In response to financial pressures, the New York State Assembly has created new, less-generous retirement plans for teachers. Teachers and other education employees are enrolled in one of two plans, the Teachers' Retirement System of the City of New York (TRS) and the New York State Teachers' Retirement System (NYSTRS). How far have the benefits fallen, and does the current tier (Tier VI) provide sufficient retirement benefits to its members? In order to answer these questions, this paper begins by outlining a framework for determining whether a given plan's retirement benefits are "adequate" or not, and then examines whether New York City's TRS plans meet that test. Based on this comparison, it finds that the current Tier VI plan does not provide fully adequate retirement benefits even to the longest-serving veterans. Some portion of teachers will reach at least a minimal adequacy threshold, but the typical teacher would need to serve 23 years before doing so. New York has a history of pension reform efforts that preserve the benefit structures for current workers while enrolling new workers in a less-generous benefit tier. As such, this paper concludes with recommendations for how policymakers might do a better job of providing adequate retirement benefits to future teachers. [This report was funded by Equable Institute.]