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TCRS Report
2013 Annual TCRS Report

 


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Treasurer's Report
2013 Treasurer's Report

 

 


Related Topics

  • Group I Retirement Requirements:
  • Group I Benefit Payment Plans:
  • See Also...

Service Retirement

  • The member must be age 60 and vested; or
  • The member must have 30 years of service (regardless of age).
  • No reduction factor will be applied to the monthly benefit.

Early Retirement

  • The member must be age 55 and vested.
  • One reduction factor will be applied to the monthly benefit.
  • The reduction is 4/10 percent for each month the member lacks meeting service retirement requirements.

25-Year Retirement

  • State employees and teachers are eligible to receive a reduced monthly benefit upon completion of 25 years of service.
  • Members of political subdivisions are eligible only if the local government has passed the resolution authorizing this provision.
  • Two reduction factors are applied to the monthly benefit:
    1. Reduction for early retirement; and
    2. An actuarial factor based on the member’s age at retirement.

Ordinary Disability Retirement

A medical or mental condition that disables an employee from any type of gainful employment and the disability is expected to last at least 12 months. An employee must have at least five years of service to apply for disability benefits.

Single Life Annuity Plans
Regular or Maximum Plan: Maximum monthly benefits are payable to a member for life, with all benefits ceasing at death. Monthly benefits end at the member’s death, but the beneficiary is entitled to payment of any remaining contributions which had been credited to the member’s account and which were not returned to the member in the form of retirement benefits.

 

Social Security Leveling: A member may convert his or her retirement allowance into an increased benefit payable prior to the date the member attains age 62 and a reduced allowance payable after that date, so that the member’s total income will be approximately the same before and after the commencement of social security payments.

 

Monthly benefits end at the member’s death, but the beneficiary is entitled to payment of any remaining contributions in the member’s account which were not returned to the member in the form of retirement benefits. If this plan is elected, the member must furnish the retirement system with an age 62 social security estimate. It is the member’s responsibility, upon attaining age 62, to apply for the social security benefit. A member who chooses the leveling plan may not elect a survivorship option.

 

Joint and Survivor Plans
Option I - 100% Joint and Survivor: A permanently reduced retirement allowance is payable during the retired member’s life, with the provision that it will continue after the member’s death for the life of, and to, the designated beneficiary. If the beneficiary dies before the member, the monthly allowance remains the same.

 

Option II - 50% Joint and Survivor: A permanently reduced retirement allowance is payable during the retired member’s life, with the provision that it will continue after the member’s death at one-half the rate paid for the life of, and to, the designated beneficiary. If the beneficiary dies before the member, the monthly allowance will remain the same.

 

Option III - Modification of Option I: A reduced retirement allowance is payable during the retired member’s life, with the provision that it will continue after the member’s death for the life of, and to, the designated beneficiary. If the designated beneficiary dies before the retiree, the retirement allowance will revert (pop-up) to the maximum amount.

 

Option IV - Modification of Option II: A reduced retirement allowance is payable during the retired member’s life, with the provision that it will continue after the member’s death at one- half the rate paid for the life of, and to, the designated beneficiary. If the designated beneficiary dies before the retiree, the retirement allowance will revert (pop-up) to the maximum amount.