA Distribution Requirements Changing in 2020 [posted 2/13/20]

Recent federal legislation known as the SECURE Act changes rules about distributions from retirement accounts such as TRS' TDA Program. The new law increases the age at which Required Minimum Distributions (RMDs) must begin—from 70½ to 72—but only for individuals who reach age 70½ after December 31, 2019.
 
  • If you are a retiree who reached age 70½ by December 31, 2019: You were required to receive a distribution of TDA funds for 2019, and you will be subject to TDA distribution requirements again in 2020. 
  • If you are a non-retired member who reached age 70½ by December 31, 2019: You will be subject to TDA distribution requirements in the year you leave active service.
  • If you had not reached age 70½ by December 31, 2019: You will be subject to TDA distribution requirements in the year you reach age 72 or the year you leave active service, whichever is later. 
In general, distribution requirements apply to members who maintain a TDA account after retirement. TRS will send a mailing this spring to all retirees who must receive an RMD in 2020. In the future, we will also publish information on our website about other effects of the SECURE Act. 

Earnings Limit Increases for Retirees in Public Service [posted 1/15/20]

Service retirees who are under age 65 may now earn up to $35,000 per year in public employment in New York State without reduction to their pension benefits. Recent legislation changed the limit from $30,000 in 2019 to $35,000 in 2020 and future years. Affected retirees must still file a Section 212 Waiver with TRS; our Earnings After Retirement brochure explains the requirements.

Mailing of 1099 Forms Starts Soon [posted 1/2/20]

Members who received a distribution from TRS in 2019 will soon receive the associated 1099 form for tax filing purposes.

Mailing will begin on January 17. Members should allow at least 10 days for the mailing to be completed and wait until February 3 before contacting TRS about forms not yet received in the mail.

On or about January 24, the 1099 forms for 2019 lump-sum distributions will be available for online viewing in the secure section of our website. (1099 forms for retirement allowances and other recurring payments are not available on our site.)

If you have questions about your tax forms from TRS, be sure to consult our 1099 Forms brochure.

2020 TDA Contribution Limits Set [updated 12/9/19]

The Internal Revenue Service has announced 2020 contribution limits for retirement plans such as TRS' TDA Program. The general contribution limit will increase from $19,000 in 2019 to $19,500 in 2020. The limit on additional "catch-up" contributions for members age 50 and older will increase from $6,000 to $6,500. In addition, certain members with at least 15 years of City employment may be eligible to make additional contributions up to $3,000.

Based on these rules, each year TRS determines the maximum allowable TDA contribution amount for each member. We also calculate the contribution rate (percentage of pay) that would result in the maximum contribution. That rate is known as the "Full-Year, Full-Contribution Rate."

You can now see—or elect—your 2020 Full-Year, Full-Contribution Rate after logging in to the secure section of our website. Rates elected by early December should take effect with the first payroll of the new year.

Reminder of Filing Deadline for World Trade Center Law [updated 8/13/19]

Qualifying members who worked in the World Trade Center Rescue, Recovery, or Cleanup Operations between September 11, 2001 and September 12, 2002 may file a Notice of Participation (code DI40) with TRS. Beneficiaries of qualifying members who died without having filed this form may file the beneficiary version of the Notice of Participation (code DI40b). TRS must receive the Notice of Participation and, if applicable, an Authorization for Release of Health-Related Information (code DI47) by September 11, 2022.

Please see the World Trade Center Presumptive Disability and Death Benefit Laws information sheet for a list of qualifying conditions or impairments of health and other important information.