Retirement Program

 

Participation in the Teachers’ Retirement System (TRS) is mandatory for employees. Effective October 1, 2014, the members’ contribution rate is as follows: 

                 New Hire Retirement Comparison (Act 2012-377)
  Tier 1 Employee Tier 2 Employee
Date of Employment Prior to January 1, 2013 On or After January 1, 2013
Member Contribution Rate 7.5% for Regular Employees
8.5% for FLC Employee		 6.0% for Regular Employees
7.0% for FLC Employees
Employer Contribution 11.71% 11.05%
Retirement Eligibility 25 years of service at any age
10 years of service at the age of 60		 No 25 year retirement
10 years of service at the age of 62 (56 for FLC Employees)
Average Final Salary Average of the highest three years out of the last ten years Average of the highest five years out of the last ten years
Sick Leave Conversion Yes No


After one scholastic year of service, (July—June) the beneficiary or estate of an active deceased member may be eligible for pre-retirement death benefits which include the following: (1) Up to $15,000.00 in group term life insurance, (2) the salary on which the member made retirement contributions for the previous scholastic year, (3) total ASU contribution, and (4) earned interest, as outlined in the TRS Member Handbook.

A member has vested interest (is eligible for deferred benefits) in the TRS after completing 10 years of creditable service. Upon attainment of age 60, with at least 10 years of service or twenty-five (25) years regardless of age, a member may apply for service retirement. To file for retirement benefits, the member must complete Form 10, Application for Retirement and ensure the TRS is in receipt of it no less than 30 days, not more than 90 days, prior to the effective date of retirement.

 

Member Age

 Years of Service Credit

 Preretirement Death Benefit
   Ineligible to Retire

 Under 60*
or
Over 60*

 Between 1 and 25

Between 1 and 10

Member contributions, total interest earned, plus an amount equal to the member's salary for the prior fiscal year (July 1 - June 30)
     

 Any Age*

 Less than 1 year, death was job-related

Member contributions, total interest earned, plus an amount equal to the member's salary at time of death
     

 Any Age

 Less than 1 year, death was not job-related

Member fontributions, total interest earned, plus an amount matching the contributions and interest but limited to a maximum of $5,000
   Eligible to Retire

 Any Age*
or
Over 60*

 25 or more

10 or more

 Choice of:

(1) Option 3 monthly benefit (50% of member's retirement benefit) to the spouse or beneficiary

or

(2) Member contributions, total interest earned, plus an amount equal to the member's salary for the prior fiscal year (July 1 - June 30)

 *If death occurs more than 180 calendar days after the member's last day in pay status or if the deceased had applied for a refund of contributions or terminated employment, the lump-sum payment will be the same as for status of less than 1 year and not job-related.