The City of New York transmits your retirement payments on the last business day of every month. A calendar of projected payment dates is normally available on our website.

If the last day of the month is not a business day, your account may not reflect the deposit until the next business day. Note: TRS does not control when your financial institution will credit your account. If you have questions about when funds will be credited to your account, contact your financial institution.

EFT is required for loans, withdrawals, and one-time payments such as refunds.

In general, distributions such as loans, withdrawals, and Required Minimum Distributions (RMDs) would be made via EFT to the same account where you receive your retirement allowance payments.

TRS recommends that you set up your EFT account before you want to apply for a loan or withdrawal. It generally takes at least 21 days to establish an EFT account, so payment of a loan or withdrawal may be delayed if an EFT account is not established in advance.

The Diversified Equity Fund invests primarily in the stocks of U.S. companies, and also invests a portion of its assets in stocks of non-U.S. companies and other types of investments. The objective is to achieve a rate of return comparable to the return of the broad equity market.

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The Balanced Fund is a moderately conservative investment option that includes exposure to bonds and stocks. The objective is to seek current income and some capital appreciation. The Balanced Fund began as of January 1, 2018 and was preceded by the Bond Fund from 2012-2017 and the Stable-Value Fund before 2012.

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The International Equity Fund invests primarily in the stocks of non-U.S. companies located in developed markets, traded on a variety of stock exchanges, and denominated in a variety of currencies around the world. The objectives are to provide long-term capital growth and to achieve a rate of return comparable to the return of the non-U.S. equity markets over a full market cycle.

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The Sustainable Equity Fund invests primarily in stocks of large- and mid-cap U.S. companies that meet certain financial and social criteria, with a focus on sustainable business practices. The objective of the Sustainable Equity Fund is to achieve positive long-term capital appreciation over a full market cycle, while focusing on sustainability characteristics including environmental, social, and governance (ESG) factors.

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The U.S. Equity Index Fund invests in the over 3,000 securities in the Dow Jones U.S. Total Stock Market Index. The objective is to track the total return of the broad U.S. equity market, including large-, mid-, and small-capitalization stocks.

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The International Equity Index Fund invests in the over 6,000 securities in the MSCI All Country World ex USA Investable Market Index (ACWI ex USA IMI). The objective is to track the total return of non-U.S. equity markets, including developed markets and emerging markets.

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TRS makes every effort to synchronize the two payments. However, since retirement payroll must be coordinated with the New York City Comptroller's Office, there is a chance that the retirement allowance payment will be issued before, or after, the date that TRS issues the excess withdrawal payment. Please note that, if you retired under deferred payability, your excess withdrawal would generally be issued before your first retirement allowance payment.

Yes. If you are a vested member, you would be eligible to begin receiving retirement allowance checks at age 55. If you are a nonvested member, your funds would continue to gain investment return for seven school years and, during that time, you may obtain another TRS-eligible position that enables you to maintain your membership.