Then requirements are met, for example, the Regular Plan retirement benefit a member receives is calculated by this equation: Multiply 2 or 2 1/2 percent times the total years of service credit times the highest average compensation plus a $300.00 annual supplemental benefit. Note that:
The retirement benefit will vary according to which retirement option is chosen. Following are details on membership, retirement eligibility and benefit computation.
To retire under the 2 percent of a average compensation factor, a Regular Plan member must be:
To retire under the 2-1/2 percent of average compensation factor, a Regular Plan member must be:
To be eligible to retire, a Plan A member must be:
Under Plan A, members who have contributed to retire each year of employment have their TRSL been benefit calculated by this equation: 3 percent times the years of creditable service (including credit for unused certified sick leave) times the average compensation.
Plan A members, who did not contribute to retire until their employing agencies withdrew from Social Security coverage, will receive 1 percent for those years plus $24.00 per year for each year that retirement was not paid and 3 percent for each year after employing agencies withdrew from Social Security coverage and retirement contributions were paid on the member's salary. Proportionate credit for unused sick leave will be used in both calculations.
TRSL members who had 10 years of TRSL service credit as of January 1, 1982, regardless of age may retire and receive an actuarially reduced retirement benefit.