The Teacher Retirement System of Texas is the largest public retirement system in Texas, serving more than 1.5 million people. TRS has two core responsibilities — to deliver retirement and related benefits that have been authorized by the Texas Legislature, and to manage the trust fund that finances member benefitsThe Teacher Retirement System of Texas is the largest public retirement system in Texas, serving more than 1.5 million people. TRS has two core responsibilities — to deliver retirement and related benefits that have been authorized by the Texas Legislature, and to manage the trust fund that finances member benefits
Dearborn & Creggs specializes in providing group and faculty presentations to those who participate in the Teacher Retirement System of Texas so they can better understand their pension plan. Dearborn & Creggs reps also counsel TRS participants on a one-on-one basis that goes beyond a general overview. We review the entire retirement process on a step-by-step basis with participants, and we offer insight about each retirement payment option that is available. Our main objective is to help ensure our clients make the best choices to help maximize benefits for themselves and their beneficiaries. We strategically work to help our clients have a smooth transition into retirement.
If you would like Dearborn & Creggs to facilitate a group presentation or you would like to learn more about TRS on a one-on-one basis, please call us at (281) 277-6400 to schedule up an appointment.
Voluntary Savings Plan: 403(b)
The Internal Revenue Code section 403(b) authorizes a tax-sheltered retirement program using a payroll reduction system. This supplemental retirement account is designed to help employees of public schools, community colleges, state universities, and non-profit 501(c)(3) organizations regularly set aside money toward their retirement. Because it’s a tax-sheltered account (TSA) retirement program, you pay no taxes on your earnings until retirement or withdrawals. In addition to saving for your retirement, those contributing to a 403(b) can also save on their current federal income tax. Every dollar contributed to a 403(b) program is a dollar reduction in current-year taxable income.
Other added benefits of contributing to a 403(b) are:
⦁ The convenience of automatic contributions through payroll deductions
⦁ A variety of investment options
⦁ Low investment minimums
⦁ The opportunity to close the income gap upon retirement
*Withdrawals are taxed as ordinary income in the year received. Tax penalties and penalties for early withdrawal may apply if funds are withdrawn prior to age 59 ½.
If you would like to learn more about how you can set up a voluntary savings plan to supplement your TRS pension, please call us at (281) 277-6400 to schedule an appointment.
Resources for Your Classroom
There are many different resources, such as the ones below, available for teachers to supplement their curriculum to help students gain the financial literacy skills they will need in order to manage their financial resources throughout their lives.
This site is designed to help you teach 6-12 graders how to manage money wisely. The need for such practical instruction is a serious one. Both test scores and the current money management behavior of young people indicate that they lack basic money management skills they need to learn as they grow up.
The mission of YoungBiz is to empower youth with entrepreneurial, business, and financial skills through innovative education and real-world experience.
This fun and educational tool for students and teachers generates an interest in coins, the U.S. Mint, and U.S. History. Its features include historical content, games, and cartoons.