April 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.
 

Account information as of March 31, 2025 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 will be held on Thursday, April 24, 2025. The next regular Board Meeting of the Teachers' Retirement Board will be held on Thursday, May 8, 2025. Normally, meetings are streamed live on TRS' website and are available for on-demand viewing within two business days.

The last few weeks have been turbulent for the financial markets, and many investors are understandably concerned. If you invest in TRS' Tax-Deferred Annuity Program, you may be concerned as well, but the conventional wisdom is that periods of volatility can be the worst time to make asset allocation changes.

While TRS cannot provide investment advice, we want to remind our members that the TDA Program is a long-term investment vehicle. However, if you decide to change your asset allocations now, bear in mind that the changes would not take effect immediately. The rules about changing asset allocations are:

• TRS' Passport Funds are valued on a monthly basis—as of the last day of each month. So most of the daily fluctuations reported in the media do not have a direct impact on your account balances.
• Investment changes can be made on a quarterly basis and must be filed at least 30 days in advance (60 days for annuitants). Requests filed today will take effect on July 1 and will be based on the value of the accounts on June 30.
• If you file for an investment change and then change your mind, you can file to cancel the election before it begins. Members who have an investment change pending for July 1 can cancel that request through May 31. Members (except for annuitants) can make all investment changes in the secure section of our website.

Please make sure you (and/or your certified financial advisor) understand these rules when considering any changes to your TDA asset allocations.

Retirees can now see their Quarterly Payment Statements for the period ending March 31, 2025 in the secure section of our website. To view your available statements, please log in to the secure section of our website and choose Documents. For more information about the new Quarterly Payment Statements, please see the Fall 2024 Benefits Report

Retirement season is here. Since last summer, over 9,000 members have registered for our online educational programs. To learn more about your pension and TDA, review the program descriptions and register on the Educational Programs page today!

Chapter 551 of the Laws of 2024 affects pension coverage for job titles that a) are covered by the United Federation of Teachers (UFT) and b) provided membership in the BERS, the New York City Board of Education Retirement System. Affected titles include substitute, per-session, and per-diem titles, educational analysts/officers, occupational therapists, physical therapists, and more.

The new law allows current BERS members who are working in UFT-covered titles to transfer their membership from BERS to TRS by December 11, 2025. Transfers must be initiated with BERS. Additional information will be provided to these members so that they can make an informed decision.

In addition, new hires in the affected titles (and individuals who were previously hired in the affected titles but did not join BERS) will have the option to join TRS for pension coverage.

The Internal Revenue Service has announced 2025 contribution limits for retirement plans such as TRS' TDA Program. The general contribution limit will increase from $23,000 in 2024 to $23,500 in 2025.

For members aged 50 or older, the IRS’ limits on “catch-up” contributions in 2025 are as follows:

• Age 50-59: $7,500
• Age 60-63: $11,250
• Age 64 and up: $7,500

Please see the Fall 2024 In-Service News for details about the “catch-up” limits.

Also, certain members with at least 15 years of City employment may be eligible to make additional contributions up to $3,000 in 2025.

Based on these rules, TRS calculates the maximum amount that each member can contribute to TDA and stops contributions that reach the maximum.

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.