Happy Holidays from the Member Education Team. December is here and TRS' online educational programs continue to be a popular go-to for our members. If you want to learn more about your pension and TDA, review the program descriptions and register on the Educational Programs page today! All programs are virtual.

 Account information as of October 31, 2023 is now available in the secure section of our website. In-service members can log in to see their latest account balances, plus loan information and investment elections. Retirees with a TDA account can view their latest TDA account balances, plus investment elections, loans, and RMD information.
 

The next Investment Meeting of the Teachers' Retirement Board will be held on Thursday, December 7, 2023. The next regular Board Meeting will be held on Thursday, December 21, 2023. Normally, meetings are streamed live on TRS' website and are available for on-demand viewing within two business days.
 

The November unit values for the variable-return Passport Funds are now available. Unit values are based on each portfolio's closing market value as of the end of the preceding month.

The Internal Revenue Service has announced 2024 contribution limits for retirement plans such as TRS' TDA Program. The general contribution limit will increase from $22,500 in 2023 to $23,000 in 2024. The limit on "catch-up" contributions for members age 50 and older remains at $7,500 for 2024.  

Certain members with at least 15 years of City employment may be eligible to make additional contributions up to $3,000. This limit is unchanged.

Based on these rules, each year TRS determines the maximum allowable TDA contribution for each member. We also calculate the contribution rate (percentage of pay) that would result in the maximum contribution. That rate is known as the "Full-Year, Full-Contribution Rate."

If you are in active service or on leave, your "Full-Year, Full-Contribution Rate" for 2024 will be shown on your next Quarterly Account Statement, for the 3^rd quarter of 2023. Those statements will be posted by mid-November in the secure section of our website, and TRS will announce online and by email when the statements are available to view.

Annual Benefits Statements for 2023 are now available for members who are in active service or on leave. Members can view their statements in the secure area of our website in the Documents section.

Retirees and beneficiary payees now have until November 13, 2023 to enroll in free protection services through Kroll if they were affected by the PBI data security incident earlier this year. TRS recently contacted affected individuals by email to explain how to enroll after October 12 (the original deadline stated in notification letters mailed in July).

To enroll, individuals first need to call Kroll at (866) 373-9057 and request a deadline extension. Then, after 2-3 days, they will be able to enroll on Kroll’s website with the information from their notification letter.  TRS representatives cannot grant the deadline extension or enroll anyone in the free services offered by Kroll.

October 31 is the deadline for retirees to file an election with TRS about how to receive their Required Minimum Distribution (RMD) for this year.  Affected members (generally, members 73 and older) who don’t file an election will receive a distribution from their Tax-Deferred Annuity (TDA) account at year-end to meet IRS requirements.
 
If you received an RMD notification letter in the spring and have not made an election, you might want to attend TRS’ new online class about RMD.  Free sessions are available on Tuesday, October 17, and Thursday, October 19; advance registration is required on our Educational Programs page.

Earlier this week, TRS retirees and beneficiary payees affected by the PBI data security incident were mailed notification letters offering free credit monitoring and identity restoration services. In addition, a toll-free hotline has been established at (866) 373-9057 to answer questions about the mailing and the data security incident. Representatives from Kroll, the company administering the credit monitoring services, will staff the hotline Monday through Friday from 9:00 a.m. to 6:30 p.m., Eastern Time.
 
The notification letters contain instructions for enrolling in the free protection services. TRS’ logo is on the letter, but the return address shows “Secure Processing Center” because the letters were produced and mailed by Kroll. According to Kroll, delivery of the letter could take between 5 and 20 days from July 18. For recipients living outside the U.S., notification letters will be mailed next week. 
 
TRS Member Services Representatives do not have access to individual notification letters and will refer callers to the Kroll hotline for any related inquiries.
 
As a reminder, TRS’ systems were not affected by this global data security incident. Retirees’ pensions are safe, and it is safe to use TRS’ website. We continue to hold PBI accountable and work with all our vendors to protect our retirees and beneficiaries. 
 

Qualifying members who worked in the World Trade Center Rescue, Recovery, or Cleanup Operations between September 11, 2001 and September 12, 2002 may file a Notice of Participation (code DI40) with TRS. Beneficiaries of qualifying members who died without having filed this form may file the beneficiary version of the Notice of Participation (code DI40b). TRS must receive the Notice of Participation and, if applicable, an Authorization for Release of Health-Related Information (code DI47) by September 11, 2026.

Please see the World Trade Center Presumptive Disability and Death Benefit Laws information sheet for a list of qualifying conditions or impairments of health and other important information.

TRS will send certain class members of Gulino v. Board of Education an invoice for pension contributions that must be paid in order to receive pension credit from TRS. The mailings will continue until all affected class members are contacted. 
 
TRS representatives cannot answer questions about this mailing or any other aspects of the litigation. Additional information regarding Gulino can be found at the Gulino website at www.gulinolitigation.com.