NYS Teacher's Retirement System
All full-time faculty and professional employees of the college may elect to join the New York State Teachers' Retirement System. TRS is a contributory, 'defined benefit' system. You contribute 3% of your gross salary on a pre-tax basis and the State makes contributions based upon your salary. Your retirement benefit is determined by the number of years of service and your final 'average' salary according to a prescribed formula. You may also become a member of TRS by default; if you do not select another retirement plan within thirty (30) days of employment you are automatically enrolled in TRS.
The system is divided into 'tiers' with the level of state contribution, minimum age for receipt of retirement benefits and death benefit determined by your membership 'tier'. 'Tiers' are determined by your date of appointment to State service. For example, as a Tier 4 member (hired on or after September 1, 1983), a member with ten (10) or more years service is entitled to a retirement allowance at age 62, or at age 70 if credited with five (5) years of service. In the event an employee terminates employment prior to ten (10) years of service they are not vested. Their 3% contribution, plus accumulated interest, will be refunded upon request.
To make an appointment for a consultation, you may all TRS at (800) 348-7298, Extension 6100.