Your Delegates, Sue Perlow and Debbie Vallett attended the NYSTRS' 2007 Annual Delegates Meeting on November 5-6th.  We’d like to take this opportunity to give you a general overview of YOUR retirement system – it is never too early to inform yourself about your retirement benefits – even if this is your first year of teaching.

Our retirement system is protected by state law and the NYS Constitution.  The System has about 270,000 active and 133,00 retired members, and manages $105 billion in assets.   Currently, this money is safe and untouchable – for example, the state cannot “borrow” money from the System to use for other purposes.   This remains true as long as the state’s constitution is not changed, which can only be done through a constitutional convention.    Your pension is one of the most protested pensions in existence, as well as one of the most financially sound.

Members belong to one of four tiers, depending upon when they joined the system.   You are in Tier IV if you began teaching in NYS after 8/31/83. 
 
It is a “defined benefit” plan, with the retirement benefit (pension) determined by a formula that takes into account your final average salary and number of years of service when you retire.   There are three ways that NYSTRS provides benefits:

• Retirement benefit – a monthly benefit payable for the life of a member after the member has retired from teaching
• Post-retirement benefit – various survivor options for designated beneficiaries
• Active service death benefit – a lump sum paid to designated beneficiaries when a member has died while still teaching

This year, Sheila J. Salenger of Malta was unanimously re-elected as a teacher member to the System's Retirement Board during an election held as part of the meeting.   Sheila is one of three active teachers on the 10-member Board, which sets policy and oversees System operations. Michael R. Corn of Barnevald and Joseph P. McLaughlin of Harrison (who serves as the Board President)                                                                                                  
are the other teacher members. Board members serve without compensation.

During the course of the meeting, presentations and workshops pertaining to NYSTRS benefits and retirement planning were offered.   These presentations are available online at their website: www.nystrs.org

Two possible changes in the future (proposed by and lobbied for by NYSUT – supported by your VOTE/COPE contributions) are:

• Retirement without penalty for all tiers at age 55 with 25 years of service
• An enhancement for Tier III and IV members who contributed 3% of their salary for more than 10 years

These are by no means a sure thing – we will keep you advised of any information as it becomes available. 

YOU WILL ALL BE RECEIVING YOUR PERSONALIZED ANNUAL STATEMENT OF YOUR RETIREMENT INFORMATION IN JANUARY – IT IS CALLED THE “2006-07 BENEFIT PROFILE.”  READ IT, CHECK IT FOR ACCURACY, AND KEEP IT IN A SAFE PLACE.

Your personal information, as well as a wealth of other topics, is available to you on the NYSTRS website, www.nystrs.org.   Visit the site and bookmark it!

We will continue to provide you with NYSTRS information in On Target and on the CTA website in coming months.