The unit values reflect how much a unit in each Passport Fund is worth in a specific month; these values fluctuate from month to month. Therefore, your fund account balance(s) would also vary each month. If unit values go up, your units would be worth more, and your account would generally increase. If unit values go down, your units would be worth less, and your account would generally decrease.

Here's a simplified example: If you invest $100 in March and the unit value is $25, you have purchased 4 units. If the unit value increases to $26 in April, those 4 units would now be worth $104. Keep in mind that additional contributions, loans, and other account activity would also affect the number of units and your account balances. In addition, TRS increases the number of units slightly each month.

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.

OR

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

In general, you would qualify for Tier III status if you last joined TRS after July 26, 1976 and before September 1, 1983. You may also qualify if you transferred your Tier III membership from another eligible retirement system to TRS.

In addition, you can apply for reinstatement to your previous membership and tier status if you are in active membership status and previously lost your Tier III membership rights in TRS or another New York City or New York State public retirement system.

To apply for reinstatement, file a Membership/Tier Reinstatement Request Form (code SD42) with TRS. To effect the reinstatement, you must pay back the amount of contributions refunded when your membership ended, plus 5% interest compounded annually from the date of the refund to the date of repayment.

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.

OR

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

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.

OR

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

In general, you would qualify for Tier III status if you last joined TRS after July 26, 1976 and before September 1, 1983. You may also qualify if you transferred your Tier III membership from another eligible retirement system to TRS.

In addition, you can apply for reinstatement to your previous membership and tier status if you are in active membership status and previously lost your Tier III membership rights in TRS or another New York City or New York State public retirement system.

To apply for reinstatement, file a Membership/Tier Reinstatement Request Form (code SD42) with TRS. To effect the reinstatement, you must pay back the amount of contributions refunded when your membership ended, plus 5% interest compounded annually from the date of the refund to the date of repayment.

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 3% for each succeeding year until age 70, when the benefit would equal 70% 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.)

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.

The following table shows the age-reduction factors that affect the benefit payable under 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 3% for each succeeding year until age 70, when the benefit would equal 70% 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.)

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.

The following table shows the age-reduction factors that affect the benefit payable under 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 3% for each succeeding year until age 70, when the benefit would equal 70% 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.)

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.

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

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

If you were employed by a public employer within New York State before you became a member of TRS, you may be eligible to receive credit for that prior service. TRS will need to contact your former employer to verify your request for prior service credit.

If you are a Tier III, IV, or VI member, there’s a cost to obtain credit for any eligible prior service. If you are a Tier II member, no purchase is required; credit is granted after the service is verified by your former employer. If you are a Tier I member, you may be able to purchase outside teaching service credit for teaching or pedagogical supervisory service in a school or college not maintained by the City of New York.

For more information, please see How can I request prior service credit? FAQ under the Payment for Credit tab.