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Early Age Retirement. A member may receive a reduced annuity at: age 55 with five or more years of service credit and the total age and service is less than 80, or by having at least 30 years of service credit and the total age and service is less than 80.
The table below is intended as a helpful tool for teachers to understand the rules that might affect them. For each state pension plan, the table provides the normal and early retirement ages applicable to teachers based on their hire date and relevant benefit tier.
Refer to the tier information in the TRS Benefits Handbook so you know the age and years of service credit you must have to be eligible for retirement. You may also refer to your TRS annual statement for retirement eligibility dates and estimated benefits.
By reviewing the information about your tier, you can find out the age and years of service credit you must have to be eligible for normal-age service retirement, early-age service retirement and the Partial Lump Sum Option (PLSO).
To calculate TRS retirement benefits, use the following formula: Multiply your years of service credit by 2.3%. (Example: if you have 30 years of service credit in TRS, 30 x 2.3 = 69%.) Determine the average of your five highest years of salary.*.
All workers are eligible to retire at age 65 with five years of service, but workers hired prior to 2007 could also retire at any age once the sum of their age and years of service passed 80 (commonly referred to as “the rule of 80”).
The majority of current school employees can still retire under a Rule of 80 (age plus years of TRS credit total at least 80), with no age restrictions. Exceptions: MINIMUM AGE 60.
Generally, a TRS member may retire with the standard benefit at: age 65 with five or more years of service credit; or with at least five years of service, any combination of age and years of service credit totaling at least 80 (the “Rule of 80”).
In general, the Teacher Retirement System (TRS) follows the Rule of 80 when determining retirement eligibility. This means that a teacher’s age and years of service credit are combined to decide whether a person is qualified to retire. There is also a five-year service credit minimum to retire.
Since 1985, the state of Texas has provided healthcare to retired teachers through the Teacher Retirement System TRS-Care program. Medicare and TRS-Care work together to provide benefits for hundreds of thousands of retired teachers and their dependents.