This year's annual cost-of-living adjustment (COLA) for eligible retirees is 1.8%, and it took effect with the September 2024 retirement allowance payments. This adjustment is calculated on the lesser of the retiree's fixed maximum retirement allowance or $18,000.

 

Annual Benefits Statements for 2024 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.

 

 

The next regular Investment Meeting will be held on Thursday, October 10, 2024. The next Board Meeting of the Teachers' Retirement Board will be held on Thursday, October 17, 2024. Normally, meetings are streamed live on TRS' website and are available for on-demand viewing within two business days.

Account information as of August 31, 2024 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 September 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.
 

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.

Welcome to a new school year! TRS is offering a new season of online educational programs! Are you a new member to TRS? Do you want to learn about TRS’ TDA Program? Are you considering retirement in the next year?  Whatever your situation, we have something for you! Review the program descriptions and register on the Educational Programs page today. All programs are virtual.

 

The Spring/Summer 2024 issues of our member newsletters are now available online. The mailing of Benefits Report to retirees and In-Service News to non-retired members will begin soon. On the Newsletters page, you can view the new issues or choose an issue from our archives.
 
 

Members who received a distribution from TRS in 2023 can now view the associated 1099 forms in the secure section of our website. 1099 forms for pensions and other recurring payments are available to view and download. 1099 forms for withdrawals and lump-sum distributions are also available.

All 1099 forms were mailed earlier in January. TRS cannot estimate when members will receive their forms in the mail. Members who have not received the mailing or need an additional copy of a 1099 form should log in to our website to access the forms. 

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.

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.