Retirement Options

How Does It Work? 

All TRS employees contribute 6% of gross salary to TRS through monthly payroll deduction. 

TRS members are vested with 10 years of creditable service and eligible to receive a monthly retirement benefit at the:

• Completion of 10 years of creditable service and attainment of age 60.
• Completion of 30 years of creditable service, regardless of age.
• Completion of 25 years of service and before age 60, but with a permanently reduced benefit.

The amount you will receive at retirement is based on 2%, multiplied by your years of creditable service, multiplied by the average of your highest consecutive 24 months of pay.

Example:

2% x 30 years = 60%
Average of highest 24 consecutive months of pay = $70,000
60% x $ 70,000 = $ 42,000 / year

You may contact TRS at (800) 352-0650 to request a benefit estimate be mailed to you. 

A video of the retirement benefits available through TRS is available here.

How Does It Work? 

Participants in PSERS hired before 7/1/2012 contribute $4 monthly for a 9-month contribution period of September through May each year.  Employees hired after 7/1/2012, without prior PSERS qualifying service, contribute $10 monthly for the 9-month period.

PSERS members are vested with 10 years of creditable service and eligible to receive a monthly retirement benefit at the:

• Completion of 10 years of creditable service and attainment of age 60, at a permanently reduced benefit.
• Completion of 10 years of creditable service and attainment of age 65 with full benefits.

The amount you receive in retirement is based on your years of creditable service multiplied by a set dollar amount. 

For example, an employee with 30 years of creditable service would receive a monthly benefit based on the calculation of: $16.50 X 30 years of service = $495.00 per month.

You may contact PSERS at (800) 805-4609 to request a benefit estimate be mailed to you. 

A video of the retirement benefits available through PSERS is available here.