Below is a letter the Teachers Retirement System sent to active UFTers urging them to increase their TDA contributions for the final lump sum contribution that was expected for October 15:
Dear TRS Member:
Even during these uncertain times, investing in your own retirement is always a smart decision. And TRS' Tax-Deferred Annuity (TDA) Program is a great tool for you to use. In October, you have the rare opportunity to make a "painless" one-time deposit into your TDA account.
Our records show that you may be receiving the upcoming retroactive payment under the United Federation of Teachers contract. The payment is scheduled for October 15, 2020, according to the Department of Education.
The larger paycheck means a larger investment in your TDA account, if you are actively making TDA contributions. But you can invest even more for your retirement by increasing your TDA contribution rate (the percentage of your pay that you invest in TDA) in advance.
Changes to your TDA contribution rate normally take effect about 30-45 days after you elect the change on our website, so here are the dates to remember:
When to go online to increase your rate:
When to go online again to change your rate back:
9/16 or later
These two steps will allow you to put a bigger chunk of that one big paycheck into TDA—and then to resume contributing at your regular rate on future paychecks.
Changing your TDA contribution rate online is easy: Just enter your username and password at www.trsnyc.org, choose TDA in the main menu bar, and then use the Change Rate feature.
If you have any difficulties logging in, the how-to videos on our website may help you.
If you continue to have issues, we suggest you try again during TRS business hours, so that you can call a Member Services Representative for assistance if needed.
Once you complete the rate change, TRS will send you a confirmation email and letter. But keep in mind that the new rate won't be shown on your TDA page until the change is made on payroll.
We hope you'll take advantage of this opportunity to boost your retirement savings. And, if you're not yet contributing to TDA, now's a great time to start!
For more information, please refer to our TDA Program Summary.