TRS Tiers 1 & 2

Retirement Information

a guide from your BCEA

What is TRS?

• The benefit is defined by a formula: years of service x final average salary x 2.2
• All the contributions are pooled.
• The assets are collectively managed.
• The risk is borne by the employer, the State, and the member cannot outlive the benefit.

TRS (Teachers’ Retirement System) is a defined benefit pension plan.

Tiers 1 and 2 Basic Information

These helpful links compare the two tiers

and provide an overview of benefits:

TRS EZ Guide to Tier 1 and Tier 2

TRS Benefits at a Glance

How do I know what tier I am?

Tier 1:

Members whose first contribution to TRS was made BEFORE January 1, 2011.

TRS Tier 1 info

Tier 2:

Members whose first contribution to TRS was made ON or AFTER January 1, 2011.

TRS Tier 2 info

Tier 2 TRS overview

How do I retire?

You can collect a pension ...

Age 62 with 5+ years of service

Age 60 with 10+ years of service

Age 55 with 35+ years of service

Age 55 with 20+ years of service and reduced benefits

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TRS: Tier 1

Benefits, Planning, Applying:

TRS Tier 1 Retirement info

Retirement Countdown Timeline Checklist

TRS Tier 1 Countdown

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How do I retire?

You can collect a pension ...

Age 67 with 10+ years of service

-- OR --

Age 62 with 10+ years of service for “early retirement”

The benefit will be reduced by 6% for each year the member is under age 67

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TRS: Tier 2

Benefits, Planning, Applying:

TRS Tier 2 Retirement info

Retirement Countdown Timeline Checklist

TRS Tier 2 Countdown

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How do I retire from BCSD?

BCSD: basic retirement

Complete this basic resignation form marking "retirement" as the reason for resignation. To ensure benefits continue through the summer, enter "at the end of the xx/xx contract.”

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BCSD: pipeline option

In exchange for the employee’s written, binding, irrevocable resignation on a date certain, the employee’s TRS creditable earnings shall be increased by five percent (5%) over the employee’s TRS creditable earnings for the prior year of employment beginning with first year of the incentive period and for each year of eligibility.

BCSD pipeline info

What else should I consider?

• Register now for Member Account Access with TRS
• Reciprocal services with IMRF, SURS, SERS, CTRF
• Optional service credits for substitute teaching, military service, leaves of absence, RIF

Additional retirement income through a defined contribution plan such as a 401(k), 403(b), Roth IRA, etc. Plans are available through BCSD, TRS (coming soon), or other financial planning services.

For more information…

TRS contacts:

Nick Stabler: nstabler@trsil.org, 1-877-927-5877, ext. 2161

TRS Member Service: 877-927-5877

In addition, appointments can be made for a personal meeting with a TRS representative. Some of our members have found these meetings very helpful!

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BCSD human resources:

Jennifer Baugh: jbaugh@bcsd5.org

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BCEA is sharing these materials for purposes of retirement planning. The member is solely responsible for preparing for the future.