Q: When am I eligible to retire in New York without penalty? I will be 62 years old as of June and the contract language indicates I can only receive the incentive from my district the first year that I am eligible to retire without penalty. In June, I will have 22 years, 7 months of service.

A: On your 62nd birthday, you are eligible to retire without penalty. Because you have more than 20 years of service, you will receive the full 2 percent per year. Although you have not attained the statutory 30 years of credited service, you won't be penalized, because you will have reached age 62. You will receive 50 percent of your final average salary — your full pension.

"When can I get my full pension?" is one of the most common questions we receive. Tier 4 is a 30/55 plan (30 years of service/55 years of age). For the vast majority of members, who join the TRS in their 20s, that formula will afford a full pension at age 55. However, if a member reaches age 55 and does not have the above number of years of service, he or she could still retire — with penalties. For personalized information, please arrange a video consultation in your geographic area with a TRS representative at (800) 348-7298, ext. 6100.

Q: I will have 30 years in the state TRS when I'm 52 years old. Are there any negative implications in leaving the classroom at that point? Would I start getting my pension when I turn 55? Do you have any warning about doing this type of thing?

A: The only negative we can think of is that you will not be earning your teaching salary, not acquiring a higher final average salary or a larger percentage toward that FAS. Yes, you would start receiving your pension at age 55.
Your pension is "vested" or on hold until you are age-eligible. Should you die before you actually retire, your beneficiary will receive half of your last death benefit.

Q: How many days a year do I need to work to earn pension credit?

A: You will be credited with one year of service if you work the equivalent of at least 170 full-time days during a July-1-to-June-30 school year. You cannot be credited with more than one year of service in a school year, even if you earn extra salary for other responsibilities, such as coaching or teaching summer school. You can receive credit for part-time and substitute teaching within a school year, provided you work at least the equivalent of 20 full days. Days worked in different school districts are combined to determine your total credit. Only days worked in the same school year can be added together when calculating service credit.