Happy 2021 retirees and we hope that this year is off to a great start! You may have noticed a difference in your January, 2021, benefit. There are several factors that have attributed to the change which include a cost of living adjustment (COLA) increase, changes in federal tax tables which generally causes a smaller tax deduction, and some are receiving reduced health insurance premium amounts. Please direct any questions about tax tables, deductions, and liabilities to a tax professional and questions about your health insurance premiums to the State Health Benefit Plan (SHBP).
Active members may now access their membership statements online via their TRS account. The statements provide valuable account information, such as an account balance, the lump-sum value of an account, estimated projections, as well as beneficiary and service credit information.
In a TRS board meeting held on June 24, 2020, the TRS Board of Trustees adopted the following maximum salary increases for FY 2021 that can be used by the Teachers Retirement System of Georgia (TRS) to compute a member’s highest two-year average salary:
Employees of the Board of Regents
2.50% (0.0% + 2.50%)
All Others
2.50% (0.0% + 2.50%)
These percentages are in accordance with Georgia Law [O.C.G.A. § 47-3-120(d)] and apply only to TRS members whose current date of membership is on or after July 1, 1984.