For persons who became members of TRS prior to September 1, 2007, had at least five years of service credit on August 31, 2014, and maintain membership until retirement, the following eligibility requirements must be met to qualify for normal age retirement:

• Age 65 with five or more years of service credit, or
• Any combination of age and service totaling 80 with at least five years of service credit.

For persons who first became members or returned to membership on or after September 1, 2007, but prior to September 1, 2014, had at least five years of service credit on August 31, 2014, and maintain membership until retirement, the following eligibility requirements must be met to qualify for normal age retirement:

• Age 65 with five or more years of service credit, or
• At least age 60, meets the Rule of 80 (combined age and years of service credit equal at least 80), and have at least five years of service credit.

Persons for whom any of the following apply: (1) first became a member or returned to membership on or after September 1, 2014, (2) had less than five years of service credit on August 31, 2014, or (3) had at least five years of service credit on August 31, 2014, but terminated membership in TRS on or after September 1, 2014, and resumed membership in TRS again at a later date, the following eligibility requirements must be met to qualify for normal age retirement:

• Age 65 with five or more years of service credit, or
• At least age 62, meet the Rule of 80 (combined age and years of service credit equal at least 80), and have at least five years of service credit.

TRS service credit is an important part of determining eligibility for TRS benefits including TRS-Care.

Service credit affects the amount of a service or disability retirement benefit you may receive when you retire. In the event of your death as a TRS active member, service credit can also affect benefits paid to your beneficiary.

You establish service credit in two ways:

• Through eligible employment in Texas public education
• By purchasing service credit when eligible

For the twelve-month period ended August 31, 2024, the total portfolio delivered investment returns of 12.83 percent, which is 3.55 percent above the Pension Trust Funds (Fund) benchmark. As a result, the total investment value of the Fund as of August 31 was $209.5 billion, or $22.9 billion more than this time last year, after contributions and benefit payouts. On a three-year annualized basis, the Fund has returned 3.01 percent, which is 0.90 percent above its benchmark. Annual rates of return for the five and ten-year periods ending August 31, 2024, were 7.94 percent and 7.24 percent, respectively. Both rates surpassed the Board's adopted long-term assumed rate of return of 7.00 percent. Investment risks are diversified over a very broad range of market sectors and securities. TRS' investment strategy is designed to minimize downside risk while capturing upside performance, and it reduces portfolio risk from adverse developments in sectors and issuers experiencing unusual difficulties and offers opportunity to benefit from future markets.

A cost-of-living adjustment (COLA) was dependent on Texas voters approving a constitutional amendment (Proposition 9) to authorize the COLA. Voters approved the amendment in the November 2023 election and the COLA will be applied to eligible annuitants' payments beginning with their January 2024 payment due the last business day of the month (Jan. 31).