Is there a retirement incentive in the works in Albany? An incentive was part of the governor’s budget proposal and as of the submission deadline for this newsletter the bill was in committee in both the senate and the assembly. The incentive is a targeted incentive that would be optional for school districts. The bill also calls for the formation of a state task force on pension reform. The task force would explore alternative benefit designs and funding methodologies. Further incentive information can be secured at the legislation page of the TRS website (www.nystrs.org). Sheila Salenger, teacher member to the TRS Board of Directors, will be addressing the issue of the task force in the March 1 edition of New York Teacher.

My nephew is finishing up his studies in elementary education and is doing some subbing. Is he required to join the Teachers Retirement System as a sub? No, he is not required to join TRS when he is subbing. However, he could join the system, especially if he intends to become a full-time teacher in the future. By joining now he establishes a date of membership and his 10 year window of 3% contributions will commence. In addition, with the way things are going with pension plans around the nation it appears only to be a matter of time before the state system adopts a new Tier 5. By joining now he will be a member of Tier 4.

I am a Tier 4 member of TRS. Must I wait until age 62 to collect my pension? You are not required to wait for age 62. Members of all tiers in TRS can start collecting as early as age 55. However, if you are Tier 2, 3 or 4 member of TRS, there will be a deduction in your pension should you collect prior to age 62 with less than 30 years of credited service.

Any questions regarding retirement, salary, or the Benefit Fund, may be e-mailed to: questions@middletownteachers.org. All questions will receive a reply and some may appear in future newsletters. Visit our archives at:middletownteachers.org for all the answers!