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NYSTRS Board Vacancy
NYSUT is accepting applications from NYSUT members who are actively teaching, for consideration to run for election this November to fill a vacancy left by former Trustee Beth Chetney, on the NYSTRS Board of Trustees.
NYSUT members wishing to apply should submit a letter of intent and a resume, no later than July 15, outlining how their credentials and background align with the candidate guidelines outlined in the NYSUT Policy Manual. Specifically, candidates should possess:
- A working knowledge of, and experience with, the state Teachers’ Retirement System;
- A demonstrated, long-standing interest in retirement matters, such as serving as a delegate to the annual NYSTRS Delegates Meeting;
- A willingness to run for election for this position in November of 2024 for a new three-year term of office on the NYSTRS Board of Trustees; and
- A willingness to commit to NYSUT’s retirement education program and work with the other NYSTRS Trustees.
Candidates who meet the qualifications listed above will be contacted for an interview by NYSUT’s Selection Committee. Virtual interviews will be conducted in late July.
NYSUT members who are interested in applying for this position should email their resume and a letter of intent to the Office of the NYSUT President at NYSTRSdelegates@nysut.org.
Please contact NYSUT’s Deputy Director of Legislation, Pete Savage, at pete.savage@nysut.org, if you have any questions.
Summary Annual Report for New York State United Teachers Member Benefits Trust
The Board of Trustees of the New York State United Teachers Member Benefits Trust has committed itself to pay certain vision and other claims incurred under the terms of the plan.
The plan has contracts with various insurance companies to pay certain claims incurred under the terms of the plan. The total premiums paid for the plan year ending Aug. 31, 2023 were $70,823,860.
Because they are so called “experience-rated” contracts, the premium costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the plan year ending Aug. 31, 2023, the premiums paid under such “experience-rated” contracts were $52,016,596 and the total of all benefit claims paid under these experience-rated contracts during the plan year was $19,518,919.
The value of plan assets, after subtracting liabilities of the plan, was $52,589,894 as of Aug. 31, 2023, compared to $49,142,081 as of Sept. 1, 2022. During the plan year, the plan experienced an increase in its net assets of $3,447,813. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $14,840,307, including participant contributions of $4,275,771, realized losses of $319,225 from the sale of assets, earnings from investments of $2,444,633, and other income of $8,439,128. Plan expenses were $11,392,494. These expenses included $7,689,867 in administrative expenses and $3,702,627 in benefits paid to participants and beneficiaries.
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
- An accountant’s report;
- Financial information and information on payments to service providers;
- Assets held for investment;
- Insurance information, including sales commissions paid by insurance carriers; and
- Information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates.
To obtain a copy of the full annual report, or any part thereof, write or call the office of Mr. J. Philippe Abraham, who is Plan Administrator, Trustees of the New York State United Teachers Member Benefits Trust, 800 Troy-Schenectady Road, Latham, NY 12110-2455, 800-626-8101.
You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge.
You also have the legally protected right to examine the annual report at the main office of the plan (Trustees of the New York State United Teachers Member Benefits Trust, 800 Troy-Schenectady Road, Latham, NY 12110-2455) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
According to the Paperwork Reduction Act of 1995 (Pub. L. 104-13) (PRA), no persons are required to respond to a collection of information unless such collection displays a valid Office of Management and Budget (OMB) control number. The Department notes that a Federal agency cannot conduct or sponsor a collection of information unless it is approved by OMB under the PRA, and displays a currently valid OMB control number, and the public is not required to respond to a collection of information unless it displays a currently valid OMB control number. See 44 U.S.C. 3507. Also, notwithstanding any other provisions of law, no person shall be subject to penalty for failing to comply with a collection of information if the collection of information does not display a currently valid OMB control number. See 44 U.S.C. 3512.
The public reporting burden for this collection of information is estimated to average less than one minute per notice (approximately 3 hours and 11 minutes per plan). Interested parties are encouraged to send comments regarding the burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the U.S. Department of Labor, Office of the Chief Information Officer, Attention: Departmental Clearance Officer, 200 Constitution Avenue, N.W., Room N-1301, Washington, DC 20210 or email DOL_PRA_PUBLIC@dol.gov and reference the OMB Control Number 1210-0040.
OMB Control Number 1210-0040 (expires 03/31/2026)