What Does 2 Years And Ten Months Equal In Credit Service Trs

The State Teachers' Retirement System (TRS) was established on July 1, 1941 for the purpose of providing retirement benefits for teachers and school service personnel. TRS is a defined benefit plan that currently has approximately 41,594 members and 36,394 retirees receiving annuity benefits. An active member contributes 6% of his or her gross monthly salary into TRS. If you lot were a member prior to July 1, 1991, the employer contributes an additional 15% of the member's gross monthly bacon into TRS. For members hired for the first fourth dimension on or after July 1, 2005 or for member's who transferred from the Teachers' Defined Contribution (TDC) Organisation, the employer contributes an additional 7.five% of the member'southward gross monthly salary into TRS. TRS members hired before July 1, 2015 are eligible for Tier I benefits described in this brochure. Those hired for the kickoff fourth dimension and become a member of TRS on or after July 1, 2015 are under Tier Ii benefits as described in the TRS Tier II brochure.

RETIREMENT BENEFITS

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In order to qualify for regular retirement benefits, a member of TRS must meet eligibility requirements.
A member who is working in covered employment at the time of retirement may:

Retire with full benefits at age sixty with 5 or more years of service.
Retire with total benefits at age 55 with xxx or more years of service.
Retire with full benefits at any age with 35 or more years of service.
Retire with reduced benefits earlier age 55 with at least 30 but less than 35 years of service.

A member with 5 or more years of service who terminates employment prior to retirement, but does not withdraw his or her employee contributions, will be eligible for retirement benefits at age 62, or at historic period sixty with 20 years of service.

Concluding Average Salary x Years of Service x two% =
Almanac Retirement Benefit nether Straight Life

A regular retirement benefit under the Straight Life annuity option is an corporeality equal to two% of a member's last average bacon multiplied by the fellow member's years of service credit paid in equal monthly installments. Concluding average salary refers to the average of the five highest fiscal year salaries out of the concluding 15 financial years of contributing service. Unremarkably, this figure will come from the terminal v years of employment.

Retirement benefits are not automated. You must utilise to the Consolidated Public Retirement Board (CPRB) for your retirement benefits. Distributions must get-go by April one of the year following the subsequently of:
a) the appointment you reach age 72 if you were born after June 30, 1949;
b) the date yous reach historic period lxx ½ if you were born earlier July 1, 1949; or
c) the date upon which y'all cease employment.

Retirement benefits are credited to retiree accounts by direct deposit on the 25th of each month. If the 25th falls on a weekend or holiday, checks are candy on the prior full business organization 24-hour interval.

Annuity Options Upon Retirement
Directly Life: A lifetime annuity payable monthly to the retiree that is determined nether the regular benefit formula without adjustment. There are no death benefits payable under this selection.
100% Joint & Survivor: A reduced annuity payable monthly to the retiree for his or her lifetime. Upon the death of the retiree, the named survivor volition receive the aforementioned corporeality for his or her lifetime.
50% Joint & Survivor: A reduced annuity payable monthly to the retiree for his or her lifetime. Upon the decease of the retiree, the named survivor volition receive half of the monthly payment for his or her lifetime.
10 Year Certain - 120 Payments: A reduced annuity payable monthly to the retiree for the retiree's lifetime. If the retiree dies before receiving 120 monthly payments, the rest of those 120 monthly payments shall be payable to the retiree'south named beneficiary or the retiree's estate.

The benefit option yous elect is extremely important. Once you receive any benefits under the options you select, you will NOT be allowed to change your benefit option unless y'all qualify nether the provisions of WV Lawmaking §18-7A-26 and 18-7A-28.

Any employee contributions, plus involvement, remaining in the retiree'southward account at the time of the retiree'southward or survivor'southward death will be refunded to the named casher or the retiree's estate.

Retirement Do good Gauge
Prior to retirement and upon request, an judge of potential benefits under all four retirement annuity options can exist provided and then that the member tin can brand an informed conclusion regarding his or her retirement options.

Inability Retirement
A member may qualify for disability retirement benefits if he or she has at to the lowest degree 10 years of service credit, left employment considering of disability, and has been unable to work because of the disability for at least six months. Simply 5 years of service credit is necessary if the disability is a direct and total result of an deed of educatee violence directed toward the member. All disability retirement applications must exist approved past the CPRB. If a member who retires on the footing of disability returns to service, the Board shall discontinue payment of his or her disability. Inability retirees are required to submit medical recertification for 5 years following receipt of disability benefits.

Death Prior to Retirement
If an active member 50 years of age or older with 25 years of credited service dies, the surviving spouse, if named every bit sole casher, will receive a lifetime annuity based on 100% Joint & Survivor annuity option. If a member dies and does not see these age and service requirements, all funds are paid to the designated beneficiary(ies).

If a member wishes to change his or her casher prior to retirement, he or she must consummate a new beneficiary form in its entirety and submit it to the CPRB prior to the member'southward death in club for it to exist constructive.

The fellow member should continue a copy of his or her beneficiary form for his or her records. If a fellow member's family situation changes (birth, death, marriage, divorce, etc.), he or she should re-evaluate their beneficiary designation.

Armed services Service
Military service will be credited in accordance with WV Code §18-7A-17a.
National Guard service may be purchased by a TRS member in accordance with WV Lawmaking §xviii-7A-17b.

Military machine Service during the Draft - Tier I members shall exist given armed services service credit for service in any of the Armed forces of the U.s. during any menstruum of national emergency within which the Federal Selective Service Act (Draft) was in effect. A maximum of 10 years of non-contributory armed forces service can be given; however, it cannot exceed 25% of the fellow member's total TRS service. Military service during the Draft period will exist credited to the member's account at the fourth dimension of retirement.

Armed services Service afterwards the Draft - Tier I members may be eligible to buy upwards to sixty months of agile duty military service for military service performed prior to employment with a TRS employer. To determine eligibility to purchase war machine service, the member must submit a Asking to Buy War machine Service Credit course to the CPRB during the offset consummate financial twelvemonth of contributory retirement service completed after July 1, 2015.

Interruptive Military Service while employed - Tier I members who are called to active duty in the Armed Forces of the United States during covered employment with a TRS employer and who render to covered employment within the time menstruation required under the USERRA federal police may be eligible to purchase upwardly to v years of military service credit for such service.

Loans
An active fellow member who was a TRS member before July 1, 2005 may borrow up to 50% of his or her contributions, only the total existing loan may non exceed $8,000. Refinancing an existing loan is not permitted.
Whatever outstanding loan balance must be paid in full prior to the member's constructive retirement date or a fellow member may elect to first whatsoever outstanding loan rest by taking a lifetime actuarial reduction of his or her monthly retirement annuity.

Ill and Almanac Leave At Retirement
A Tier I fellow member who is currently participating as an employee in the Public Employees Insurance Agency (PEIA) plan may elect to use unused annual/holiday and/or sick leave toward an increment in retirement benefits, on the basis of two days of retirement service credit for each day of unused annual/vacation and/or sick leave over the boilerplate annual contract menstruum. (This provision does not apply to full time higher instruction faculty members employed on an almanac contract basis other than 12 months.) Such days volition plant additional service in the computation of the member's retirement annuity. The additional credited service shall not be used in meeting initial eligibility for retirement criteria. Lump sum payments of annual/vacation go out shall not be used in the computation of retirement benefits under TRS.
In the alternative to increasing retirement benefits, members who currently participate in a PEIA insurance plan may be permitted to use unused almanac/vacation and sick leave days at the time of retirement to purchase health insurance under the PEIA. Please contact PEIA for farther information. Unused exit cannot be used for both options.

Termination of Employment
If a Tier I member terminates employment prior to the time he or she qualifies for retirement benefits and has accrued at least v years of contributing service, he or she may get out his or her accumulated contributions on deposit until they authorize for deferred retirement benefits. The fellow member may also choose to withdraw his or her accumulated contributions from the plan later on termination of his or her employment so long as an annuity is non immediately payable. Even so, he or she may not withdraw the employer's contributions. Employer contributions remain with the retirement organization. Once the member withdraws contributions from the system, he or she forfeits all future retirement and disability benefits. A Tier I member who is terminating employment should consult with the CPRB before deciding whether or not to withdraw his or her accumulated contributions.

Working After Retirement
Any retiree who accepts public school employment, other than as a college teacher, for a period of no more than than 140 days during the school year, and who is not considered in any way a permanent or regular employee, is considered to be temporary and shall keep to receive his or her normal monthly benefit. The retiree volition receive a reduction in their retirement annuity if the temporary employment exceeds 140 days. A retiree may teach college level courses on a non-contract footing for less than 7 hours of college credits per semester without a loss of benefits.

Out of State Service
TRS members may purchase service credit for "public" school teaching service performed in another state or for service as a instructor for employment with the federal government of the United States. Service credit purchased shall not exceed the lesser of 10 years or fifty% of the fellow member's total service at the fourth dimension of his or her TRS retirement. Purchased out-of-state service may not exist used to establish eligibility for retirement benefits in TRS. Additionally, such service must exist withdrawn from the other State or Federal retirement organisation.

Workers' Compensation
TRS members receiving Workers' Compensation benefits may purchase credited service for time absent-minded from work due to temporary disability if the fellow member returns to piece of work with a covered employer within i year following cessation of workers' bounty benefits. A maximum of 2 years may be purchased by lump sum payment. Payment must be fabricated inside 2 years of the end of the inability period.

Questions
Should you have any questions regarding the Teachers' Retirement System, delight feel costless to contact us in writing or past telephone at the West Virginia Consolidated Public Retirement Board, Monday through Friday, 8:00 a.m. to 5:00 p.m.

Annotation:
Information contained in this certificate illustrates the CPRB'south understanding of the current provisions of the Teachers' Retirement System. These provisions are contained in the current program statutes, and are subject to modification by the West Virginia Legislature each yr. This document is for general guidance purposes only. In the event there is a discrepancy between data contained in this document and the WV State Lawmaking and Rules or whatever applicable case law, the linguistic communication in the Lawmaking and Rules or any applicable case law shall prevail.