Texas Retirement Cash Flow
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FAQ
Retiring in Texas The TRS retirement plan is a defined benefit plan. Once you qualify for normal retirement, you are eligible to receive a monthly pension for life. As a TRS member, you contribute 6.4% of your compensation toward future retirement benefits.
The state of Texas contributes 10 percent to your retirement fund. You contribute 9.5 percent of your pre-tax salary to your retirement fund.
In addition to mandatory participation in State of Texas retirement, eligible state agency employees are encouraged to contribute to personal retirement savings. To help them with that, ERS offers the Texa$aver2120 401(k) / 457 Program, with low-cost traditional and Roth options.
If you meet the Rule of 80 and have at least 10 years of service credit, you will be eligible at retirement for a monthly retirement payment, health insurance, and optional benefits.
This means lifetime retirement payments after a career with the state. The state of Texas contributes 10 percent to your retirement fund. You contribute 9.5 percent of your pre-tax salary to your retirement fund. You can also save more for retirement with 401(k), 457 and Roth savings plans.
The state retirement plan is a defined benefit plan. That means, when you choose to retire after reaching eligibility, you will get a monthly payment (or annuity) for the rest of your life no matter how long you live.
You must have at least 10 years of service credit to be eligible for insurance benefits. If you began work before September 1, 2001, at least three of those years must have been with an agency in the Texas Employees Group Benefits Program (GBP).
Every year you work, you get 2.3% of your highest average salary. We call this your service percentage. Example: If Pat retires with 28 years of service credit, his service percentage is 64.4. That means his annuity will equal 64.4% of his highest average salary.
The State of Texas retirement plan is mandatory for most state agency employees and provides a lifetime annuity when they retire. In addition to mandatory participation in State of Texas retirement, eligible state agency employees are encouraged to contribute to personal retirement savings.
Of these, 1,429,935 were active members. In fiscal year 2020, total contributions of $13.6 billion were made to Texas' state and local pension systems. Of this amount, $5.6 billion came from employees. In fiscal year 2020, Texas' state and local pension systems made payments totaling $19 billion.
