Regardless of the amount of annuity income generated, I am steadfastly opposed to annuitizing retirement capital derived by contributing to supplemental defined-contribution investment plans, i.e., 457(b), 401(k), 403(b), 401(a).
With that said, the Teachers’ Retirement System of the City of New York is the only one of the eight public-sector defined-benefit pension systems of this state to also administer a defined contribution investment-plan. This supplemental plan is the TRS 403(b) program. TRS offers its retirees the opportunity to annuitize their 403(b) balances using the same favorable annuity-income rates that apply to the TRS defined-benefit pension system.
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