If you are already a member of the New York City Teachers' Retirement System (TRS) or the New York City Employee's Retirement System (ERS), www.nycers.org, you may continue your membership by notifying your benefits coordinator. If you are retired and receive a pension from New York State or any of its political subdivisions, you must obtain approval, prior to appointment, to make sure you do not affect your pension; you are not eligible to participate in our pension program.
Early Retirement Incentive Program (ERI-2010)
The City University of New York will offer an early retirement incentive program to eligible employees as of fall 2010, pursuant to Chapter 105 of the Laws of 2010. At its meeting on June 28, 2010, CUNY's Board of Trustees passed a resolution defining the terms and conditions applicable to the university’s participation in the 2010 Early Retirement Incentive program. Please click HERE for more information.
Teachers' Retirement System (TRS)
TRS is a defined benefit plan which means that benefits are based on age, average salary, and years of employment. The vesting period is 5 years and 3% of salary must be contributed. The city contributes a lump sum annually to its pension funds, not to individual accounts. For additional information on TRS, go to www.trs.nyc.ny.us.
Teachers' Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF)
TIAA-CREF is a defined contribution plan in that benefits are based on the amount contributed by the employee and employer and the success of the employee's choice of investments. Vesting is approximately 13 months (30 payroll periods). The employee contributes 3% and the city contributes 8% for the first seven years of employment and 10% thereafter. For additional information on TIAA-CREF, go to www.tiaa-cref.org.