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FAQs: DOE/Charter School employees whose TRS membership date is after February 27, 2008: As a participant in the Age 55 Retirement Program, you are initially required to contribute 4.85% of your gross pensionable compensation to the QPP.
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FAQs: During your first three plan years of membership, TRS will use a projection of your annual wages to determine your contribution rate; these projections are based on your most recent contractual salary, as provided by your employer(s).
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FAQs: At the time of membership, you will be notified as to when your pension deductions should begin.
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FAQs: Deductions can only be made from one retirement system at a time, and it takes some time to complete the transition.
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FAQ : Your FAS generally would be the average of your highest three consecutive annual salaries.
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FAQs: All retirement allowance payments would cease upon your death.
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FAQs: In general, lump-sum payments of your retirement allowance are only permitted for terminally ill members (please see the TRS' Lump-Sum Disability Benefit brochure); however, all eligible members may apply for a loan from their funds in conjunction with retirement.
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FAQs: The QAS indicates the number of your variable units at the end of each quarter of the calendar year.
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FAQs: Yes, as long as the payments are to be deposited in the same account.
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FAQs: Members should contact their bank to determine if the money market account is considered a checking or a savings account.
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