All withdrawals are paid through Electronic Fund Transfer (EFT) directly into your bank account. TRS will issue payment via paper checks only for members residing abroad whose bank will not accept ACH/EFT deposits.

For in-service members paid on the Department of Education payroll, their bank information is already on file; no action is required. You may provide or update bank account information in the secure section of TRS’ website, under Payments. Please note that establishing or changing an EFT account generally takes at least 21 days.

You will not be allowed to submit a withdrawal request unless TRS has your bank account information on file.

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.

Yes. However, you must pay for any deficits. Therefore, if you choose to stop your payroll deductions for a membership service deficit, you must pay the entire remaining balance in a lump sum. If you choose to stop your payroll deductions for optional service credit, you may pay the remaining balance or a portion of it with a lump-sum payment or other payment options.

The new rate will take effect two pay periods after your Zero Rate Application has been approved.

The code "TRS 414H STD" represents pre-tax QPP deductions.

The code "TRS 55 PRGM" represents pre-tax QPP deductions made under the Age 55 Retirement Program. (Only certain members in Tier II, III, and IV belong to this program.)

The code "TR PN LNS" represents QPP loan payments.

The code "TRS TDA" represents TDA contributions (including your contribution limit and any applicable "catch-up" contributions).

The code "TRS TDA LOAN" represents TDA loan payments.

The code "TRS BUYBACK" represents purchase of credit for prior or Amann service.

The code "TR PN ARR AT" represents mandatory payments for membership service deficits incurred for service performed before July 1989; these funds are not federally taxable upon distribution. (Tier III and IV members)

The code "TRS 414H ARR" represents mandatory payments for membership service deficits incurred for service performed after July 1989; these funds are federally taxable upon distribution. (Tier III, IV, and VI members)

Your Cost Letter and accompanying election form will indicate the payment options available to you. In general, if you are currently in active service receiving regular salary payments, you can make your payment or purchase through payroll deductions. Alternatively, you can make an online payment in the secure section of our website at www.trsnyc.org.

For optional service credit purchases, you may be offered additional payment options, such as a transfer of funds from an external NYS- or NYC-sponsored 403(b) or 457 plan, or from your TRS Tax-Deferred Annuity Program (TDA) account.

Yes. However, you must pay for any membership service deficits. Therefore, if you choose to stop your payroll deductions, you must pay the entire remaining balance in a lump sum. To stop your payroll deductions, submit a Payment Plan Change Request Form (code SB29) to TRS; we will then send you an updated Cost Letter.

If you are purchasing optional service credit, you may either request to stop the payroll deductions and the entire purchase or you may choose to pay the remaining balance with a different payment option, such as a lump-sum payment. To stop the entire purchase, submit a Request to Terminate Purchase of Optional Service Credit form (code SB32) to TRS. To continue the purchase with a different payment option, submit a Payment Plan Change Request Form to TRS; we will then send you an updated Cost Letter.

Your TRS membership number is located on all TRS correspondence sent to you via mail. You can also find your TRS membership number on your pay statements.Remember to add 00T (zero, zero, letter T) before the digits of your membership number.

TRS’ TDA Program provides you the opportunity to build supplemental funds for retirement throughout your working years. Here are a few benefits of participation.

• Pre-Tax or After-Tax Investment: You can open a traditional TDA account or a Roth account, or both
• Investment Flexibility: Diverse investment choices
• Convenience: Contributions deducted automatically from your pay
• Loan Availability: Participants in the traditional TDA option can access to their TDA money before retirement
• Online access: Account management on our website

If you choose a Direct Payment of your TDA or Roth withdrawal, it will be paid by Electronic Fund Transfer (EFT) into the bank account on file with TRS. This may be the account where you receive your pay as an in-service member, or the account where you receive your retirement allowance as a retiree. You may provide or update your bank information in Payments in the secure section of the TRS website. Please note that establishing or changing an EFT account generally takes at least 21 days.