If you are contemplating retiring soon, you may be wondering how to begin. It's important to begin preparing for the application process well in advance of your intended retirement date.

The following checklist should help you prepare for the retirement process.

• Review your service credit as soon as possible, to ensure you are eligible to retire;
• Consider taking a loan or, if applicable, an excess withdrawal;
• Choose a method of distribution for your TDA funds;
• Elect a payment option and designate your beneficiaries, if applicable;
• Tier I and II members should make a QPP investment election at retirement;
• File the Service Retirement Application for your tier;
• Read any of the applicable TRS Retirement Series brochures; and
• Check for the forms you may need to file with your retirement application
• Before filing for retirement, TRS must have your Electronic Fund Transfer (EFT) information on file If you haven’t already done so, please establish your Electronic Fund Transfer (EFT) information with TRS to receive your retirement allowance directly into your bank account electronically. TRS cannot pay your retirement allowance until we have your bank account information on file. Log in to the secure section of our website and access the Payments section to designate an account.

When you transfer your membership, you also transfer your tier status, service credit, and accumulations in the Qualified Pension Plan (QPP). In addition, Tax Deferred Annuity (TDA) Program participants must elect to withdraw, directly roll over, or directly transfer their TDA funds.

The following rules apply for transferring QPP accumulations:

• If you are a participant in the Age 55 Retirement Program—You may not transfer your Additional Member Contributions (AMCs) unless you are transferring to the Board of Education Retirement System (BERS); in this case, the employee portion of your AMCs may be transferred. If you are transferring to a system other than BERS, you may receive the employee portion of your AMCs as a withdrawal or directly roll over this portion. The entire balance of the employee portion of your AMCs is taxable.
• If you are a Tier III, IV, or VI member—You may not transfer your Annuity Savings Accumulation Fund (ASAF) balance because other retirement systems do not have an equivalent fund to support these monies. Therefore, you may receive your ASAF funds as a withdrawal or directly roll over the balance. The entire ASAF balance is taxable.

If you elect to directly roll over all or part of the taxable portion of your withdrawal to one or more eligible Individual Retirement Arrangements (IRAs) or other successor programs, you must attach a completed QPP Direct Rollover Election Form (code RW29) with the TRS Membership Transfer Form (code RW39) . In all cases, the tax-free portion of your withdrawal will be paid directly to you.

You may file your service retirement application no sooner than 90 days before the effective date of your retirement. TRS must receive your application no later than 1 day before your effective date of retirement.

The process takes four to six months from the effective date of restoration.

The process takes four to six months from the effective date of restoration.

Any pension contributions that are required by TRS, but are not made, would result in a "deficit." Because this deficit represents contributions that should have been made by a TRS member, it is known as a "membership service deficit."

If you have a membership service deficit, TRS will send you a Cost Letter; payment for deficits is mandatory. Your letter will specify the amount due, available payment options, and any consequences that may result if you do not respond by the deadline indicated (e.g., you may be placed automatically on a payment plan of payroll deductions, if eligible).

Documentation should be on the official stationery of the agency you worked for, and should indicate the exact period of service, your title, and an annual breakdown of your salary history during that period. TRS will review the documentation and notify you of the resolution.

For salary information for substitute service performed with the Department of Education or other questions regarding regular or per diem substitute teaching or secretary service, contact the Department of Education at 65 Court Street, Brooklyn, NY 11202; phone (718) 935-4000.

For any questions regarding service as a paraprofessional or school aide, contact your school or district.

For questions about prior service performed with a college or another agency, contact your former employer.