After I Retire, Can I Change My Plan of Retirement?
After you begin receiving a monthly retirement benefit, if you have chosen Plan A (Maximum Plan) or Plan B Option 1, you cannot change to a survivorship plan, which allows a monthly benefit to be passed to a beneficiary at your death. If, at retirement, you chose Plan B, you may change your plan of retirement or beneficiary(ies) designation only as follows:
One Primary Beneficiary
If your sole beneficiary is to receive a survivors' benefit after your death and your beneficiary predeceases you, you may change your plan of retirement and you may designate a different beneficiary. If you chose a survivorship option and wish to change your plan of retirement, you must choose another survivorship option, unless you chose a pop-up option, in which case you could choose the Maximum Plan. Changing your plan of retirement and/or beneficiary will result in the recalculation of your benefit.
If your spouse is your sole beneficiary and will receive a survivors' benefit after your death and you become divorced, you may change your plan of retirement and you may designate a different beneficiary. If you wish to change your plan of retirement, you may choose another retirement plan offered by TRS. Changing your plan of retirement and/or beneficiary will result in the recalculation of your benefit.
Multiple Primary Beneficiaries
If you have multiple beneficiaries and one beneficiary predeceases you, you cannot change plans, or your remaining beneficiaries. You also cannot change the benefit percentages going to remaining beneficiaries.
If you have multiple beneficiaries and divorce occurs with a spouse/beneficiary, you may elect to delete the former spouse/beneficiary by providing a divorce decree. After the election to delete your spouse, you may either request a reallocation of benefits for the remaining beneficiaries equaling 100% or request no reallocation. If you delete your spouse with no reallocation, the designated benefit percentages will remain unchanged and the retiree’s benefit would be recalculated as an Option 4 selection. In either case, you may NOT add any new beneficiaries, including new spouse beneficiaries, and you may not lower the distribution percentage to any remaining beneficiary. You may request a benefit estimate to determine the impact of any change you are considering by contacting TRS.
If you terminate your retirement, become a member again and subsequently retire, you may select a different plan of retirement and designate a different beneficiary (ies) upon your re-retirement. A new benefit estimate will be generated upon re-retirement.
TRS recommends that you obtain a benefit estimate prior to choosing a new plan of retirement and/or naming a new beneficiary (ies). To review information regarding beneficiary designations, click on the link to the right.