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To the editor:
The Tax Deferred Annuity plan (TDA) is administered by Teachers’ Retirement System of the City of New York. Through voluntary salary reductions, TDA participants contribute to this supplemental savings program and then the city borrows these savings at the legislatively set interest rate of 8.25 percent.
The 8.25 percent rate has been paid since 1989.
The city can satisfy all of its borrowing needs at the municipal bond window at the rate of 2-3 percent. This scandal must stop forthwith.
Joel L. Frank
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krell1349
Isn't the rate 7 percent for most TRS members? Some get 8.25 percent, but most get 7 percent.
Thursday, June 11 Report this