Teachers' Retirement System (TRS)

Guru Pals College Teachers' Retirement System (GPCTRS) is a pension plan that provides retirement benefits to eligible teachers of the Great College. The basic workings of GPCTRS system includes:

1. Defined Benefit Plan: TRS is a defined benefit plan, which means that the retirement benefits are based on a formula that considers factors such as years of service and final average salary. TRS provides a guaranteed monthly benefit in retirement.

2. Contributions: Both teachers and their employer(s) contribute to the TRS fund. The contributions are set by the BOT and are typically a percentage of the teacher's salary. The employer contributes to fund the future pension benefits.

3. Vesting Period: Teachers will need to work for a certain number of years to become vested, which means they are eligible for retirement benefits. Once vested, teachers are entitled to receive a pension when they retire, even if they leave the teaching profession before reaching the retirement age.

4. Retirement Age and Formula: Our TRS provides benefits after completing a specific number of years of service. The pension amount is calculated using a formula that considers factors like years of service and final average salary.

5. Lifetime Benefit: Once a teacher retires and starts receiving benefits, the pension is paid out for the rest of their life. This provides a stable source of income in retirement.

6. Survivor and Disability Benefits: Our TRS offer features such as survivor benefits for spouses and dependents, as well as disability benefits for eligible teachers who are unable to work due to a qualifying disability.

TRS Board of Trustees (BOT)

A Board of Trustees (BOT) shall govern the retirement system.

The Board shall be composed of seven trustees who are appointed to staggered terms of three years chaired by the CEO.

One trustee is direct appointment of the CEO.

One trustee is appointed by the CEO from a list of three nominated members of each department (Basic, Science, Art and Social Science departments - making up four trustees).

Two trustees are appointed by the CEO from the four retired member candidates who are nominated by retired TRS members.

Other core details omitted here shall be made available to teachers before the first STA Virtual Meeting.