This Monthly Account Statement summarizes activity in your Tax-Deferred Annuity (TDA) Program. Loan information is included, if you have a TRS loan.
Additional account details may be found in your Quarterly Account Statement (QAS). Monthly online account statements are normally available by the third week of each month.
For explanations of terms used, please consult our website's Glossary.
Unit Values: The monthly value attributed to each of the variable-return Passport Funds based on each portfolio's closing market value as of the end of the preceding month. Closing Balances are calculated using the unit values for the month shown; Opening Balances are calculated using the unit values for the previous month. Members can determine the value of their variable accounts by multiplying the number of units they have by the monthly unit value.
Fixed Return Fund: Investments in the Fixed Return Fund received interest at a guaranteed rate of return determined by the New York State Legislature in accordance with applicable laws. Members who are serving in (or resigned/retired from) titles represented by the UFT are credited with 7% annually on TDA investments in the Fixed Return Fund, as of December 11, 2009; all other members are credited with 8.25% annually on TDA investments in this Fund.
Variable-Return Funds: The unit values shown of the variable-return funds were used to establish the dollar value for investments in the respective funds. Unit values are adjusted for the 4% increment factor: For actuarial purposes, unit values are discounted by 4% annually; 4% is added to the number of units held to offset this discount.
Account Balance Summary
The Tax-Deferred Annuity (TDA) Program is TRS' optional investment program established under Section 403(b) of the Internal Revenue Code. For more information about the TDA Program, including details about withdrawal restrictions and conditions, please see the Your Tax-Deferred Annuity Program.
You may change your TDA investment elections at any time; your elections would take effect on the next quarterly conversion date that occurs at least 30 days after TRS receives your request. You may make investment election changes online. Please refer to our Fund Profiles for comprehensive information about TRS' Passport Funds.
Required Minimum Distribution (RMD)
If you are eligible for an RMD, this section will show the status of your election.
Your RMD Amount is the minimum amount that you eventually must receive each year from your TDA Program account. In general, TDA distributions are required for members who have left service (having elected TDA Deferral status) and and who have reached age 73 by December 31 of a given year. In most cases, you will have to meet minimum distribution requirements for every year that you maintain a TDA balance.
Your annual RMD amount for a given year is determined by applying an actuarial factor from an IRS life-expectancy table to your applicable TDA balance. The actuarial factors used to calculate your RMD will change every year, as will the amount of your required distribution. If your spouse is more than 10 years younger than you, and is your sole primary TDA beneficiary, your spouse's date of birth will be factored into calculating the amount of your RMD.
For additional information, please read the Required Minimum Distributions for Members brochure.
Loan Information
If TRS receives your loan payments through automatic payroll deductions, you may refer to your most recent TDA Quarterly Account Statement for detailed information about your loan balance. If you submit your loan payments directly to TRS, you may refer to your most recent TDA Loan Statement for detailed information about your loan balance. For additional information, please read the TDA Loans brochure.
Investment Elections
TDA loan payments would be invested in the programs indicated. You may change your TDA fund allocations on a quarterly basis.