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Annuity Plans

TRA offers six options that provide a lifetime benefit for a retiring member.

The amount payable under each plan varies, depending on the amount of protection selected for a beneficiary or survivor.

As you prepare for your retirement, choose the retirement plan that most effectively meets your
needs taking into consideration

Familiarize yourself with your retirement benefits by watching our videos:

No refund plan

This retirement plan offers monthly benefit payments for your lifetime. The payments are the highest payments available to you because this plan does not provide survivor coverage. The payments cease upon your death.

The benefits payable to a designated beneficiary are:

Guaranteed refund

This plan offers monthly benefit payments for your lifetime. The payments may cease upon your death depending on whether you have recovered your accumulated contributions and interest by the date of death. The benefits payable to your designated beneficiary are:

The period of protection for a beneficiary is usually two to six years following the effective date of retirement depending on your length of service and age at retirement.

15-years guaranteed

Benefits are payable monthly for your lifetime with the guarantee that payments will be made for at least 15 years. The benefits payable to your designated beneficiary are:

Survivorship plans

Benefits are payable monthly for your lifetime. The amount payable is dependent on the level of survivor protection you choose and the age of your designated optional joint annuitant (OJA).

If you die before your optional joint annuitant (OJA), your OJA is paid an amount equal to a percentage of your monthly payment:

By law, a married member must choose a survivorship plan, unless the spouse waives the selection of this type of plan.

Questions?

We encourage you to take advantage of our retirement counseling service if you have not done so. Counselors will provide you with estimates and assist you with filling out the necessary forms. It is your responsibility, not that of your employer, to complete the retirement application and file it with our office.

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