The ABS provides members with information about their Total Service Credit, benefits eligibility, and designated beneficiary information; benefit estimates and projections are also provided to certain retirement-eligible members. The ABS was designed to help members better understand this information and its relevance to them as TRS members.

A-B-S stands for the Annual Benefits Statement. In-service members and members on a leave of absence for up to seven school years can view their ABS by logging in to the secure section of our website. The statement summarizes the members' Total Service Credit and lists their designated beneficiaries. Benefit estimates and benefit projections are also provided to certain retirement-eligible members. This information is reported as of the previous June 30.

Three types of Qualified Pension Plan (QPP) benefits may be payable after the death of a TRS retiree: A one-time lump-sum amount (Death Benefit #2) if the member was in Tier II, III, IV, or VI; a continuing monthly benefit based on the retirement payment option chosen by the member; and a fractional payment representing a portion of the retirement allowance payment for the month in which the member died (as long as the death did not occur on the last day of the month).

For more information, please see the Guide to Death Benefits for Beneficiaries of Retired Members and the If the member participated in TRS’ Tax-Deferred Annuity (TDA) Program, what TDA benefits may be payable? FAQ below.

To establish or change an EFT account, retirees can log in to the secure section of our website and go to Payments. Until your new EFT account takes effect, TRS would issue any payments to the account previously on file (if any).

Please note that it takes at least 21 days to establish an EFT account. For monthly benefit payments, it may take 30-60 days before the new account can receive the payments.

TRS must verify and validate the bank account information you provide on your EFT election. Withdrawals, loans, and other one-time payments can be made to the new account no less than 21 days after TRS receives your election. For monthly benefit payments, it may take 30-60 days before the new account can receive the payments.

Before your EFT begins, TRS will send you a letter confirming the type of account (i.e., checking or savings), account number, transit routing number, and the financial institution to which payments are to be deposited. The letter will be posted in the secure section of our website (in the Documents section) before you receive it in the mail.

EFT is required for loans, withdrawals, and one-time payments such as refunds.

In general, distributions such as loans, withdrawals, and Required Minimum Distributions (RMDs) would be made via EFT to the same account where you receive your retirement allowance payments.

TRS recommends that you set up your EFT account before you want to apply for a loan or withdrawal. It generally takes at least 21 days to establish an EFT account, so payment of a loan or withdrawal may be delayed if an EFT account is not established in advance.

In general, you would be eligible to receive unreduced retirement allowance payments (full benefits) if you are at least age 63 and you are vested^. You would generally be eligible to retire with a reduced retirement allowance if you are at least age 55, you are vested, and you are retiring directly from active service or a leave of absence. Please note that, if you have separated from service (through resignation or termination) you would not be eligible to retire before the age of 63.

^As a Tier VI member, you become vested upon attaining 5 years of Total Service Credit. (Prior to Chapter 56 of the Laws of 2022, Tier VI members needed 10 years of Total Service Credit to become vested.)

For more information, please see the Will I receive a reduced retirement allowance due to my age at retirement? FAQ below.

TRS determines a Certified Rate of Contribution for you based on factors such as your age and credited prior service. If you are a Tier II member participating in the Age 55 Retirement Program, you are also required to contribute 1.85% of your gross pensionable compensation to the QPP, generally until you have attained 25 years of Total Service Credit.

Service outside of New York State is not creditable in TRS for members in Tier II, III, IV, or VI.

However, Tier I members 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.

Chapter 504 had broad effects on New York State public retirement systems. Individuals who became TRS members after December 10, 2009, but before April 1, 2012, are affected as follows:

• Members who are represented by the United Federation of Teachers (UFT) become vested after they have ten years of service credit. (Note: This provision was superseded by Chapter 56 of the Laws of 2022, which changed the vesting requirement to five years.)
• Members who participate in the Age 55 Retirement Program ("55/27" participants) will make pension contributions of 4.85% of gross pensionable compensation until they have 27 years of service credit, and contributions of 1.85% of gross pensionable compensation after reaching 27 years of service credit

In addition, Chapter 504 affected certain members regardless of their membership date: For all participants in the Tax-Deferred Annuity (TDA) Program who are serving in (or resigned/retired from) UFT-covered titles, the annual interest rate paid by the Fixed Return Fund is 7% as of December 11, 2009.

Note: Chapter 504 also established a new tier—Tier V—for New York State public retirement systems and the Optional Retirement Program (available to CUNY employees). This change did not apply to TRS.