Tuesday, February 1, 2022
As union members, we know that our strength comes from our numbers and the fact that we stand united in support of better working conditions, benefits, and wages for all our brothers and sisters. Perhaps there is no better example of the things we have achieved together than our New York State Teachers’ Retirement System (NYSTRS), a program known across America as the gold standard amongst union retirement systems.
Through decades of responsible management and the efforts of so many of us to protect our investments – we all remember the fight in 2017 to stop a Constitutional Convention that could have put our pensions at risk – the NYSTRS has been there for our retirees, families of members who have passed away and our current members who have been able to borrow against their pensions for important life goals without paying exorbitant interest rates to corporate run lenders.
Despite the challenges of the pandemic, the NYSTRS has celebrated its 100th year in many ways during 2021. Recently, the NYSTRS produced a short video entitled NYSTRS: A Century of Excellence. The video covers the basic history of the NYSTRS and explains how even through periods of economic uncertainty, our retirement system has remained as a dependable resource for all members. You can watch the video by clicking here.
When it started in 1921, the NYSTRS had approximately 19,000 members. Today, the NYSTRS serves over 434,000 members and retirees. The system started in 1921 with an initial investment of $1.5 million and is now valued at over $146 billion, paying over $7 billion in benefits to members each calendar year.
During these times of uncertainty in some aspects of American life, the well-earned union benefits provided by the NYSTRS remain constant and stable. It is important during this milestone in the history of the NYSTRS to acknowledge the hard work and effort of those who have served and continue to serve the NYSTRS and take stock of a system that is a prime example of what unions can do when all members work together.
To view your personal NYSTRS benefit profile and learn more about the NYSTRS, go to the NYSTRS website.