How will I receive my annuity?
Retirement annuities are payable monthly. Your first payment will be paid on or before the last day of the month in which your retirement is effective. You may expect to receive future payments around the end of each month.
Electronic Funds Transfer
You are required to have your annuity check directly deposited to your savings or checking account by electronic funds transfer (EFT). Direct deposit prevents late delivery and loss or theft of your annuity check. For the EFT, you should complete Section IV of the retirement application by attaching a voided check from the account where the EFTs will be sent. If you would like your annuity deposited into a saving account you will need to request an Authorization for Direct Deposit of TRS Annuities form from TRS.
A standard, statutory 1.5% cost-of-living adjustment (COLA) is provided annually on July 1 to retirees who have been retired for at least one full year prior to July 1. For members who were retired for less than a full year, the COLA is prorated to how much of the prior fiscal year you were retired. For example, if you retire on Jan. 1, you would receive only one-half of the COLA (0.75%) that would become effective on the following July 1.
Minimum Value of a Year of Service
The minimum value of each year of service is $440 multiplied by your total years of service. These minimums are based upon the Straight Life Annuity option and will be reduced proportionately for any other option choice or any other discount that was taken at the time of retirement.