Richierich2323 said:
classof2019 said:
So with TRS teachers get have a dollar figure that is what 7% of their salary put into an account yearly plus they get the pension based on years of service?
What is the deal with not collecting SS from a spouse?
No, they just get the pension. The money that is put into TRS may be withdrawn but the final formula of your pension is based on a formula (years teaching + average of your top 3 or top 5 earning years depending on when you started). You don't get both although if you have enough years you can lower your monthly pension and get a lump sum payment the year you retire.
You can collect a portion of SS if you have enough quarters but there are laws that will minimize the amount you get by a significant amount.
So what it the purpose of showing a statement with a beginning balance, how much that was contributed, how much interest the account made and an ending balance?
Then in an other section have the pension formula? Why not just show the pension formula with the avg salary its based off of?
For example,
on my wifes statement it says she has 75K in her TRS balance......then shows her 5 year teacher salary avg then underneath that goes thru the formula to show she would get a $2,200 pension a month. I'm confused what the 75k represents?