[ Your TRS Pension ]

Help NYSUT Fix Tier 6

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Q :

I’ve been seeing and hearing a lot about “Fix Tier 6” recently. What’s that all about?

A :

“Fix Tier 6” is a NYSUT campaign to encourage lawmakers to reform Tier 6 of the New York state pension system. Compared to earlier tiers, Tier 6 members will earn a significantly reduced pension and pay considerably more into the pension system over the course of their careers, due to changes enacted on April 1, 2012. Tier 6 members’ contributions increase as they earn more, topping out at 6 percent, and they can’t retire until they reach age 63 without facing heavy penalties; that could mean up to 40 years of service.

Q :

That’s not fair. My colleague down the hall started teaching three years before me, but he’s Tier 4. Does that mean I’ll have to work eight years longer, and possibly pay double into the pension system, just because I’m Tier 6?

A :

Currently, yes. But we agree, it’s not fair. That’s why NYSUT is working hard to achieve parity with Tier 4 for our more than 100,000 members in Tier 6. Tier 4 members can retire at 55 with 30 years of service and their pension contributions cap at 3 percent and end after 10 years. The statewide union is fighting for similar improvements for Tier 6 members. On the bright side, this is a battle we’ve fought and won before. In 2000, after a decade-long campaign, NYSUT helped end Tier 4 contributions and reduced early retirement penalties. To get involved, and help NYSUT Fix Tier 6, visit fixtier6.org.

NYSUT TRS consultants
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Did you know?

The Cost-of-Living-Adjustment for 2023-24 is 2.5 percent. Beginning with the Sept. 30 pension payment, eligible retirees with an annual benefit of over $18,000 will receive a $37.50 monthly increase.