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How does EFT work?
FAQs: By the last day of every month, the City of New York will transmit your payment to your financial institution for deposit in your designated account.
Will I have TDA deductions from my summer pay?
FAQs: Yes. TDA deductions are taken out of summer pay.
How long does it take for a loan to be issued?
FAQs: Loans are generally paid within 1-2 weeks after the application is received.
What is Death Benefit #2?
FAQ: Under Death Benefit #2, the benefit would equal one year's salary upon the completion of one year of service, two years' salary upon the completion of two years of service, and three years' salary upon the completion of three or more years of service.
When would a loan go into default?
FAQs: If your loan is not fully repaid within five years, it is considered in default, and TRS would ask you to make a lump-sum repayment within 30 days.
What are the benefits of participating in the TDA Program?
FAQs: TRS' TDA Program enables you to invest money for your future consistently on a tax-deferred basis.
What are the eligibility requirements for an Ordinary Disability Retirement?
FAQs: You may be eligible for an Ordinary Disability Retirement if you are an in-service member or you are on an official leave of absence, and you become physically or mentally incapable of performing your work duties.
What are the eligibility requirements for a lump-sum disability benefit?
FAQs: You may be eligible for a lump-sum disability benefit if you are an in-service member or you are on an official leave of absence, and you have been diagnosed with a terminal illness and have a life expectancy of no more than 12 months.
What is the difference between an IRA and a Section 403(b) Program like TRS' TDA Program?
FAQs: There are several key differences.
How can I change the way my TDA contributions are invested?
FAQs: In-service TDA participants, members with TDA Deferral status, and TDA annuitants may change their TDA investment elections four times a year.