Members should contact their bank to determine if the money market account is considered a checking or savings account. Note: Only certain money market accounts can be valid for direct deposit.

Once you withdraw your funds from TRS, your current membership will cease. If, at a later date, you are reappointed to a TRS-eligible position, you would be treated as a new member and placed in the tier for new members.

Unit Values: 2026

Historical Data

• 2020-2025
• 2010-2019
• 2000-2009
• 1990-1999
• 1968-1989

Direct Payments: Death benefits received as a direct payment are generally federally taxable and may be subject to state and local taxes for the year in which the benefit is distributed. The IRS requires that TRS withhold tax from death benefits as indicated below:

• 20% of the taxable portion of all rollover-eligible payments that are paid directly to the claimant. (However, the claimant may elect a higher percentage be withheld.)
• 10% of all payments not eligible for rollover that are paid directly to the claimant. (However, the claimant may elect a different percentage, including zero, be withheld.)
• 30% of a payment made to a claimant who is not required to file U.S. income taxes due to foreign citizenship (unless the claimant’s country has a different tax withholding arrangement with TRS).

Continuing Monthly Payments: You can elect a W-4P federal tax withholding rate while you are filing your online death benefit claim. If you do not make an online election, taxes will be withheld at the rate for a single person with no adjustments, as required by the IRS.

If you are requesting a reissue of a check representing a lump-sum death benefit from TRS, you can your last name and password to log in to the Claimant Portal on TRS’ website and request a reissued check. You can make this online request no later than April of the calendar year following the disbursement of your benefit payment. (If you never logged on and your claim code has expired, you may be able to request a new claim code by calling TRS.)

If you do not have access to the secure section of our website, you will need to file an Affidavit for Check Reissue Request (code BK2).

If you are unsure if you have outstanding funds due you, you may access the Unclaimed Funds feature in the Resources section. This lists checks issued by TRS that have not yet been cashed after at least 90 days.

If your missing check was cashed, TRS will mail a copy of the cancelled check to you. If you still suspect that a check was stolen, you can file an Affidavit for Forged Check (code BK1).

If your account number changes (within your financial institution), no action is needed. Your financial institution will inform TRS.

If you are changing your account within your financial institutions or changing your financial institution, you can update your account information by accessing the secure section of our website and going to Payments. For monthly benefit payments, EFT changes may require 30-60 days to take effect, so you must update your information well in advance to avoid interruption in payments.

It is important that you notify TRS whenever your address changes. Members should update their address information in the secure section of our website. Beneficiaries should file a Beneficiary’s Change of Address Form (code DM14).

The New York State Freedom of Information Law (FOIL) provides a means for the public to access records maintained by the government.

Some records are exempt from FOIL, including those that:

• Are an invasion of a member's personal privacy
• Are trade secrets that would, if disclosed, harm a company's competitive advantage
• Would keep a government agency from performing its duties
• Are not maintained by the agency because there is no business reason to do so

When submitting a FOIL request, please clearly and specifically describe the records you are seeking, including relevant dates, names, and descriptions. TRS may charge a fee for records provided, as set forth in the law.

Email a FOIL request to TRS at RecordsAccessOfficer@trs.nyc.ny.us, and begin the subject line with “FOIL Request.”

Mail a FOIL request to TRS, Attn: Records Access Officer, 55 Water Street, New York, NY 10041.

Returns shown for 1 Year, 3 Years, 5 Years, and 10 Years have been annualized.

In general, you would be eligible to receive unreduced retirement allowance payments (full benefits) if you are at least age 63 and you are vested^, or (effective April 1, 2026) if you are at least age 58 and have at least 30 years of Total Service Credit. You would generally be eligible to retire with a reduced retirement allowance if you are at least age 55, you are vested, and you are retiring directly from active service or a leave of absence. Please note that, if you have separated from service (through resignation or termination) you would not be eligible to retire before the age of 63.

^As a Tier VI member, you become vested upon attaining 5 years of Total Service Credit. (Prior to Chapter 56 of the Laws of 2022, Tier VI members needed 10 years of Total Service Credit to become vested.)

For more information, please see the Will I receive a reduced retirement allowance due to my age at retirement? FAQ below.

Next Live Webcast: Board Meeting, June 18, 2026 @ 3:30 p.m.