TRS is a defined benefit plan, which means that your retirement benefit (annuity) is defined by a formula, not by the amount that you contribute to the pension plan.
- Average top five salaries = A
- Years of service x 2.3 = % = B
- A x B = annuity
Example: $50,000 (A) x .575 (B) = $28,750 (annuity)
Employees participating in TRS contribute a percentage of income monthly and the employer contributes a percentage as well. These amounts are determined by the State.
Current rates are:
- Employee contribution: 7.7%
- Employer contribution: 7.5%
Effective 9/1/21, rates will be:
- Employee contribution: 8.0%
- Employer contribution: 7.75%
Retiring under TRS:
- If you are retiring from an UNT System institution as a TRS member, the retirement process should ideally begin about six months prior to your planned departure date. Contact HRBenefits@untsystem.edu to schedule a Retirement Meeting with a benefits coordinator.
- If retirement is a few years in the future, contact HRBenefits@untsystem.edu to help you determine when you are eligible to retire and how to navigate the retirement process. We’ll be glad to do a planning meeting with you to plan for your future retirement.
- To be eligible for retiree health insurance: you must meet retirement eligibility AND must have 10 years (120 calendar months) of service with a Group Benefit Plan employer (employer participating in ERS administered insurance. All UNT System campuses participate).
- Retirement eligibility: Meet “Rule of 80” (age plus years of service = 80) OR be 65 with 5 years of service to be eligible to draw an annuity.
- *Note, Rule of 80 may include an age minimum based on the employee’s “TRS Tier”. Create a MyTRS account to see which tier you are in:
Employees can access their own retirement account information by creating a MyTRS account. Use MyTRS to help plan for retirement and keep track of your information. MyTRS is available to both active and retired TRS members and includes a retirement calculator tool.
If you have not registered for MyTRS
- Go to https://www.trs.texas.gov/Pages/Homepage.aspx
- Click on MyTRS on the top right of the page
- Under “New to MyTRS?” click Register Now to create your login and password.
New employees will need to wait approximately 60 days after their hire date to register.
- Check out the TRS Handbook of Benefits for more in-depth information, including information on tiers.
- ERS (not TRS) administers our retiree health insurance. Information about retiree health insurance can be found here. Retirees must have 10 years of service with a Group Benefit Plan employer AND meet retirement eligibility for the retiree health insurance benefit. State agencies listed here are also GBP employers.
- Contact HRBenefits@untsystem.edu if you have questions. Everyone’s situation is different. We’re here to help.