If you have no statutory survivors, your account balances will be paid to your designated beneficiary in a lump sum payment. A court may order that your former spouse receives a portion of your retirement benefits. This can only be accomplished if a copy of the court order or judgement is filed and approved by the Teachers' Retirement Board. Interest accrues on this account in the same manner as your regular account. All voluntary contributions received on or before the thirtieth of June will be first credited with interest on the thirtieth of June of the following year.
Interest rates vary from year to year.
There are occasions where a terminal leave of absence may be advisable. Be sure to contact this office if you need assistance. All additional service credit must be documented on the required forms prior to your effective date of retirement in order to be purchasable. The cost of health insurance varies from district to district. Your former employer must charge you the same premium that is assessed by the insurance company for the type of coverage you are receiving.