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Does Summer
School Work Give me Service Credit?
YOUR TRS PENSION
Q:
Summer’s almost here! Does any time teaching summer
school count for retirement?
A: A Service
credit for summer school teaching is only accruable for
retirement credit if the New York State Teachers’
Retirement System member has not served in a full-time
position for the school year. For example, a part-time
or per diem employee would earn service credit.
Q: I was interested to read about the possibility of
allowing members who are at least 55 years old and have
worked 25 years the opportunity to retire with 60
percent of their final average salary, with no penalty
for retiring before age 62. From your article, I
gleaned that the Legislature had already passed these
proposals, but that the new governor would have to
approve.
A: The 55/25
bill would eliminate the penalty for not attaining 30
years of credited service. However, that would equate
to 50 percent of a member’s FAS (2 percent per year).
Neither bill has passed the state Legislature at this
time, but NYSUT continues to lobby for passage.
Q: I plan to retire in 2007 in my 25th year
at age 62, I’m in Tier 4. Is there any benefit I can
look forward to, such as extra service credit?
A: At age
62, with 25 years of credited service, you will not face
any penalties. You receive half of your three-year
final average salary. If you have any prior service
working for any public entity in New York state before
you joined the TRS, you can claim such service credit
now. If you paid the 3 percent mandatory contributions
in excess of 10 years – and if a NYSUT bill is enacted
into law before you retire – you would receive one extra
month of service credit for each year of contributions
over 10 years. If the bill becomes law once you are
retired, you will no longer be eligible. We’re fighting
hard for that bill, and you can contact your
representatives in the State Senate and Assembly to urge
their support. Advocacy letters are posted on NYSUT’s
Web site,
www.nysut.org. Click on “Legislative Action
Center,” under Resources.
Q: I am a Tier 1 member: I intend to retire in June.
I had planned to use a five-year final average salary
and include in the calculation for this year a
contractual addition of pay at my daily rate for one
half of my unused sick days (about $15,000). I spoke to
a clerk in my business office and she said I would not
be getting additional pay added to my calculation.
A: Your
clerk obviously does not understand TRS regulations. If
you were a member before June 17, 1971, and you are
receiving the amount of money you reference, you will be
able to access the five-year FAS. We’d suggest you
arrange a video consultation with the TRS by calling
(800)348-7298. You will be informed of the nearest site
to visit and set up an appointment. Article written
by Sheila Salenger, Joe McLaughlin, Michael Corn from
the New York State Retirement System. |
