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TRS explains annual increases, tax reporting and Social Security change
Summary
TRS summarized how annual pension increases work for tier 1 and tier 2 members, tax reporting (1099-Rs), state withholding options, and the federal Social Security Fairness Act of 2025's effect on Social Security eligibility.
A TRS staff member reviewed benefit-increase schedules for tier 1 and tier 2 members, tax reporting requirements, and recent federal changes affecting Social Security calculations for public employees.
TRS said tier 1 members receive annual increases of 3% compounded on the prior year's benefit beginning the Jan. 1 after the member turns 61 and has been retired at least one year (first increase reflected on the Feb. 1 check). For tier 2…
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