Pension Advantage

What It Is

Enjoy convenience, additional coverage and/or discounted premiums when you use pension deduction as your payment method to purchase NYSUT Member Benefits Trust-endorsed programs.

Eligibility

Pension deduction of NYSUT Member Benefits Trust-endorsed programs is available to retiree members of NYSUT who are receiving a monthly pension benefit from New York State Teachers' Retirement System, New York City Teachers' Retirement System or New York State Employees' Retirement System, or who are receiving income from a monthly lifetime annuity from TIAA-CREF.

Features

Pension deduction is a payment option for:

• Long-Term Care Insurance – standard monthly premiums reduced 10%
• Term Life Insurance – premiums reduced 15% and free travel accidental death and dismemberment insurance up to $100,000 and additional $25,000 for a physical assault occurring during an employment-related activity
• Automobile Insurance – premiums reduced 8% if you reside in New York state (availability and amount of discount vary by state)
• Homeowners/Renters Insurance – no interest or service charges
• Boatowners Insurance – no interest or service charges
• Personal Excess Liability (Umbrella) Insurance – no interest or service charges
• Other personal property insurance policies – no interest or service charges
• Catastrophe Major Medical Insurance – premiums reduced 10%
• Legal Service Plan –annual fee reduced $5
• Retiree Dental Care and More Plan - $4 service fee per billing cycle eliminated
• Wrap Plan® Term Life Coordination Program
• Accidental Death & Dismemberment Insurance

Payment Options

There is no fee to use pension deduction as a payment option for NYSUT Member Benefits Trust-endorsed programs. For many programs, premiums are reduced, service fees are waived, or additional coverage is provided at no additional cost when pension deduction is used.

How To Apply

If you would like to apply for any of the benefits available, contact Member Benefits for a brochure and application. Request a Pension Deduction Authorization card to be included. (Remember, you must be receiving a monthly pension benefit from NYSTRS, NYSERS, NYCTRS or TIAA-CREF.) When you apply, also fill out the Pension Deduction Authorization card and mail it along with the application. Send no money. When your application has been processed, Member Benefits will advise your retirement system of the deduction amount and start date.

If you are already participating in one of these benefit programs and are not using pension deduction but have this method available to you, you can easily convert your payment to pension deduction when your premium is up for renewal. When you receive your premium renewal notice, mail it along with a signed Pension Deduction Authorization card (available from Member Benefits) to the address indicated on your premium renewal notice. Send no money. Member Benefits will be notified of the change and will advise your retirement system to begin your deductions.

For more information, call Member Benefits toll-free at (800) 626-8101, weekdays from 9 a.m. to 5 p.m. Eastern Time, or e-mail us at: Member Benefits.

Contact

For more information, call Member Benefits toll-free at (800) 626-8101, weekdays from 9 a.m. to 5 p.m. Eastern Time, or e-mail us at: Member Benefits.