If you’re in the final stages of preparing for retirement or you’re already retired, you might have some questions about receiving your monthly annuity payment. Here is some information that may be helpful to you during this time.
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The date you will receive your first annuity payment depends on when all required documents are received and processed. Usually, this is 31 days from the date we receive the last document or final deposit, or your retirement date, whichever is later.
If you elected a Partial Lump Sum Option (PLSO), the PLSO will also be issued with your first annuity payment.
TRS annuity payments are issued on the last business day of each month. TRS business days are Monday through Friday unless there is a state holiday.
Payments received by direct deposit are available on payday. If you receive your annuity check by mail, please allow five working days for mail service delivery.
See the TRS Annuity Payment Calendar for more information on when payments are deposited and mailed each month for the current fiscal year.
You can sign up at any time to receive your monthly payments by direct deposit. To enroll, complete the Direct Deposit Request form (TRS 278) and submit it to TRS. Note: It can take up to 45 days for the new banking information to take effect. Your first annuity payment after making the change may be a paper check and is sent to your mailing address.
Deductions listed on your retirement check can vary depending on your unique situation. Some deductions may be automatic, like health care benefits and federal tax withholding. Some deductions may be optional, like association dues.
You can view your current withholding preference and monthly withholding amount through MyTRS.
You can estimate a new withholding amount using the MyTRS Tax Withholding Calculator. This calculator will display your current annuity and withholding preferences. Simply follow the instructions. You can change your marital status, the number of exemptions and other deductions.
The fastest way to change your withholding preference is through MyTRS. If you prefer to submit a paper form instead, you may print a copy of the Withholding Certificate for Periodic Pension or Annuity Payments (W4-P) from the TRS website. Then, prepare, print and sign. The form provides the current tax tables. Alternatively, you may call us at 1-800-223-8778 and use our automated telephone system to request the form. Mail your completed form to TRS at P.O. Box 149676, Austin, Texas 78714-0815 or fax to 512-542-6597.
New withholding preferences apply to future payments only. TRS cannot apply a new preference to payments already made.
If you receive your monthly annuity check by mail, notify us as soon as possible so you can continue to receive your payments and important communications at the correct address.
Update your address by logging in to MyTRS and updating the information under the Account Management tab. Or you can complete and submit a Change of Address Notification form (TRS 358) to TRS.
Please notify us as soon as possible. If you wish to reenroll in direct deposit using a new bank account, complete the Direct Deposit Request form (TRS 278) and submit it to TRS. Note: It can take up to 45 days for the new banking information to take effect. Your first annuity payment after making the change may be a paper check.
During this time, if your monthly payment has been returned to us, we’ll reissue a replacement check to your mailing address.
The TRS retirement plan does not provide for regular COLAs to the amount of your annuity. State law provides that the legislature may only consider issuing benefit enhancements if the TRS Pension Trust Fund is actuarially sound. Any post-retirement benefit increases must be authorized by the Texas Legislature.