New York State Teachers' Retirement System started mailing benefit profiles to its nearly 275,000 active members in early December — about two months earlier than usual.

Don't let your benefit profile get lost in the holiday mail. It's as important as your tax return information — containing essential information about your earnings, service credit history and beneficiary designations.

This year's statement was sent to TRS members who were active as of June 30.

Review the statement closely to verify your salary and service credit information. If you notice an error, ask your employer to correct the records and submit the revision to TRS. Correcting any misinformation now will expedite the processing of your benefits in the future.

If you believe you were eligible to receive a profile and have not received one by mid-January, contact TRS at 800-348-7298, ext. 6250.

In many cases, TRS members don't receive their profile in a timely manner because they have not updated their address with TRS. You can change your address in TRS records online via your MyNYSTRS account or by filing a member name/address change form with the system. For security purposes, TRS cannot take address changes over the phone.

Q: With the budget crisis, there's a lot of talk about a retirement incentive. How does that work and how have previous incentives been implemented?

A: There's been speculation, but the governor did not include a retirement incentive in his budget proposal. As the 2009-10 budget is negotiated with the Legislature, some type of incentive might be included to avoid layoffs. Historically, a state incentive allows members to retire as early as age 50, providing they have the necessary years of credited service. Keep in mind, IF a new state incentive was to be legislated, it might follow a different pattern.

Q: Will my retirement be based on my last three years' salary or my highest three years? I'm planning to retire in 2010 at age 62 after 20 years but may possibly change jobs prior to that, which may result in a lower salary. In an effort to make an informed decision, I'd appreciate knowing exactly what my pension will be based on — the last three years or the highest three years?

A: Your final average salary is the highest three consecutive years of salary earned, whenever they occurred in your salary history. Typically, it is the average of your last three years. Tier 1 members are eligible for an alternative five-year FAS.

Q: I have additional responsibilities beyond my classroom teaching: I am the attendance supervisor for the district. A colleague of mine is paid an extra stipend for her cafeteria duty. Will those monies we receive be included in our final average salary? Someone in the district central office told us they were not "educational duties" and would not count.

A: The district office person is incorrect. Both stipends are eligible for inclusion in your FAS.