When a TRS member or TRS beneficiary dies, New York State law provides that his/her spouse may elect a share of the deceased spouse's net estate,^ even if the spouse was not designated as a beneficiary. The elective share is the greater of $50,000, or one-third of the net estate. If the net estate is less than $50,000, the elective share is the net estate. Benefits from TRS' Qualified Pension Plan (QPP) and Tax-Deferred Annuity (TDA) Program accounts are included in calculating the net estate.

Please note that the rules described above do not apply to divorced spouses. They also do not apply if the decedent designated the beneficiary of the TRS benefits on or before September 1, 1992 and did not subsequently change the beneficiary designation.

^The net estate, as defined by New York State statute, consists of the net probate assets, as well as testamentary substitutes.

When a TRS member or TRS beneficiary dies, New York State law provides that his/her spouse may elect a share of the deceased spouse's net estate,^ even if the spouse was not designated as a beneficiary. The elective share is the greater of $50,000, or one-third of the net estate. If the net estate is less than $50,000, the elective share is the net estate. Benefits from TRS' Qualified Pension Plan (QPP) and Tax-Deferred Annuity (TDA) Program accounts are included in calculating the net estate.

Please note that the rules described above do not apply to divorced spouses. They also do not apply if the decedent designated the beneficiary of the TRS benefits on or before September 1, 1992 and did not subsequently change the beneficiary designation.

^The net estate, as defined by New York State statute, consists of the net probate assets, as well as testamentary substitutes.

When a TRS member or TRS beneficiary dies, New York State law provides that his/her spouse may elect a share of the deceased spouse's net estate,^ even if the spouse was not designated as a beneficiary. The elective share is the greater of $50,000, or one-third of the net estate. If the net estate is less than $50,000, the elective share is the net estate. Benefits from TRS' Qualified Pension Plan (QPP) and Tax-Deferred Annuity (TDA) Program accounts are included in calculating the net estate.

Please note that the rules described above do not apply to divorced spouses. They also do not apply if the decedent designated the beneficiary of the TRS benefits on or before September 1, 1992 and did not subsequently change the beneficiary designation.

^The net estate, as defined by New York State statute, consists of the net probate assets, as well as testamentary substitutes.

All retirement allowance payments would cease upon your death. However, any amount due for the month in which you die would be payable to your fractional beneficiary.

In addition, for Tier II, III, IV, and VI retirees who are covered under Death Benefit #2, their Death Benefit #2 beneficiary may be eligible to receive a lump-sum post-retirement death benefit. See the FAQs about Death Benefits for more information.

You may elect to receive the maximum retirement allowance for which you are eligible. However, if you elect to provide for a beneficiary after you die, your retirement allowance would be reduced. The following choices are available regarding your beneficiary: options that provide lifetime benefits to your beneficiary after your death; options that enable your retirement allowance to "pop up" to the maximum if your beneficiary predeceases you; and options that guarantee that a certain number of retirement allowance payments will be made to you (or to your beneficiary, if you should die before the designated number of payments have been made). Tier I and II members also have the option of leaving a lump-sum amount to a beneficiary. In all cases, you would receive your retirement allowance for as long as you live. Please see the FAQs–Beneficiaries section for more information.

For each of the variable-return Passport Funds, TRS takes the following steps to calculate the monthly unit value:

• Multiplies the preceding month's unit value by the monthly net change in the value of the fund's portfolio.
• Discounts the amount by .3274% to offset the 4% annual increase in the number of units.

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.

As a TRS member, once you have completed the minimum requirements, you will be entitled to receive a retirement allowance from the Qualified Pension Plan. You may also enroll in the Tax-Deferred Annuity Program, which enables you to save money from your salary on a tax-deferred basis; at retirement, these savings could fund a separate annuity. As a TRS member, you may also be eligible to take out loans from the Qualified Pension Plan and the Tax-Deferred Annuity Program. In addition, if you die while you are an in-service member, your beneficiary may be eligible to receive a death benefit.

Members must provide the following to TRS: