Thinking about retirement is just the beginning. It’s time to dive in and familiarize yourself with the options available to you. Together, we can make sure you’re prepared for the decisions you’ll have to make at retirement, including choosing the best option to fit your needs.
Membership Tier
When considering retirement, the first thing you need to know is which tier you fall into. Knowing your tier can help you better understand if/when you’re eligible for retirement as well as the requirements and reductions that apply to you. Here are some resources you can use to find your tier:
- Online Interactive Tool: TRS Tier Placement Map
- TRS Annual Statement: Locate your tier under the “Retirement Account Summary” section on the front page of your annual statement
- Video: What Tier Am I?
Retirement Eligibility Requirements and Reductions
Now that you know your tier, you can verify if your age and years of service are enough to be eligible for normal-age service retirement, early-age service retirement, and the Partial Lump Sum Option.
Use this guide to review specific eligibility requirements and reductions that apply to you based on your tier: Guide to Understanding Your Tier (pdf)
Annuity Payment Options
When choosing a benefit option at the time of retirement, you may ask, “What is the best benefit option for me?” One option is not better than the other, it just depends on your situation.
Options include:
- Standard Annuity – Provides the highest monthly payment, but all payments stop when you pass away.
- Joint and Survivor Annuity (Options 1, 2, and 5) – Provides a monthly payment for you during your lifetime and then for a named beneficiary’s lifetime after you pass away.
- Guaranteed Period Annuity (Options 3 and 4) – Guarantees you a monthly benefit for a specific number of months. If you pass away before the guaranteed monthly benefit period has expired, then your beneficiary will receive the remaining payments.
In addition to these retirement options, you may be eligible for a Partial Lump Sum Option (PLSO). A PLSO distribution means you would receive a one-time payment that is equal to 12, 24, or 36 months of your standard annuity amount. You will still receive a monthly benefit payment for life, but the payments will be reduced based on the amount of the PLSO you choose.
Find more on these options: