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Planning for Retirement

Individual Counseling Appointments

Twenty minute sessions with a TRS Retirement Counselor are scheduled at selected locations throughout the state from October through April. To make an appointment you must be within three years of retirement eligibility and complete a Retirement Counseling Appointment Request Form, available through the RSA Web site at www.rsa.state.al.us/RetPlanning/retirement_planning.htm.

The schedule for this year's individual retirement counseling sessions has been announced by the Retirement Systems of Alabama (RSA). The first individual appointments are to be October 4-5 in Huntsville. The October schedule also includes Birmingham, Jasper, Mobile Guntersville, Talladega, Anniston, and Auburn. The 20-minute appointments with a TRS retirement counselor must be made in advance and are only open to school employees within three years of retirement.

If you have not received a request form from your school system, use the link above. No appointment is needed to meet with a counselor at the office in Montgomery.

The Teacher Retirement System provides two major means of preparation for your retirement. For members of the retirement system within four years of retirement there are full day retirement preparation seminars held at locations across the state during the last half of the year. When you are within three years of retirement you may schedule individual counseling appointments with a TRS Retirement Counselor. Schedules for both the seminars and counseling appointments are posted at the RSA Web site at www.rsa.state.al.us/RetPlanning/retirement_planning.htm.

TRS Retirement Preparation Seminars

These full day seminars address
          • Social Security
          • Insurance issues
          • An up close look at adjustments after retirement
          • A thorough explanation of the retirement options, the retirement process and deadlines, etc.
          • Athorough explanation of the Deferred Retirement Option Plan (DROP)
          • RSA-1 Deferred Compensation Plan information
          • Various retiree organizations that will be represented
Registration for these seminars is on a first come basis. No faxes or phone registrations will be accepted, so use the link above to reach the registration form that must be submitted.

DROP benefits can be a part of your finanacial plans for retirement
     The Deferred Retirement Option Plan (DROP) became effective June 1, 2002. The Teachers' Retirement System provides an extensive description of the program. To get an approximate idea of retirement income under DROP and under the regular retirement scenario, use theRetirement Systems of Alabama calculator.

           Public education and state employees considering retirement have a financial incentive to stay on the job. DROP allows teachers to continue to contract to teach for not fewer than three nor more than five years after they have retired. During that period of time their retirement income is placed in an escrow account while they receive their teaching salary. The contributions to the retirement system from their teaching salaries are also added to the escrow account.

     The teacher retains (and accrues) sick leave during this contract period. At the end of the contract period the teacher's retirement benefit is recalculated to include any sick leave remaining from that which had been earned upon retirement (at the beginning of the contract). The sick leave days accrued after retirement may be used for sick leave, but may not be used to increase the retirement benefit.

     At the end of the contract, the teacher will receive the amount of retirement funds in the escrow account. These funds should be rolled into a retirement account such as AEA ValueBuilder or RSA-1 to defer taxes.