When can I take a refund of my TRS contributions?
If you are currently employed in a TRS-covered position, you may not apply for a refund. You may apply for a refund if you have officially resigned from your position. However, the refund cannot be processed until four months have passed since your last day of teaching. Remember that accepting a refund forfeits all TRS benefits.
After TRS has received all the required documents, you should allow six weeks for receipt of your refund.
If you are receiving temporary disability benefits from TRS, you cannot apply for a refund until four months have lapsed since your last payment (paid through) date.
Please refer to the Refunds (PDF) section of the Member Guide for more information.
What happens if I leave teaching before I'm old enough to collect a monthly benefit?
If you decide to leave teaching, you may leave your contributions in TRS to qualify for a future benefit or you may take a refund. Members are eligible to receive a monthly benefit with 5 years of service at age 62, with 10 years at age 60, or with 20 or more years at age 55. Members with fewer than five years of creditable service after July 1, 1947, are eligible to receive a single-sum retirement benefit at age 65.
Members who do not want to take a single-sum or monthly benefit may take a refund. The refund will consist of contributions (without interest) that you made during your teaching service minus the 1 percent contribution for survivor benefits. If you take a refund, you forfeit all rights to TRS benefits and all service credit is canceled. The 0.5 percent contribution for the Teachers' Health Insurance Security Fund is nonrefundable.
Please refer to the Retirement Benefits (PDF) and Refunds (PDF) sections of the Member Guide for more information.
If I don't choose to upgrade to the 2.2 formula and I teach for 38 years, does the refund of the 1 percent retirement contribution for 2.2 for the years between 34 and 38 include the year of sick leave credit I will have?
Since sick leave service credit is granted at retirement and no contribution is made for service, sick leave credit will not be used in determining the amount of the refund.
If I upgrade to 2.2 but work to 38 years of service, will the entire upgrade cost be refunded?
The upgrade charge will be recomputed when you retire. For each year beyond 34, you will receive a 25 percent refund of the 2.2 upgrade charge with interest when you retire. In addition, the 1 percent retirement contribution made for 2.2 for the years between 34 and 38 will be refunded (without interest).
If I upgrade my pre-July 1998 service to the 2.2 formula, later quit teaching and apply for a refund, will my upgrade charge be refunded?
Yes, without interest.
If I retire after June 30, 2005 and I don't use ERO, am I eligible for a refund of my 0.4 percent ERO retirement contribution?
Yes. The contributions will be refunded without interest:
- within 120 days of when your non-ERO annuity commences;
- if you claim a refund that terminates membership in TRS;
- if you die without having begun to receive a retirement annuity; or
- if the ERO program is terminated in the future as a result of reviews of contribution rates set to begin in 2012.
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