Retirement Prep

Members sometimes say they have no idea how to start planning for TRS retirement. We understand the decision to leave your career and retire can be daunting, and our staff are here to make the TRS piece of that puzzle as easy as possible!

This webpage provides an overview of the process, with a timeline to guide you in your last 1-2 years of employment.

• Tip: We strongly recommend you attend a TRS "Ready, Set, Retire!" webinar or live presentation to learn more. If none are scheduled, you can watch a video recording. See the Training Resources page for links.
• You are always welcome to contact a TRS Benefit Officer with questions you may have. Telephone numbers and email addresses are provided on the Contact Us | Staff Directory page (Active Benefits Team section).

TRS recommends you start planning ahead for retirement 3-5 years ahead of time by learning about TRS retirement and the benefit options available to you.

Then, use the timeline below as a guide during your final two years of employment. 

TWO YEARS before you plan to retire:

• Talk to a TRS Benefit Officer about the benefit options available to you;
• Ask your employer how much you might receive in termination pay (an estimate is fine); and
• Log into My TRS and use "My Benefit Estimator" to run an unofficial, preliminary estimate.

ONE YEAR before you plan to retire:

• Ask your employer for an updated estimate of your termination pay;
• Log into My TRS and run another unofficial estimate of benefits with the updated termination pay amount; and
• Contact TRS to confirm whether you plan to "invest" your termination pay in TRS to boost your monthly retirement benefit. There are costs and certain deadlines involved, so don't delay!

SIX MONTHS before your retirement date:

• Request a Retirement Application packet from TRS by calling 406.444.3134 or 866.600.4045.
• When your packet arrives, carefully review the various retirement allowances described on the application materials, and decide which allowance might be best for you.
• Fill out the forms in the Retirement Application packet, and call TRS anytime with questions!

THREE MONTHS before your retirement date:

• Make sure you have submitted all required application materials to TRS. If you are still employed, your employer may be required to complete and sign certain forms, so please confirm those have been completed and submitted to TRS as well.
• If you are purchasing service and you have a balance remaining, be sure to pay it off before you terminate employment. Log into My TRS or talk to a TRS Benefit Officer if you are unsure of your remaining balance.

TRS can provide an Estimate of Benefits (EOB) showing your estimated monthly benefit under the various retirement allowances and termination pay options available to you.

If you request a Retirement Application packet and there is no record in our system that TRS has provided an EOB to you previously, our staff will be sure to include one in your packet.

• Vested members of TRS can run their own preliminary estimates using My TRS. However, you may prefer to have TRS staff produce the estimate for you, in case there are tax implications, an unpaid service purchase, or other contingencies that could affect the estimate.

If you are eligible to purchase service with TRS (e.g., for out-of-state or private school teaching, military service, leave of absence or previously withdrawn service), we strongly recommend you contact our office as early in your career as possible. Don't wait until you are ready to retire! The longer you wait, the more it will cost to pay the necessary contributions to TRS.

Service purchases must be completed before TRS processes your application for retirement. For information about the various service purchase types, eligibility requirements and potential costs, a TRS Benefit Officer at 406.444.3134.