The Internal Revenue Service has announced 2020 contribution limits for retirement plans such as TRS' TDA Program. The general contribution limit will increase from $19,000 in 2019 to $19,500 in 2020. The limit on additional "catch-up" contributions for members age 50 and older will increase from $6,000 to $6,500. In addition, certain members with at least 15 years of City employment may be eligible to make additional contributions up to $3,000.

Based on these rules, each year TRS determines the maximum allowable TDA contribution amount 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."

You can now see—or elect—your 2020 Full-Year, Full-Contribution Rate after logging in to the secure section of our website. Rates elected by early December should take effect with the first payroll of the new year.

The next regular Board Meeting will be held on Thursday, December 19, 2019. The next Investment Meeting of the Teachers' Retirement Board will be held on Thursday, January 9, 2020. Meetings are streamed live on TRS' website and are normally available for on-demand viewing within two business days.

Monthly Account Statements as of October 31, 2019 are now available through the secure section of our website.

In-service members can access their account balances, loan information, and investment elections. Members with TDA Deferral status can access their TDA account balances, investment elections, and loan and RMD information.

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.

Annual Benefits Statements for 2019 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 and a video that shows how to access the statement online.

This year's annual cost-of-living adjustment (COLA) for eligible retirees will be 1.0%, effective with the September 2019 retirement allowance payments. This adjustment is calculated on the lesser of the retiree's maximum fixed retirement allowance or $18,000.

The COLA is provided to service retirees who are at least age 62 and have been retired for at least 5 years, service retirees who are at least age 55 and have been retired for at least 10 years, and certain disability retirees and surviving spouses.

TRS has updated the video for our new members. The video provides basics about membership in TRS. Watch on our site or on YouTube and share it with a friend. Don’t forget to subscribe to our channel at @trsnyc.

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, 2022.

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.