Each of TRSL's three plans has different retirement eligibility requirements and different ways of computing the retirement benefit. To retire, TRSL members must meet the minimum eligibility requirements of the plan to which they belong. See Membership.

Regular Plan (teachers)

To retire under the 2% benefit factor, a Regular Plan member who joined TRSL before July 1, 1999 , must meet one of the following requirements:

• 5 years of service at age 60
• 20 years of service at any age

To retire under the 2.5% benefit factor, a Regular Plan member must meet one of the following requirements:

• 20 years of service at age 65
• 25 years of service at age 55
• 30 years of service at any age

Regular Plan members who joined TRSL on or after July 1, 1999 , receive a 2.5% benefit factor at retirement. However, the 20-years-at-any-age retirement benefit is actuarially reduced depending on the member's age and years of service at retirement. The reduction is based on the number of years it would have taken to reach the next retirement eligibility had they continued to work. The greater the number of years to regular retirement, the greater the actuarial reduction. A list of the reduction factors can be found in the TRSL Benefits Handbook: Regular Plan and Plan A.

The Maximum Option benefit, the largest benefit possible, is calculated by multiplying years of service (plus eligible leave) times the 2% or 2.5% benefit factor times final average compensation.

Example 1: The Maximum Option benefit of a 60-year-old member who has 10 years of service credit and a $30,000 final average compensation would be calculated using the 2% benefit factor:

10 x 2% x $30,000 = $6,000

Example 2: The Maximum Option benefit of a 54-year-old member who has 30 years of service and a $25,000 final average compensation would be calculated using the 2.5% benefit factor:

30 x 2.5% x $25,000 = $18,750

There are eight payment options from which a TRSL member may choose at retirement. These options provide payments for a beneficiary upon the death of the retiree. The Maximum Option benefit is actuarially reduced if one of these option is chosen. See Benefit Options.

Plan A (school food service)

To be eligible to retire, a Plan A member must meet one of the following requirements:

• 5 years of service at age 60
• 25 years of service at age 55
• 30 years of service at any age

Under Plan A, members who have contributed to retirement each year of employment have their TRSL benefit calculated by multiplying a 3% benefit factor times the years of service (including credit for unused certified sick leave) times the final average compensation.

Plan A members who did not contribute to retirement until their school board withdrew from Social Security coverage will receive 1% for those years, plus $24 per year for each year that retirement was not paid, and 3% for each year after the school board withdrew from Social Security coverage and retirement contributions were paid on the member’s salary. Proportionate credit for unused sick leave will be used in both calculations.

Plan B (school food service)

Plan B members must meet one of the following retirement eligibility requirements and a 2% benefit factor:

• 5 years of service at age 60
• 30 years of service at age 55

Under Plan B, members have their TRSL benefit calculated by multiplying a 2% benefit factor times the years of service times the final average compensation.

Plan B members are not eligible for retirement with 20 or 25 years of service credit until age 60. Plan B members pay the full Social Security employment tax and are eligible for unreduced Social Security benefits.