Some TRS costs going up

Members’ costs of purchasing service credit and reinstating withdrawn service are increasing, thanks to a new state law, SB1668, and rules approved by the Teacher Retirement System of Texas.

Effective this Sept. 1, purchases of service , including out-of-state service credit and service credit focreditr developmental leave, will increase by about 30 percent. TRS members can still get the old rates if they pay for service credits in full or arrange for installment payments by Aug. 31, 2013.

SB1668 also raises the annual reinstatement fee from 6 percent to 8 percent for reinstating withdrawn service. Members can still get the 6 percent rate if they pay the amount withdrawn by Aug. 31, 2013.

Other new rules require that any corrections to members’ annual statements must be brought to the attention of TRS within five years. A member’s failure to receive an annual statement won’t extend that deadline. Members who want to establish credit for service rendered before this Sept. 1, the effective date of a new law, SB1667, but that hasn’t yet been credited on their annual statements have until Aug. 31, 2016, to notify TRS in writing.