Members can file for investment election changes at any time, and the changes will take effect on the next available quarterly start date: January 1, April 1, July 1, or October 1.

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QPP Investment Election Changes (except retirees)

TDA Investment Election Changes (except annuitants)

TRS must receive these requests at least 30 days in advance. You can log in and make TDA changes online, or you can file the paper TDA Investment Election Change Form (code TD45). For QPP changes, file the paper QPP Investment Election Change Form (code MA7).

M-C-A-F stands for Member Contributions Accumulation Fund. This account contains a Tier III, IV, or VI member's Qualified Pension Plan (QPP) contributions with interest, and includes any contributions that the member paid to purchase credit for optional service.

The funds in the Fixed Return Fund are a subset of the Pension Fund. The Pension Fund also includes contributions that Tier III, IV, and VI members make toward their QPP accounts.

Your maximum loan amount may be less than you expected because the maximum amount you may borrow is restricted by certain conditions. These conditions are explained in the QPP Loans and TDA Loans brochures.

During your first three plan years of membership, TRS will use a projection of your annual wages to determine your contribution rate; these projections are based on your most recent contractual salary, as provided by your employer(s).

Beginning in your fourth plan year of membership and each plan year thereafter, TRS will use your actual wages earned two plan years prior to determine your contribution rate; your wage information is provided by your employer(s). As an example, for the plan year beginning January 1, 2019, the contribution rate would be based on the actual wages for the plan year beginning January 1, 2017.

Note for members who receive wages from multiple employers (i.e., Department of Education, City University of New York, participating New York City Charter Schools): You are required to make pension contributions on all wages received from your primary employer. (Your TRS membership is based on your position with your primary employer.) Pension contributions are also required on all wages from your second employer. However, if you have more than two employers, contributions would only be required on the wages from two employers: your primary employer and the additional employer that provides you with the highest total wages.

Tier I and II members can apply at anytime by filing a QPP Contributions Change Application (code IP1).

The QAS summarizes a member’s account balances, contributions, investment elections, loan status, and account activity for the reporting period. Starting in 2026, separate statements are generated for each TRS account: QPP for the pension account (Qualified Pension Plan), TDA and/or Roth for accounts in TRS’ Tax-Deferred Annuity (TDA) Program.

Members receive a Quarterly Account Statement (QAS) for each account they have with TRS. Starting in 2026, each account is reported on a separate statement.

All non-retired members will receive a QPP Account Summary each quarter, reporting activity in their pension account, the Qualified Pension Plan (QPP). The TDA Account Summary is provided quarterly to members who have a traditional TDA account in TRS’ 403(b) plan, the Tax-Deferred Annuity (TDA) Program. Participants in the TDA Program’s Roth option will receive a Roth Account Summary each quarter.

New Quarterly Account Statements are normally posted in the secure section of TRS’ website about six weeks after the end of each quarter.

Taking an excess withdrawal would not impact your loan eligibility. However, it would reduce the amount available for a future QPP loan.

Your maximum loan amount may be less than you expected because the maximum amount you may borrow is restricted by certain conditions. These conditions are explained in the QPP Loans and TDA Loans brochures.