Staying safe from third-party solicitations
Some Teachers Retirement Association (TRA) members recently received spoofing emails offering a “pension review,” “retirement benefit meeting,” or “retirement consultation.”
Spoofing is the act of disguising a communication so that it appears to come from a trusted or familiar source. It is becoming increasingly common for third-party advisors who are not affiliated with TRA to contact TRA members using company names or email addresses that look nearly identical to ours. These private consultants are often looking to sell financial services or products beyond your state pension.
PROTECTING YOUR PERSONAL PRIVACY AND SECURITY
Please keep in mind:
- TRA never grants permission to use our name or materials in any sales solicitations or presentations. When TRA receives notification of the unauthorized use of our name or materials, we work to contact outside entities and instruct them to modify their information so it no longer suggests that it has been provided, approved, sponsored, or endorsed by TRA.
- TRA does not share our stakeholders’ personal data with financial planners or firms. Your account data is private; we will provide it only to you or someone authorized by you, and only after we have verified your identity or your representative’s identity. If an outside entity claims to possess specific details about your TRA plan, that is a red flag.
- The entity contacting you may be engaged in malicious activity, seeking for you to disclose your TRA pension information in order to gain unauthorized access to your account or to convince you to take steps that could harm your financial future.
TIPS FOR SPOTTING TRA IMPOSTERS
Look out for:
- Misleading organization names and affiliations: Outside entities often use company names similar to the Teachers Retirement Association of Minnesota to confuse TRA members.
- Phony familiarity: Organizations also may use your name, pretend to know you, or imply they already have your records.
- False urgency: Sales solicitations often use high-pressure language, suggesting you must meet with their representatives immediately to “claim” or “review” your benefits.
- Fine print: Solicitation emails often include a disclaimer at the very bottom stating the organization is not associated with TRA or any legitimate government agency.
TRA is not affiliated with, nor does it endorse, any commercial companies that sell retirement products, provide general financial planning services, or claim to generate accurate TRA retirement benefit estimates or related information. TRA is the only entity that can prepare accurate retirement benefit estimates for its members.
Steps to take if you receive a spoofing message
If you receive a suspicious email, your best course of action is to delete it. You are under no obligation to respond to these invitations.
If you are unsure about the validity of an email, contact TRA. A TRA member services representative will assist you.
OTHER FORMS OF DISINFORMATION
Some private consultants give TRA members retirement benefit estimate documents that appear official but are inaccurate and misleading. TRA members must only trust retirement benefit estimates that are prepared by TRA staff or self-generated using the myTRA member portal.
No. TRA is not affiliated with, nor does it endorse, any commercial companies that sell retirement products, provide general financial planning services, or claim to generate accurate TRA retirement benefit estimates or related information.
No. TRA does not send mass messages to advertise its member events or retirement counseling services. Only after a TRA member signs up for a counseling session or an upcoming event would the member receive an email confirmation and/or supplementary information.
Contact TRA if you receive communication from a group claiming to have a connection with TRA or access to your personal retirement plan data. A TRA member services representative can assist you. Never give out your personal information to anyone you don’t know without confirming they actually represent TRA.
As your pension plan administrator, TRA is the best source of information. We employ member services representatives, offer preretirement counseling, host info sessions, publish plan summary documents, provide general information on our website, and more.
TRA is the only entity that can prepare accurate retirement benefit estimates for its members. We take into account applicable laws and statutes, your unique demographic information, and all years of service under Minnesota public pension plans. Because TRA’s benefit calculations are nuanced, third parties and tools like generative artificial intelligence (AI) are not reliable sources for forecasting accurate benefit information. Schedule an individual counseling appointment with TRA to receive and discuss thoroughly reviewed retirement benefit estimates.