| To Retire On | Pay Bill Balances, Submit Form 3 or Request Revised Estimates No Later Than | Submit Application to Retire and Employer Retirement Verification No Later Than | Submit Retirement Contract, Tax Withholding, and Direct Deposit Forms No Later Than | Last Day of Active Employment No Later Than | First Retirement Payment Deposited On |
|---|---|---|---|---|---|
Jan. 1 |
October 1 |
November 1 |
December 1 |
January 10 |
February 1 |
Feb. 1 |
November 1 |
December 1 |
January 1 |
February 10 |
March 1 |
March 1 |
December 1 |
January 1 |
February 1 |
March 10 |
April 1 |
April 1 |
January 1 |
February 1 |
March 1 |
April 10 |
May 1 |
May 1 |
February 1 |
March 1 |
April 1 |
May 10 |
June 1 |
June 1 |
March 1 |
April 1 |
May 1 |
June 10 |
July 1 |
July 1 |
April 1 |
May 1 |
June 1 |
July 10 |
August 1 |
Aug. 1 |
May 1 |
June 1 |
July 1 |
August 10 |
September 1 |
Sept. 1 |
June 1 |
July 1 |
August 1 |
September 10 |
October 1 |
Oct. 1 |
July 1 |
August 1 |
September 1 |
October 10 |
November 1 |
Nov. 1 |
August 1 |
September 1 |
October 1 |
November 10 |
December 1 |
Dec. 1 |
September 1 |
October 1 |
November 1 |
December 10 |
January 1 |
Retirement Timelines
Submit a Pre-Retirement Information Verification (Form 3) and requested documentation to receive a retirement estimate. After a Form 3 is on file, revised estimates may be requested following the same timeline. After Form 3 submission or member request, one of the following will be mailed to you:
Projection: Includes a range of several years and is provided if requested retirement date is more than 1 year into the future.
Hypothetical Estimate: Includes unpaid service and billings and any other hypothetical possibility than can affect retirement. Cannot be used to begin the retirement process.
Application to Retire: Used to begin the retirement process. The ATR cannot include unpaid balances.
The Application to Retire (ATR) is signed and will designate choice of retirement plan and partial lump sum option. The ATR must be signed by both member and spouse (if married). A Retirement Contract packet will be mailed after ATR has been received. The Employer Retirement Verification is to be completed by the employer.
The signed & notarized Retirement Contract, Tax Withholding, and Direct Deposit forms are due to TRS no later than 30 days prior to retirement.
PLSO Distribution Election form can be submitted at any time. Benefit payments may be adjusted after final remittances are received.
If member’s last day of work is no later than the tenth day of the month, the member may retire the first day of the same month. However, if you qualify for the 90‐day (75%) round up provision, then employment must terminate at the end (last day) of the final contract year. Terminating employment before or after last day of final year disqualifies this provision.
The first benefit payment is direct deposited to the member’s account one month after the retirement date. Benefits are paid in arrears the first day of following month. (i.e. January retirement benefit - minus taxes and health insurance for the month of January‐- is direct deposited to member’s account February 1.)
Last Modified on
Jan 19, 2022
