June 2017 Issue

TRS: When retirement nears

Source: NYSUT United
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NYSUT United TRSQ: I can hardly believe it, but the end of the 2016–17 school year marks the start of my retirement. Any last minute reminders?

A: Congratulations on reaching the end of your teaching career. Here are some final words of retirement wisdom:

  • If you need to change the payment choice you selected on your retirement application, you have 30 days after your retirement date to make a switch. Use the Election of Retirement Benefit (RET-54.6) form to make changes.
  • If you plan to return to New York State public employment after retirement, check the New York State Teachers' Retirement System website, www.nystrs.org, for the latest information on retirement earnings and possible earnings limits.
  • If you're under 65, you must have a one-business-day break before returning to work with a NYS public employer.
  • You can withdraw your retirement application, or change your retirement date, by notifying TRS up to 14 days after the effective date of your retirement.
  • If NYSTRS receives your retirement application at least 30 days before your retirement date, you'll generally receive your first direct deposit payment on the last business day of your retirement month. If your application is received closer to your retirement date, you'll likely receive your first two payments simultaneously on the last business day of the next month.

Q: How do I make an appointment for a PREP seminar, or for a personalized benefits consultation?

A: Contacting NYSTRS is the first step. Both consultations are free, but each must be scheduled in advance. PREP seminars explain critical benefit-related decisions and review financial and legal considerations. You can stay for an entire seminar, or select modules that address your concerns. A PREP video, poster and brochure are available at www.nystrs.org. To reserve a PREP seminar seat, contact NYSTRS at 800-782-0289, ext. 6180, or use your MyNYSTRS account.

Personalized retirement benefit consultations, including a printed estimate of your retirement benefit, are available either in person or via videoconference at NYSTRS offices statewide. Call 800-782-0289, ext. 6110, or use your MyNYSTRS account.

If you're planning to retire soon, don't wait until the last minute to register for these offerings. PREP seminars and individual benefit consultations fill up quickly as the end of the school year approaches.

Did you know

The New York State Teachers' Retirement System has thousands in unclaimed funds and abandoned accounts. To see if you're owed a refund, visit https://secure.nystrs.org/unclaimedfunds/unclaimedfunds.aspx.

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