Hi, I’m Adam Fambrough. Are you an active member thinking about retirement? If so, this video is for you. We are here to provide a general timeline of the retirement process and share the steps you need to take to ensure the process is as easy as possible. Remember, the countdown to retirement can start as much as a year prior to your actual planned retirement date so you will first need to choose your retirement date. This video breaks down planning for retirement into three major steps. Let’s get started. Step One – ten to twelve months prior to
retirement. If you are truly considering retirement, log in to your MyTRS account to explore options with the retirement calculator. After using the MyTRS retirement calculator, if you’re confident that retirement is in sight, feel free to request a formal estimate. To get an estimate, complete and submit Form TRS 18 ¬– Request for Estimate of Retirement Benefits up to 12 months before your retirement date. This form can be found on the Forms page of the TRS website at www.trs.texas.gov. We will mail a retirement packet to your address of record within 60 days of receiving your Form TRS 18. During this time frame, you may also want to: Watch our Member Education and Financial Awareness videos, Review your retirement options, Attend a benefits presentation, Purchase service credit or transfer credit,
and Schedule an appointment with a Benefits Counselor. Step Two – six months prior to retirement
date. Once you receive your retirement packet, carefully review its contents. The packet contains your retirement estimate, and information on a number of forms and documents that need to be submitted to TRS. There will be important deadlines listed in the packet. The first, and most important, form in your packet is Form TRS 30 – Application for Service Retirement. You will use this form to: Indicate your preferred retirement date, Select your choice of retirement payment plan,
and Designate your beneficiary or beneficiaries. TRS must verify your age at retirement. In your packet you will have a TRS 13 – Acceptable Proof of Age Documents, which contains a list of documents that are accepted for proof of age. It is very important that you write your participant ID or social security number on all proof of age documents that you submit. Your retirement benefit is subject to federal income tax. If you would like to specify income tax withholding for your annuity payment, please submit Form TRS 228A ¬– Federal Income Tax Withholding Certificate. Direct Deposit is the fastest way to receive your annuity payment every month. We highly recommend that you consider this as an option for receiving your payment. To do this, complete and submit Form TRS 278 – Direct Deposit Request. Step three – thirty to sixty days prior
to retirement. Don’t forget to let your employer know that you are planning to retire and formally resign your position by your retirement date with TRS. The Notice of Final Deposit before Retirement and School Official Certification of Salaries contains important information your employer must complete and submit to TRS once they have paid you your final check. This certification is used to report your final salary payment, your exact salary for the current school year, and the date your employment terminates. If you are eligible for TRS-Care, be sure to review and consider any available health benefit options. Remember, planning ahead is the first step to a smooth transition to retirement. Visit the TRS website at www.trs.texas.gov to check out our Retirement Planning Guide and Benefits Handbook. These are both important resources to help you with the retirement process. If you have questions about your specific timeline, you may also call us at 800-223-8778 to speak with a Benefits Counselor. Remember, a smooth transition into retirement requires you to plan ahead and we are here to help every step of the way. Thanks for watching.