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Time Extension For Higher Pension In Texas
Category:
State:
Multi-State
Control #:
US-0018LTR
Format:
Word;
Rich Text
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Description
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FAQ
If you have terminated all employment with your TRS-covered employer(s) and have neither applied for or received a promise of employment with another TRS-covered employer, you are eligible to request and receive a refund of your accumulated contributions.
THERE IS NO RULE OF 90 FOR FULL RETIREMENT. You may need to meet a Rule of 90 only for a very specific benefit — the Partial Lump Sum Option, under which you can receive a portion of your retirement benefit in a lump sum, with a lowered monthly benefit.
S 86 and H 5092 would allow those who are at least age 60 with 30 or more years of service to retire without penalty, thus a “Rule of 90,” where age plus years of service equals 90 or more.
If your age plus your years of eligible service credit equal 80, you can retire under the “Rule of 80.” If you are vested in the State of Texas Retirement and meet the Rule of 80, you are eligible to retire with a monthly annuity and, under current rules, insurance benefits—regardless of which retirement group you are ...
An employee who is not retiring must work at least 90 days during the school year to receive a year of service credit. An exception is made for individuals in their final year before retirement; they can receive the year of credit for working the full fall semester, even if it is less than 90 days.
Rule of 90 with Current Benefit Formula Rates. If age plus years of service equal at least 90, the benefit accrual was set at 1% for each of the first ten years of service, followed by 1.5% per year thereafter, with no early retirement reduction. Use of the Rule of 90 must be reviewed periodically.
Texas educators eligible for both a spousal or widow/er Social Security benefit and their own TRS pension benefit are subject to the GPO. The GPO reduces the amount such educators are eligible to receive as a spousal or widow/er Social Security benefit by two-thirds of the amount of their TRS pension benefit.
Your membership falls under Tier 2 if: • your current TRS membership began prior to Sept. 1, 2007; • you did not meet the 2005 eligibility requirements to be grandfathered; •
