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On January 30, 2013, Governor Cuomo signed into law a provision that is good news for many PSC members in the NYC Teachers’ Retirement System (TRS).
The measure allows PSC members who have TRS Tier I & II status to continue receiving an 8.25% interest rate on an investment account known as the “fixed return” through Fiscal Year 2016. These members have the option to invest in the “fixed return” in their primary pension plan (known as their Qualified Pension Plan, or QPP).
Also affected are PSC members in any TRS pension tier who have a Tax-Deferred Annuity, or TDA – a supplemental retirement account funded by voluntary before-tax payroll deductions.
