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Old 02-17-2012, 09:05 AM
 
333 posts, read 687,555 times
Reputation: 186

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Interviewing for H/PE positions now in TX and a leading candidate for a few of them. Is it true that teachers pensions might become non existant in TX? Has anyone that teaches or knows a teacher heard anything about this? Do you know if pensions from other states can transfer to TX?
Thanks everyone.
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Old 02-17-2012, 09:40 AM
 
32,612 posts, read 51,207,313 times
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you can buy years of credit within the TX teacher/pension organization up to certain limit based on years that you taught in other states--had friend who taught in NYC schools who did this--think she could buy 5 yrs credit even though she had taught more like 10 in NYC

not sure if.how you can "roll over" your pension amounts in other states' pension funds like people can transfer 401K accounts
I don't think you can--she didn't--she had her money invested in other ways...

you should discuss your questions with TRS

Teacher Retirement System of Texas: TRS

the people I spoke with when I was trying to decide if I could afford to leave teaching at mid-year (the year I did retire) for early retirement or should gut it out until the end of the year were incredibly knowledgeable and helpful
One of them explained how I could increase my teaching credit years to 20 and basically double my pension amount...very grateful to him...

They can explain how a TX teacher's pension and SS interact if you have SS earnings that you might try to claim when you reach retirement as well...and spousal SS claim if your spouse has worked/earned SS credits as well

(the current situation regarding SS and a TX teacher pension is not good or fair (IMO)

MOST school districts won't give your advice on either TX teacher pension or SS because they will say they don't administer those and they don't have any legal standing to give advice...both true--but one important reason they don't tell you what almost anyone working in HR in TX education knows:
that people in other states or other professions coming in to edcation in TX as newbies who have EARNED significant SS credits are going to be penalized if they come teach/retire in TX under current SS code...and try to claim on their SS credits...
This is not the fault of TX legislature but the Federal SS code--
TX does not have districts that take out payments to SS as well as TX TRS--as some states do...
Dallas ISD is one local district that used to take out for SS credits and TRS--depending on your job status I think


There is discussion/controvery that the TX legislature wants to take over total management of the TX teachers' pension fund which is VERY wealthy--which would not be good for teachers--
Currently the mgmt board of TRS is mix of members elected by members of TRS--teachers/admins/staff--and appointed by the governor...
there is conflict within the Board about the right mix of investment vehicles to certain extent and the direction of the pension fund mgmt
the Legislature is the only one who can raise the amount of the state's contribution to the fund/retirees' pensions--like cost of living raise
there have been NO cost of living increments in like 8 yrs and there probably won't be--
TX teachers have been stupid in the people many of them have voted into office--pretty gullible
there are huge numbers of teachers--retired and current--and if they would get their act together they could make a voting block that would improve their situation
Unfortunately that has not been the case in the past--the future is up for grabs....
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Old 02-17-2012, 07:02 PM
 
333 posts, read 687,555 times
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much appreciated, lots and lots more to think about as is the case with any big move..
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Old 09-11-2012, 12:49 PM
 
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Default Retirement and ss

I retired in 2006 and am able to receive both teachers retirement and full Social Security, The requirement for this is paying into Social Security for 40 quarters and 30 years.
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Old 08-21-2015, 08:14 PM
 
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Does anyone know if you can still draw TRS retirement if you get fired?
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Old 08-22-2015, 12:55 AM
 
32,612 posts, read 51,207,313 times
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If you have paid into the system you have funds
You have to wait until retirement age if you have paid in enough to draw a pension
I guess with only a year's pin vestment you wouldbebetter drawing it out
You can withdraw the money and transfer to a personal retirement account--equivalent to an IRA--and let it grow until you can legally withdraw distributions--age/factors vary

A teacher's pension might offset part of your SS when you are old enough to draw it if eligible for SS
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