NYC school retirement checklist

For TRS and BERS members. What to do, and when, from a year out to the first pension check. Written for Tier IV; Tier VI members follow the same steps with different plan rules.

12 months or more beforeGet the numbers right

• Download the latest Annual Benefits Statement from the member portal and check the service credit, tier and plan. Errors are far easier to fix now than after filing.
• Look for service that can be bought back: earlier city jobs, a leave, military service, or time out of state. Purchases take months to process.
• Pull the salary history and look at the last three years. The final average salary uses the highest three consecutive years.
• Watch the 10% cap. A year that rises more than 10% over the average of the two years before it is capped. Extra per session, summer school or coverage pay can push past it and not count.
• Compare two or three retirement dates. Crossing 30 years of service, or a raise landing, can change the pension for life.

6 to 12 months beforeDecide the big questions

• Pension loan: paying it off before retiring avoids a permanent reduction. An open balance may also be taxable.
• MCAF: up to 75% can be withdrawn at retirement, which lowers the monthly pension for life. Price it out first.
• 55/25 or 55/27 members: the extra 1.85% contributions come back only to members who work to 62 with the required years.
• TDA: decide whether it stays invested, pays out over time, or rolls over. This is a good point to talk to a tax professional.
• Use the free union consultation. UFT members are entitled to one preliminary pension consultation each school year and a final one when retirement is certain.

3 to 6 months beforePlan the last day

• CAR days: up to 200 banked days are paid out at half, over three checks after retirement.
• Terminal leave: leave days can end active work before the retirement date. The leave must start and end in one semester and needs at least 30 days notice. Request a September leave by June 1. The form is in SOLAS.
• Health coverage: confirm retiree health enrollment with the NYC Health Benefits Program, and when Medicare applies.
• Beneficiary: decide who the pension should protect. The payment option chosen decides what a spouse or partner receives later.

90 days to 1 business day beforeFile

• File the retirement application no more than 90 days and at least one business day before the retirement date. The e-form is on the member portal. Filing more than 90 days before the 55th birthday is not allowed.
• Choose the payment option and name the beneficiary on the application. Ask the retirement system the deadline for changing the option after filing.
• Pay off the loan before the date, if that is the plan.
• Tell the school and complete the DOE separation steps.

After retirementCheck the first checks

• Compare the first payments with the estimate. Early payments can be estimates, with the final amount set later.
• Watch for the CAR day payout across three checks.
• Cost of living increase: starts once a retiree is 62 and retired at least 5 years, or 55 and retired at least 10 years. It applies to the first $18,000 of the yearly pension, between 1% and 3% a year.

Based on published TRS rules and union guidance as of November 2026. Rules change; the retirement system has the final word. This guide is education, not tax, legal or investment advice. AY & Co. is independent and not affiliated with the UFT, CSA, TRS, BERS or the NYC Department of Education. AY & Co. · Brooklyn, New York · amalyoung.com