However, if your spouse is eligible for a Social Security pension, you might be eligible for a spousal or widow/er benefit. I will be 62 in November and would like to ask if I can take half of […] Q&A: Confusion over spousal benefits Dear Liz: I am currently receiving a spousal benefit from Social Security that’s equal to 50% of my husband’s benefit. In this case, the recipient Social Security benefit is reduced by 2/3 of her TRS pension. Why does the Government Pension Offset (GPO) affect Texas educators? If you are in the TRS program but your spouse gets a social security pension, you might be eligible for a spousal or widower benefit. You can also compare the benefits you are eligible for, such as a personal benefit or an ex-spouse’s spousal benefit, to see which is the highest. The only way to be exempt from the WEP is to pay into Social Security for 30 or more years of substantial earnings. The pension trust fund provides service and disability retirement, as well as death and survivor benefits, to eligible Texas public education employees and their beneficiaries. Plan 1 Membership established before October 1, 1977 [full plan definition]. Retirement benefits are financed by member and state contributions, employer contributions in some circumstances, and through investment earnings of the pension trust fund. Click here for contact information for the office nearest you. Mark Pendergast has worked as a freelance writer since 2007, focusing on topics such as health, sports and finance. If I start receiving my SS benefits, can she begin receiving spousal benefits, until she retires and begins receiving her TRS … 711) that is currently pending before Congress. Social Security spousal and widow/er benefits were created to provide security for people dependent on their spouses. How will my spousal or widow/er Social Security benefit be affected by my eligibility for TRS benefits? The Government Pension Offset is a rule that applies to those who receive spousal, widow's or widower's benefits from Social Security and also receive a TRS pension. The ETPSA would repeal the WEP and replace it with a new formula that would treat public-sector employees the same as private-sector employees by basing each employee’s benefits on his or her actual Social Security contributions and work history. Teachers' Retirement System retirement benefits were significantly better than those offered under Social Security. Any withheld amount will be sent to the IRS as credit toward the beneficiary's federal taxes for the year of distribution. ATPE has also joined forces with like-minded groups in 11 other states in the Coalition to Preserve Retirement Security (CPRS). If I rescind my TRS membership and withdraw my contributions from TRS so that I will not receive a TRS pension, will I still be subject to these offsets? The WEP modifies the formula to prevent providing employees, such as Texas educators, who haven’t paid into Social Security with a higher percentage of their pre-retirement earnings than that given to employees who have paid into Social Security for their entire careers. This is calculated according to your age and the number of years of marriage to an eligible spouse. Two benefits can be paid by TRS when a member dies. The dollar amounts that follow are one example of a calculation for someone turning 62 in the year 2014: The first $816 of the AME is multiplied by 90 percent. The monthly benefit available is the same benefit that would have been payable if the deceased member had retired and selected Plan B, Option 2 (the 100% survivorship option). Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Authored by U.S. Rep. Kevin Brady (R–TX), the bill is an attempt to address inequities of the WEP. If you retire from a district that does not participate in Social Security but are eligible for benefits through your spouse, the GPO will reduce the amount of your spousal or survivor Social Security benefits by two-thirds of the amount of your TRS pension.
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