TRS Question

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TRS Question

Post by Head Idiot on Fri Aug 24, 2018 10:32 am

I know the correct answer is to ask the TRS people, but I thought I'd ask the wise people of Turk's if they knew the answer first.

This year will give me 19 years of full service credit in TRS for teaching. I also will have roughly 1 year of sick leave built up (if CG ever enters my days). I also have a year of reciprocal service in IMRF from my one year of aiding/study hall supervisor at MS. My question is this- if I leave teaching for the next 15 years and get an outside job, can I file for retirement and make 80% of my 4 highest years' income at that time. If I do so, I will also be fully vested in Social Security because of past jobs so I could make a decent amount by 65. Does this sound right or am I totally wrong on these issues? Would I have to "retire" now, or can you just wait?

Thank you, and if I was unclear, please let me know.
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Re: TRS Question

Post by net on Fri Aug 24, 2018 10:42 am

is it the 4 highest years? i thought it was based on the 4 highest of your last 5 years of teaching.

just starting my 30th year.
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Re: TRS Question

Post by eakaby on Fri Aug 24, 2018 11:16 am

Iím pretty sure itís your top 4 consecutive years of the last 10 in which they base it upon. However, I donít think youíll get close to 80% of that with only 20 years. I just retired with 34 years and a year of sick leave and Iím getting 75% (which is the highest % allowed) in my last four years (since they were my highest income-gathering years). If I remember it correctly, you get 2.2% for each year youíre in the system, multiplied by your average highest consecutive years of the last 10. Iíd talk to TRS to check these figures. They are most helpful when you call them.
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Re: TRS Question

Post by ging on Fri Aug 24, 2018 11:56 am

eakaby wrote: If I remember it correctly, you get 2.2% for each year youíre in the system, †multiplied by your average highest consecutive years of the last 10.

if you didn't, you sure fooled me! Razz

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Re: TRS Question

Post by eakaby on Fri Aug 24, 2018 12:13 pm

Well, I just went through all this retirement planning crap last year, so I should remember!
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Re: TRS Question

Post by SIFBCoach7 on Fri Aug 24, 2018 2:25 pm

I believe 20 years gets you 50%. I had a former principal who investigated this same scenario.
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Re: TRS Question

Post by Head Idiot on Fri Aug 24, 2018 3:30 pm

SIFBCoach7 wrote:I believe 20 years gets you 50%. †I had a former principal who investigated this same scenario.
What did he end up doing?
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Re: TRS Question

Post by SIFBCoach7 on Fri Aug 24, 2018 4:53 pm

Head Idiot wrote:
SIFBCoach7 wrote:I believe 20 years gets you 50%. †I had a former principal who investigated this same scenario.
What did he end up doing?

I think he has to work this year, and maybe 1 more. I'm not sure if he's made a decision. Hadn't talked to him in a while about it.
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