This is an exciting time for you. Your teaching career is almost complete. You have new experiences waiting.
The retirement process begins with you contacting us about your plan to retire and ends approximately 60 to 90 days after your retirement date when you receive your first annuity payment.
Personalized retirement interview
When you plan to retire, you should contact us approximately three to four months before your retirement date. Simply call 877-927-5877 (877-9-ASK-TRS) and we will outline your options, after which you will receive a personalized set of forms to review and sign. During your interview, we will discuss any optional service or credit under reciprocal systems, enrolling in the Teachers’ Retirement Insurance Program, and signing up for direct deposit.
An online Tier 2 personalized retirement interview will be available in the future.
Effective date of retirement
Once you meet the eligibility requirements (see Chapter 9: “Retirement Benefits”), your retirement annuity will begin on the later of:
- the date we receive your signed retirement application,
- the day following the last day for which you earn salary that counts toward retirement, or
- the day on which you attain the minimum qualifying age.
Annuity payments
You will receive your first annuity payment approximately 60 to 90 days after we receive a signed application form, any remaining payments due from you, and the Supplementary Report and Sick Leave Certification forms from your employer.
A notification of first payment letter will be mailed to you when your retirement paperwork is completed. This notification will contain your member ID to create an online account in the secure member area if you haven’t already established one. You will need your member ID, Social Security number and your birth date to set up your account. Once you are in the secure area online, you may view your monthly annuity checks and year-end statement.
The Office of the Comptroller mails payments on the last working day of each month. The payment you receive on the first day of the month represents the annuity you earned for the preceding month. Please notify us if your payment has not arrived after 30 days from the issue date.
To protect our annuitants, we have the right to suspend retirement annuities if two payments remain uncashed. Once we learn the circumstances behind the uncashed payments, we will mail the suspended payments to the annuitant.
Direct deposit
Annuitants, beneficiaries, and disability recipients are encouraged to have payments electronically deposited into a bank or other financial institution. Direct deposit is a safe and convenient way to ensure that your payments are received automatically each month.
To authorize direct deposit of benefit payments, you and your financial institution must complete and sign the Depository Agreement for TRS Benefit Payments form. Please return the agreement form no later than the 15th day of the month. Your next check will be mailed directly to your home address. In following months, your payment will be directly deposited into your account on the first banking day of each month. You will not receive a monthly statement from TRS.