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This section provides information about the latest TRS news and events. To receive regular updates, follow us on Facebook @myTRSNYC, Twitter @myTRSNYC, Instagram @TRSNYC, and subscribe to our YouTube channel @TRSNYC.

Calendars


See important deadlines and holiday closings, scheduled dates for pension payments, and a calendar of Teachers' Retirement Board meetings.

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July 2020 Unit Values Available [posted 7/15/20]

The July 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.

TRS Offices Close Early on Fridays This Summer [posted 7/6/20]

TRS offices will close at 1 p.m. on Fridays this summer, from July 10 through September 11. Please keep this in mind when calling TRS. In addition, for the safety of our members and our staff, our Member Services Center at 55 Water Street remains closed to visitors until further notice. As an alternative, we encourage you to take advantage of our other convenient member service resources—the TRS website and our automated phone system at 1 (888) 8-NYC-TRS—which are available 24 hours a day, seven days a week.

Online Summer Programs! [posted 7/2/20]

TRS continues to offer online educational programs during the summer. The new sessions offer a variety of new topics for members, including the popular "Getting Ready for Retirement" program. Review the new program descriptions and register on the Educational Programs page today!

Monthly Account Update Available [posted 6/19/20]

Account information as of May 30, 2020 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.

Watch Upcoming Board Meetings Online [updated 6/18/20]

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

News About COVID-19 Accidental Death Benefit Law [posted 6/10/20]

New York State Law now provides an accidental death benefit to statutory beneficiaries of working and certain recently retired members who died due to COVID-19. Please see the June 10 entry on our COVID-19 page for details.

Loan Payment Deferral Available Under CARES Act [posted 5/5/20]

Members who certify that they meet criteria established by the CARES Act may defer payments on any QPP or TDA loan for 12 months. Interest will continue to accrue during the period, and the term of the loan will increase by 12 months. Qualified members must apply for the payment deferral on our E-Forms page after logging in with their username and password. Additional information about deferral of loan payments is available here.

Members who are paid on the Department of Education payroll have limited time to make this election before their summer paychecks are cut. If you want to have your loan payment deductions stopped before your summer paychecks, please file as soon as possible this week. Payroll changes (such as stopping loan payment deductions) that are requested in early May can generally be implemented before the summer paychecks are cut, but changes requested later cannot be implemented until the first payroll in September or later.

CARES Act Becomes Law [posted 4/2/20]

On March 27, 2020, the CARES Act, a federal coronavirus relief law, was enacted. Among other things, the CARES Act temporarily eases restrictions on retirement plan loans and in-service distributions related to the coronavirus. It also suspends certain upcoming required minimum distributions. TRS is reviewing the CARES Act and will publish details about the provisions and our implementation when available. However, at this time, our Member Services Representatives do not have additional information.

TRS Closed to Visitors as of March 16 [posted 3/13/20]

Message to members from TRS Executive Director Patricia M. Reilly:

"We are all extremely concerned about the coronavirus (COVID-19) pandemic and are taking precautions to prevent the spread into our communities. For the safety of our members and our staff, we have decided to close our Member Services Center to visitors for at least two weeks. The closure will begin on Monday, March 16. We will monitor the situation over the next two weeks and evaluate the possibility of reopening on Monday, March 30.

Although members will not be able to visit TRS during this time, all other member services will be available:

  • Our website is available 24/7, and members with a username and password can do their business with TRS online.
  • Any forms or paperwork can be submitted by mail.
  • Member Services Representatives will be available to answer calls from 8:30 am to 5:00 pm, Monday through Friday.

TRS does not make this decision lightly, and we apologize for any inconvenience caused by this closure.

Please visit our website and follow us on social media for updates. Most importantly, please do your part to stay healthy and stop the spread of the coronavirus."

Investment Changes During Volatile Times [posted 3/10/20]

The last few weeks have been extremely turbulent for the financial markets, and many investors are understandably worried about what will happen next. If you invest in TRS' Tax-Deferred Annuity Program, you may be worried as well. You may also have heard the conventional wisdom 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 with unique rules about changing asset allocations:

  • 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 April 1 can cancel that request through March 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.

TDA Distribution Requirements Changing in 2020 [posted 2/13/20]

Recent federal legislation known as the SECURE Act changes rules about distributions from retirement accounts such as TRS' TDA Program. The new law increases the age at which Required Minimum Distributions (RMDs) must begin—from 70½ to 72—but only for individuals who reach age 70½ after December 31, 2019.
 
  • If you are a retiree who reached age 70½ by December 31, 2019: You were required to receive a distribution of TDA funds for 2019, and you will be subject to TDA distribution requirements again in 2020. 
  • If you are a non-retired member who reached age 70½ by December 31, 2019: You will be subject to TDA distribution requirements in the year you leave active service.
  • If you had not reached age 70½ by December 31, 2019: You will be subject to TDA distribution requirements in the year you reach age 72 or the year you leave active service, whichever is later. 
In general, distribution requirements apply to members who maintain a TDA account after retirement. TRS will send a mailing this spring to all retirees who must receive an RMD in 2020. In the future, we will also publish information on our website about other effects of the SECURE Act. 

Earnings Limit Increases for Retirees in Public Service [posted 1/15/20]

Service retirees who are under age 65 may now earn up to $35,000 per year in public employment in New York State without reduction to their pension benefits. Recent legislation changed the limit from $30,000 in 2019 to $35,000 in 2020 and future years. Affected retirees must still file a Section 212 Waiver with TRS; our Earnings After Retirement brochure explains the requirements.

Reminder of Filing Deadline for World Trade Center Law [updated 8/13/19]

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.