Are there any retired teachers or staff from Texas? TRS questions (pensions, moving)

[tigergirl87]

I have worked for municipal government (TMRS) for almost 10 years and am relatively youngish. (33). I have an offer to work for a really good school district in Texas but it seems like TRS is not very sound. I have tried moving up in my current job, (in fact just had a few interviews a month or so ago, but no success). I interviewed at a school district and have been offered a position. (not teaching). To be honest the raise is about 5% but health insurance is higher. At this point in my life, I am just trying to start out fresh. I had an incident occur at my job a few years ago that I feel that has black listed my career trajectory, so although I get interviewed, there is no chance I am moving from my different dept.

When I did those internal interviews, I did not tell anyone. I felt it was the best way to go, although I knew people would probably talk and discuss. So the hiring managers told me that I did not get either of them and the next day my boss tells me he heard that I interviewed for a new position. I knew he would get wind of it, but imho I felt that what he had no reason to verbally communicate that to me as it served no purpose other than him being a jerk. So back to my original question, has anyone retired from the TRS and if so, do you feel financially secure? Are your benefits sufficient?

[biscuitmom]

I collect both TRS and TMRS pensions, having been a teacher for 11 years & a city librarian for 12 years.
In addition, I worked 21 years in a corporate job & have a pension from that.

Didn't work long enough for any to be eligible for full retirement benefits such as health care so can't really address that part of your question.

Here's something to think long & hard about: very few school districts in Texas pay into social security, whereas almost all cities do.

So if your only retirement is TRS, you won't* get SS benefits whereas you will with TMRS. (*well, you'll get some tiny SS based upon the 10 years you've paid in, but it will be drastically reduced.)

In my case, it's the SS benefit on top of my other pensions that gives me a very comfortable, worry-free retirement. Ditto for most of my TMRS friends, while many of my TRS friends are struggling to get by without SS.

[trb247]

If you have a shot to secure a pension, take it. They are hard to find -- the defined benefit ones. Even without social security, if you have a pension that guarantees you $40,000 per year in income, that's equivalent to about $1 million assuming the retiree is in their fifties.

[biscuitmom]

Originally Posted by trb247

If you have a shot to secure a pension, take it. They are hard to find -- the defined benefit ones. Even without social security, if you have a pension that guarantees you $40,000 per year in income, that's equivalent to about $1 million assuming the retiree is in their fifties.

Neither TRS nor TMRS guarantees a minimum benefit, or any defined benefit at all.

[M3 Mitch]

Originally Posted by biscuitmom

I collect both TRS and TMRS pensions, having been a teacher for 11 years & a city librarian for 12 years.
In addition, I worked 21 years in a corporate job & have a pension from that.

Didn't work long enough for any to be eligible for full retirement benefits such as health care so can't really address that part of your question.

Here's something to think long & hard about: very few school districts in Texas pay into social security, whereas almost all cities do.

So if your only retirement is TRS, you won't* get SS benefits whereas you will with TMRS. (*well, you'll get some tiny SS based upon the 10 years you've paid in, but it will be drastically reduced.)

In my case, it's the SS benefit on top of my other pensions that gives me a very comfortable, worry-free retirement. Ditto for most of my TMRS friends, while many of my TRS friends are struggling to get by without SS.

Everybody knows this but just to remind people - you have to have 40 quarters paying in to SS to get *anything*. 39 quarters and you don't get any payment at all. So for a younger person who is thinking about going to a non-SS job, make sure you have at least 40 quarters in, if you are at all close to that.