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8 lis 2023 · AUSTIN — Eligible annuitants of the Teacher Retirement System of Texas (TRS) will begin receiving a permanent cost-of-living adjustment (COLA) to their monthly annuity payments beginning in January 2024. Voters approved a constitutional amendment on November 7 allowing TRS to issue the COLA.
31 sie 2001 · TRS COLA Chart. SB 10. COLA. Amounts. NOTES. * In addition to meeting the applicable eligibility dates above, all eligible retirees, beneficiaries, and alternate payees must be living on the effective date of the adjustment in order to be eligible for the COLA.
The COLA authorized by HJR 2, approved by Texas voters, is a one-time COLA for certain TRS retirees. The TRS pension plan does not currently provide for an ongoing or automatic COLA. When will the cost-of-living adjustments (COLAs) be applied to my annuity payments?
• Most TRS retirees do not receive Social Security and depend solely on their TRS retirement. • Meanwhile, SS recipients received a 5.9% raise this year and will receive a projected 8 to 9% increase next year. ONLY the Texas Legislature Can Authorize a COLA for TRS Retirees: • Funding is available to act on a COLA for retirees.
TRS retirees to receive COLA beginning in January. Due to TRTA’s strong advocacy efforts during the 88 th Legislative Session, the Texas Legislature appropriated revenue designated for a TRS retiree cost-of-living adjustment (COLA).
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.*.
Reaching retirement eligibility represents the point at which an employee is eligible for the standard TRS benefit. But that doesn’t mean it’s the best time to retire. How to calculate your TRS service credit (Years of service credit) X (2.3%) X (average of 3 or 5 highest years of salary, depending on the TRS tier you qualify for) = TRS benefit
