Loans are normally repaid through payroll deductions, although several exceptions apply. Alternatively, members can make loan payments or pay off a loan in the secure section of our website. You may also request to repay your outstanding loan in a lump sum by filing a QPP Loan Repayment Request Form (code LO11q) and/or TDA Loan Repayment Request Form (code LO11t) with TRS. If you are a member with TDA Deferral status, you must make direct monthly TDA loan payments to TRS.

If you have separated from service (resigned or been terminated), or if you are on a leave of absence without pay, you may be eligible to transfer your membership to another retirement system within New York State. Please refer to the TRS Membership Transfer Form (code RW39) for more information. (Please note that non-vested members who have separated from service must submit this form to TRS within seven school years of their separation from service.)

Your monthly service retirement allowance is calculated based on several factors including your tier, your age at retirement, and your qualifying years of service. In general, all members receive a pension based on their service credit and their Final Average Salary (or FAS). In addition, the retirement allowances of Tier I and II members may include a pension based on their Increased-Take-Home Pay (or ITHP) and an annuity based on any funds they have accumulated in excess of their required minimum accumulation. Please refer to your Summary Plan Description for more detailed information. While TRS is unable to provide an estimate of your allowance at this time, you may contact your union in this regard.

Yes. You may transfer the taxable portion of your withdrawal to another eligible Section 401 Plan or an IRA account. To do so, you must file a QPP Direct Rollover Election Form (code RW29) in conjunction with your withdrawal application. Any amount that is distributed through a Direct Rollover is not taxable until it is received as income, and you would not be subject to the 20% withholding tax that applies to direct withdrawals. In addition, you would not have to pay the additional 10% tax that applies to some direct withdrawals. Please note that the minimum amount for a QPP rollover is generally $200.

Yes. You may transfer the taxable portion of your withdrawal to another eligible Section 401 Plan or an IRA account. To do so, you must file a QPP Direct Rollover Election Form (code RW29) in conjunction with your withdrawal application. Any amount that is distributed through a Direct Rollover is not taxable until it is received as income, and you would not be subject to the 20% withholding tax that applies to direct withdrawals. In addition, you would not have to pay the additional 10% tax that applies to some direct withdrawals.

Your retirement allowance payments may include deductions for federal tax withholding, union dues, health insurance, life insurance, and more.  You may also have deductions to repay a TDA loan to TRS or a cost recovery plan to repay other funds to TRS. Deductions from your monthly payments are itemized on your pay statements and on the Quarterly Payment Statements that TRS posts for you in the secure section of our website.

If you are an in-service member paid on the New York City payroll, payments on TRS loans can be deducted directly from your paycheck in most cases. But keep in mind that your paychecks may reflect many deductions from several different sources. Because of other deductions from your pay, there may be a limit on the number of TRS loans that can be itemized on your paystubs.

Please also note that TRS cannot implement loan deductions for those CUNY employees who are paid on the New York State payroll.

You can establish an EFT account or change your current EFT information in the secure section of our website. Log in and go to Payments. Please note that it takes at least 21 days to establish an EFT account.

If you are (or were) a Department of Education employee, the account where your pay is deposited is your default account in TRS’ online EFT Wallet. This information will remain on file with TRS until you change it.

Note: If you have not yet retired and the account you establish with TRS becomes invalid, your payments will be sent to the last verified account on file with the DOE

When an in-service Tier I member dies before becoming eligible for retirement under the Qualified Pension Plan (QPP), the death benefit would equal the member's Annuity Savings Fund (ASF) balance, Increased-Take-Home-Pay (ITHP) balance, and an amount based on his/her salary and years of Total Service Credit.

The following table shows how the member's Total Service Credit affects the death benefit payable.

Note: The member's salary is the average annual salary in the year immediately before the date of death. It is generally not affected by any approved leaves of absence with or without pay.

If the member was eligible for a service retirement at the time of death, or died within the first 30 days after retiring, the death benefit would be the greater of the amount indicated in the first paragraph above or a benefit based on the reserves that would have been payable under Option I Modified had the member retired on the day before he or she died. (Option I Modified is a retirement payment option that provides a lump-sum benefit to the designated beneficiary based on the member's available pension reserves.)

When an in-service Tier I member dies before becoming eligible for retirement under the Qualified Pension Plan (QPP), the death benefit would equal the member's Annuity Savings Fund (ASF) balance, Increased-Take-Home-Pay (ITHP) balance, and an amount based on his/her salary and years of Total Service Credit.

The following table shows how the member's Total Service Credit affects the death benefit payable.

Note: The member's salary is the average annual salary in the year immediately before the date of death. It is generally not affected by any approved leaves of absence with or without pay.

If the member was eligible for a service retirement at the time of death, or died within the first 30 days after retiring, the death benefit would be the greater of the amount indicated in the first paragraph above or a benefit based on the reserves that would have been payable under Option I Modified had the member retired on the day before he or she died. (Option I Modified is a retirement payment option that provides a lump-sum benefit to the designated beneficiary based on the member's available pension reserves.)