If you are contemplating retiring soon, you may be wondering how to begin. It's important to begin preparing for the application process well in advance of your intended retirement date.

The following checklist should help you prepare for the retirement process.

• Review your service credit as soon as possible, to ensure you are eligible to retire;
• Consider taking a loan or, if applicable, an excess withdrawal;
• Choose a method of distribution for your TDA funds;
• Elect a payment option and designate your beneficiaries, if applicable;
• Tier I and II members should make a QPP investment election at retirement;
• File the Service Retirement Application for your tier;
• Read any of the applicable TRS Retirement Series brochures; and
• Check for the forms you may need to file with your retirement application
• Before filing for retirement, TRS must have your Electronic Fund Transfer (EFT) information on file If you haven’t already done so, please establish your Electronic Fund Transfer (EFT) information with TRS to receive your retirement allowance directly into your bank account electronically. TRS cannot pay your retirement allowance until we have your bank account information on file. Log in to the secure section of our website and access the Payments section to designate an account.

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. If the member remained in service to age 61, the in-service death benefit would be reduced by 3% for each succeeding year until age 70, when the benefit would equal 70% of the applicable amount. (This description assumes that the member was in active service and died with at least one year of Total Service Credit since last joining TRS.)

As of October 1, 2000, beneficiaries of Tier II, III, and IV members receive the greater of either Death Benefit #1 or Death Benefit #2, even if the member had elected Death Benefit #1 coverage. Members who joined TRS after January 1, 2001 (including Tier VI members) are automatically enrolled in Death Benefit #2.

The following table shows the age-reduction factors that affect the benefit payable under Death Benefit #2.

If your account is closed, or your financial institution closes, TRS will be unable to complete the processing of your EFT. TRS would notify you by letter if this occurs.

If you are due a lump-sum payment, TRS will reissue your payment(s) to another EFT account we have on file for you.

If you do not have an active EFT account, TRS will attempt to contact you. If TRS contacts you within 10 business days of the EFT return, we will then reissue your payment(s) via paper check to the address we have on file for you. If TRS is unable to contact you within 10 business days, TRS will communicate by mail and await your reply. Once TRS receives your reply TRS will replace your missing payments.

If you are receiving continuing payments, TRS will reissue your payment(s) via paper check to the address we have on file for you. You can establish a new EFT account by filing an EFT Authorization Form (code BK58) as soon as possible. It generally takes 15 to 45 days from the date that TRS receives your form and documentation for your EFT account to be established. You can also request to have any of your missing payments reissued by EFT by completing a check reissue form.

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. If the member remained in service to age 61, the in-service death benefit would be reduced by 3% for each succeeding year until age 70, when the benefit would equal 70% of the applicable amount. This description assumes that the member was in active service and died with at least one year of Total Service Credit since last joining TRS.)

As of October 1, 2000, beneficiaries of Tier II, III, and IV members receive the greater of either Death Benefit #1 or Death Benefit #2, even if the member had elected Death Benefit #1 coverage. Members who joined TRS after January 1, 2001 (including Tier VI members) are automatically enrolled in Death Benefit #2.

The following table shows the age-reduction factors that affect the benefit payable under Death Benefit #2.

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. If the member remained in service to age 61, the in-service death benefit would be reduced by 3% for each succeeding year until age 70, when the benefit would equal 70% of the applicable amount. (This description assumes that the member was in active service and died with at least one year of Total Service Credit since last joining TRS.)

As of October 1, 2000, beneficiaries of Tier II, III, and IV members receive the greater of either Death Benefit #1 or Death Benefit #2, even if the member had elected Death Benefit #1 coverage. Members who joined TRS after January 1, 2001 (including Tier VI members) are automatically enrolled in Death Benefit #2.

The following table shows the age-reduction factors that affect the benefit payable under Death Benefit #2.

Note: Different reduction factors applied for members who died before July 1, 2021.

The Teachers' Retirement Board generally meets each month, except July and August. Teachers' Retirement Board Meetings are usually held at TRS on the third Thursday of the month at 3:30 p.m. TRS Investment Meetings are usually held on the first Thursday of the month at 10:00 a.m.

Meetings are open to the public and take place in the Nelson E. Serrano Boardroom on the 16th floor of our 55 Water Street headquarters in lower Manhattan. The meetings are also streamed live on TRS' website and are available for on-demand viewing within two business days.

To attend virtually

Use the Zoom link on the Our Retirement Board page. TRS posts the link approximately one hour before each meeting.

To attend in person

Members of the public are welcome to attend and observe the public portions of meetings, but they are not permitted to speak during meetings. We strongly recommend that you submit an email to AttendTRSMeetings@trs.nyc.ny.us with the following information at least two days prior to the meeting date to avoid delays entering the building:

• Name
• Contact Phone Number
• Organization/Agency
• TRS Membership No. (if you are a TRS member)

TRS will provide your information to building security at 55 Water Street. On the day of the meeting, please bring photo identification and use the visitors’ entrance of 55 Water Street (not TRS’ private entrance), allowing sufficient time to go through building security.

The Fixed Return Fund offers a guaranteed rate of return set by the New York State Legislature in accordance with applicable laws. The current annual rate is 7% for members who are serving in (or resigned/retired from) titles represented by the United Federation of Teachers (UFT) and 8.25% for other members.

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If you choose to retire earlier than normal retirement age, an age-reduction factor may be applied to your service retirement allowance, depending on your tier and retirement program.

Tier VI Members

The chart below shows the percentage of the full benefit that you may receive if you retire before age 63 with less than 30 years of Total Service Credit. Note: Under Chapter 58 of the Laws of 2026, effective April 1, 2026, age reductions would not apply to members who retire at age 58 (or later) with at least 30 years of Total Service Credit.

Tier II, III^, and IV Members

The chart below shows the percentage of the full benefit that you may receive if you retire before age 62 with less than 30 years of Total Service Credit. Age reductions would not apply to members who retire with at least 30 years of Total Service Credit. Note: Participants in the Age 55 Retirement Program who retire with at least 25 or 27 years of Total Service Credit (as applicable) would also not be subject to age reductions; for more information, please see the What is the Age 55 Retirement Program? FAQ above.

^Different age-reduction factors apply to retirements under Tier III. However, those factors are rarely used and not shown because Tier III members normally retire under Tier IV.

Tier I Members

Age reductions would not apply if you are at least age 55 at your payability date. You may retire before age 55 (with an age-reduction factor) if you have at least 30 years of Total Service Credit. The chart below shows the percentage of the full benefit that you would receive in this case: