Death benefit payments may include interest, when applicable, for a limited period of time after TRS is notified of the member's death. Claimants/beneficiaries are encouraged to promptly submit documentation of the member's death (and return payments issued by TRS after the member's death). This will enable TRS to begin determining benefit amounts and any interest payable.

Electronic Fund Transfer (EFT) is the method by which TRS makes payments to members and beneficiaries. EFT enables TRS members to have their monthly benefit payments, and other distributions, electronically forwarded to their checking or savings account. EFT allows members’ accounts to be credited on the payment date and safeguards against delayed, lost, or stolen checks.

Yes. For example, you can receive your retirement allowance payments in one account and your TDA annuity payments in a different account. You can make this election in the secure section of our website; log in and go to Payments.

Members should contact their bank to determine if the money market account is considered a checking or savings account. Note: Only certain money market accounts can be valid for direct deposit.

Electronic Fund Transfer (EFT) is the method by which TRS makes payments to members and beneficiaries. EFT enables TRS members to have their monthly benefit payments, and other distributions, electronically forwarded to their checking or savings account. EFT allows members’ accounts to be credited on the payment date and safeguards against delayed, lost, or stolen checks.

If your account is closed, or your financial institution closes, TRS will be unable to complete the processing of your EFT payment. We will contact you if this occurs. If you already have another active EFT account, we will reissue your payments to this account.

In some cases, additional information will be required and TRS will await your response before reissuing your payment(s).

Until your new EFT account takes effect, TRS would issue any payments to the account previously on file (if any).

If monthly benefit payments or withdrawals need to be reissued, TRS makes payments by EFT to the account on file. Currently, loan and refund reissues can only be paid by check.

The Age 55 Retirement Program is a retirement plan option that allows participating Tier II, III, and IV members to retire with unreduced benefits before the age of 62. After making Additional Member Contributions (AMCs) to the pension plan during their career, Program participants may retire with unreduced benefits as early as age 55, provided they meet applicable Total Service Credit requirements. The Age 55 Retirement Program was established for employees of the Department of Education (DOE) or participating Charter Schools only, and it is no longer available for members to opt in. 

Under the “55/25” provisions of the Program, participants may retire as early as age 55 if they have at least 25 years of Total Service Credit as of their retirement date. Under the “55/27” provisions, participants must have at least 27 years of Total Service Credit as of their retirement date. The provisions that apply generally depend on participants' TRS membership date:

• Members whose TRS membership began on or before February 27, 2008 and who opted into the program are covered by the “55/25” provisions.
• Members whose TRS membership began after February 27, 2008 and on or before December 10, 2009 are automatically covered by the “55/27” provisions. (Also, certain members whose TRS membership began on or before February 27, 2008 were eligible to opt into the program under the “55/27” provisions.)
• Members whose TRS membership began after December 10, 2009 and before April 1, 2012 (sometimes known as “Chapter 504” participants) are automatically covered by the “55/27” provisions. Prior to Chapter 56 of the Laws of 2022, participants under Chapter 504 needed 10 years of Total Service Credit to become vested.

Age 55 Retirement Program participants who retire before reaching 25 or 27 years of Total Service Credit (as applicable) may retire with reduced benefits. Those who retire at age 62 or older may be eligible for a refund of half of their AMCs after they retire. 

In general, you will be eligible to receive unreduced retirement allowance payments (full benefits) if one of the following statements applies to you:

• You are at least age 62 as of your retirement date and you are vested^; or
• You are at least age 55 as of your retirement date and have attained at least 30 years of Total Service Credit; or
• You are covered by the “55/25” provisions of the Age 55 Retirement Program, are at least age 55 as of your retirement date, and have attained at least 25 years of Total Service Credit; or
• You are covered by the “55/27” provisions of the Age 55 Retirement Program, are at least age 55 as of your retirement date, and have attained at least 27 years of Total Service Credit.

If none of the statements above applies to you, then you do not qualify for unreduced payments of your retirement allowance. However, as long as you are vested^ and at least age 55, you would be eligible to retire with a reduced retirement allowance.

^Tier III and IV members become vested upon attaining five years of Total Service Credit.
Note: Prior to Chapter 56 of the Laws of 2022, 10 years of Total Service Credit were required for members whose TRS membership began after December 10, 2009, and who were working in a title represented by the United Federation of Teachers (UFT).

For more information, please see the What is the Age 55 Retirement Program? FAQ below.