News

News

Watch Upcoming Board Meetings Online [posted 2/26/15]

The next Investment Meeting of the Teachers' Retirement Board will be held on Thursday, March 5, 2015. The next regular Board Meeting will be held on Thursday, March 26, 2015. Meetings are streamed live on TRS' website and are normally available for on-demand viewing within two business days.

Personalized Account Statements Through January 31 Now Available Online [posted 2/20/15]

Monthly Account Statements as of January 31, 2015 are now available through the secure section of our website.

In-service members can access their account balances, loan information, and investment elections. Members with TDA Deferral status can access their TDA account balances, investment elections, loan information, RMD amounts, and "RMD Election Form" filing deadlines.

TRS Mourns the Loss of Kathleen Grimm [posted 2/19/15]

Kathleen Grimm, who served TRS members for over 12 years as a Trustee of the Teachers' Retirement Board, died on Tuesday. She was 68. As deputy chancellor of the New York City Department of Education, she represented the Chancellor on our Board since 2002. We offer our condolences to Ms. Grimm's family, friends, and colleagues.

February 2015 Unit Values Available [posted 2/12/15]

The February unit values for the variable-return Passport Funds are now available. Unit values are based on each portfolio's closing market value as of the end of the preceding month.

Latest Quarterly Statements Are Online [posted 1/30/15]

Account statements for the period ending December 31, 2014 are now available for online viewing in the secure section of our website.

The Quarterly Account Statement (QAS), for in-service members and certain members on leave, summarizes account information for members' Qualified Pension Plan and, if applicable, Tax-Deferred Annuity Program accounts.

The TDA Quarterly Statement, for members with TDA Deferral status, summarizes TDA account information for members who are maintaining a TDA account after retirement (or, in some cases, resignation).

Printed statements have been mailed to members' home addresses. If you currently receive your quarterly statements in the mail, consider opting out of the mailing and viewing the statement online instead. To change your mailing preference, select
My Profile after logging in to the secure section of our website. To ensure that you receive emails from TRS, please add noreply@trs.nyc.ny.us to your address book.

Mailing of 1099 Forms Has Started [posted 1/20/15]

On January 16, TRS began issuing 1099 forms to members who received a distribution from TRS during 2014. Members should allow up to 10 days for the mailing to be completed before submitting requests for duplicate forms.

Members with active TRS accounts who received lump-sum distributions from TRS during the past three years may view associated 1099 form(s) online by logging in to the secure section of our website. If you have any questions about the
distribution(s) reported on your 1099 forms, please file a "1099-R/1099-INT Inquiry Form" (code GA5) with TRS.

Fall 2014 Newsletters Now Available [posted 11/26/14]

The Fall 2014 issues of our member newsletters are now available online. The mailing of Benefits Report to retirees and
In-Service News to members in active service (or on leave) is underway. On the Newsletters page, you can view the most recent issues or choose an issue from our archives dating back to 2010.

TDA Contribution Limits Will Increase in 2015 [posted 10/24/14]

The Internal Revenue Service (IRS) has announced 2015 contribution limits for retirement plans, including Section 403(b) plans such as TRS' TDA Program. The general maximum contribution amount will increase from $17,500 in 2014 to $18,000 in 2015. The limit on additional "catch-up" contributions for members age 50 and older will increase from $5,500 in 2014 to $6,000 in 2015.

The increase in contribution limits will result in an increase in members' Full-Year, Full-Contribution Rates for 2015. Contributing at the Full-Year, Full-Contribution Rate allows members to contribute the highest allowable amount to TDA from year to year by contributing at a steady rate during each pay period of a calendar year.

Members will be able to see their personalized Full-Year, Full-Contribution Rate for 2015 on their Quarterly Account Statement for the period ending September 30, 2014.

1% COLA Takes Effect with September's Retirement Payments [posted 9/2/14]

This year's annual cost-of-living adjustment (COLA) for eligible retirees will be 1.0%, effective with the September 2014 retirement allowance payments. This adjustment is calculated on the lesser of the retiree's maximum fixed retirement allowance or $18,000.

The COLA is provided to service retirees who are at least age 62 and have been retired for at least 5 years, service retirees who are at least age 55 and have been retired for at least 10 years, and certain disability retirees and surviving spouses.

New UFT Contract Affects Retiring Members [posted 6/4/14]

On June 3, the United Federation of Teachers announced that its members had ratified a contract agreement with the New York City Department of Education. Among other provisions, the contract will provide retroactive pay increases to UFT members; this will result in retirement allowance increases for some current retirees and may impact pension contributions and future pension calculations for in-service members.

UFT members who have filed for retirement or are considering retiring after the current school year should consider their retirement date carefully due to the following provisions:

Members who retire on June 30, 2014 or earlier will receive their retroactive pay in a single lump-sum payment.

Members who retire on July 1, 2014 or later will receive their retroactive pay in five payments between 2015 and 2020.

This is the information that TRS currently has available about the UFT contract. After we receive more official information, we will publish it here.