TRS Counselor Outlines Key Steps for Retirement Preparation

The Teachers' Retirement System (TRS) Board of Trustees in Illinois convened on December 16, 2024, to discuss essential preparations for retirement for educators. The meeting emphasized the importance of reviewing TRS accounts and ensuring accurate reporting of earnings and service credits by school districts.

The session began with a reminder for educators to regularly check their TRS accounts. Members were advised to verify that their earnings and service years were correctly reported. If discrepancies were found, they were encouraged to contact their district promptly for corrections, as it becomes more challenging to amend issues from the past.

Another critical topic was the management of beneficiaries. Educators were urged to ensure that their designated beneficiaries on their TRS accounts align with their current wishes, especially if they have other retirement savings plans. Additionally, members were reminded to upload proof of birth to confirm their age, which is a factor in retirement eligibility.

The board highlighted the availability of TRS counselors for personalized assistance. Educators were encouraged to schedule meetings, particularly within 12 to 18 months before retirement, to discuss their retirement plans and ensure all options, such as sick days and reciprocal service, are accounted for.

The meeting also covered the "It's Time to Retire" webinars, which provide crucial information for those planning to retire within the upcoming year. These sessions outline necessary steps and preparations for a smooth transition into retirement.

Post-retirement work opportunities were discussed, clarifying that retirees can work in TRS-covered positions for a limited number of days and hours while receiving their pension. However, there are specific rules regarding employment in other Illinois pension systems, which retirees must follow.

The board concluded by emphasizing the importance of financial planning and the resources available to educators. Members were encouraged to utilize TRS services, including benefit estimates and financial education specialists, to enhance their retirement planning.

Overall, the meeting served as a comprehensive guide for educators approaching retirement, ensuring they are well-informed and prepared for the transition.