Q: I'm planning to retire at the end of the 2016–17 school year. What steps should I take this spring to prepare?
A: Congratulations on your impending retirement. 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. You can file your application for retirement (RET-54) with NYSTRS up to 90 days prior to your effective date of retirement, or as late as the date of retirement.
- Monitor pending New York State legislation — new laws, such as statewide retirement incentives, could affect your NYSTRS benefits.
We recommend filing for retirement at least 30 days before your retirement date to avoid retirement payroll delays. At that time, you must indicate your choice of either the maximum benefit or an option.
To learn more about these options, contact a NYSTRS representative at 800-348-7298, ext. 6250.
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. The law doesn't allow further changes after 30 days. 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 NYSTRS trustees for further information.
Because this is such an important — and ultimately unalterable — decision, we strongly advise scheduling an individual benefit consultation with NYSTRS before making a selection. To schedule, call 800-348-7298, ext. 6110.
Did you know
With assets approaching $110 billion, the New York State Teachers' Retirement System is the nation's ninth largest pension fund, according to the trade publication Pensions & Investments.
NYSUT TRS consultants
TRS members with questions may call your teacher-members on the New York State Teachers' Retirement System Board of Directors:
David Keefe • 516-741-1241 • (Retiree Representative)
Tim Southerton • 631-273-8822 • tsouther@nysutmail.org
Paul Farfaglia • 315-431-4040 • pfarfagl@nysutmail.org
Jolene DiBrango • 585-267-3420 • jdibrang@nysutmail.org