New York’s public-school personnel belong to one of two Teachers’ Retirement Systems (TRS). Those employed by the City School District of New York are members of the Teachers’ Retirement System of the City of New York (City TRS). All others are members of the Teachers’ Retirement System of the State of New York (State TRS).
In the mid1960s broker/dealers began selling commission-based 403(b) annuities to members of the State TRS. It was not uncommon for the Teacher to be charged a commission of 5 percent on each contribution. City Teachers demanded parity but were told that the city would not sign the necessary Salary Reduction Agreement because of the predatory costs associated with commercial annuities.
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