The TRS retirement plan offers a number of payment options for service retirement annuities.
- The Standard Annuity (Option 1) is the maximum benefit amount paid to the retiree for life.
- The Joint and Survivor Annuity (Options 1, 2 and 5) are reduced monthly annuities that are paid to you for life and then for a named beneficiary's lifetime after you pass away.
- The Guaranteed Period Annuity (Options 3 and 4) are reduced monthly annuities payable throughout your life. Guarantees you a monthly benefit for a specific number of months. That guarantee period begins on your effective date of retirement. If you pass away before the guaranteed period expires, then your beneficiary will receive the remaining payments monthly until the guaranteed period is complete.
While you may ask, “What is the best benefit option for me?” The truth is, one option is not better than the other – it just depends on your situation.
Payable throughout retiree's life. Payments stop when the retiree passes away.
Payable throughout retiree's life. Upon death, the same payment will continue throughout the selected beneficiary's life.
Payable throughout retiree's life. Upon death, one-half of this payment will continue throughout the selected beneficiary's life.
Payable throughout retiree's life. If retiree dies within 60 months of the retirement date, the beneficiary or beneficiaries will continue to receive payments until the remainder of the 60 payments have been made.
Payable throughout retiree's life. If retiree dies within 120 months of the retirement date, the beneficiary or beneficiaries will continue to receive payments until the remainder of the 120 payments have been made.
Payable throughout retiree's life. Upon death, three-fourths of this payment will continue throughout the selected beneficiary's life.
Partial Lump Sum Option (PLSO)
At retirement, eligible members may select a PLSO distribution in addition to a reduced monthly annuity. Explore eligibility requirements and distribution amounts.
Important Notes:
Options 1 through 5 pay a reduced monthly annuity payable during the retiree’s life but provide for a beneficiary to receive a monthly benefit after the retiree’s death, either for life or for a guaranteed period of time.
If the primary beneficiary dies before the retiree and the retiree has selected Option 1, 2, or 5, the retiree’s future monthly annuity payments will increase to the amount of the standard annuity.
Options 1, 2, and 5 are not available if the retiring member is designating more than one primary beneficiary.
Members may not be eligible to select Option 1 if they designate a non-spouse beneficiary who is more than 10 years younger than the member, and they may not be eligible to select Option 5 if they designate a non-spouse beneficiary who is more than 19 years younger.
If one or more retirement payment plans is not available as discussed above, "N/A" will display on the retirement estimate.