[ Your TRS Pension ]

A spring checklist for retirement

Q :

I’m planning to retire at the end of the 2022–23 school year. What steps should I take this spring to prepare?

A :

The New York State Teachers’ Retirement System publishes a useful chart outlining quarterly steps members should take in their final year of teaching. Here’s what you should do now:

  • The filing period for a July 1 retirement begins April 2. File online through MyNYSTRS (age 55+) or submit a paper application (RET-54). You can file your application for retirement up to 90 days prior to your effective date of retirement, or as late as the date of retirement. Members reaching an important milestone at the end of June or by their personal retirement date (for example, 20, 25 or 30 years of service after completing the last workday in June), should consider filing for retirement closer to the beginning of the last month of work. If you believe you are in this situation, call TRS and ask to speak to a member services specialist, 800-348-7298, Ext. 6020.
  • Monitor pending New York state legislation — new laws, such as statewide retirement incentives, changes in the post-retirement earnings cap, etc. Visit nystrs.org for updates.
  • Lastly, a warning. Before taking any retirement advice, make sure you’re talking to someone from TRS or an official teacher trustee. Some financial companies claim to be affiliated with TRS but aren’t. Teacher trustees make presentation arrangements through local presidents or NYSUT Regional Offices.
Q :

I’ve submitted my retirement application, but I’m not sure I picked the correct option. How much time do I have to make changes, and how do I select another option?

A :

You have 30 days from the effective date of your retirement to select another benefit option. But take note — once those 30 days expire, there’s no turning back. To modify your selection, visit the NYSTRS website for a copy of the Election of Retirement Benefit form (RET-54.6), or contact one of the TRS teacher-members for further information.

Because this is such an important, and ultimately unalterable, decision we strongly advise scheduling an individual benefit consultation with TRS before making a selection. You can book a consultation via MyNYSTRS, or by calling 800-348-7298, Ext. 6100

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Did you know?

A study by the National Institute on Retirement Security found that retiree pension benefit spending in 2020 — the most recent year studied — generated $1.3 trillion in total economic output and supported nearly 6.8 million jobs nationwide.