Saturday, September 30, 2017
Why Doesn't TRS Update The Final Average Salary Monthly?
As many of you are aware the Teachers' Retirement System has had a major facelift to its online access system. While some of the changes can be considered improvements, some of the other changes are not. For example, the monthly unit increments for the TRS fixed rate return is missing under the new system that was readily available on the older system. However, the most important omission in the new TRS system is the lack of an updated Final Average Salary (FAS) that was also available in the older system.
Since the new TRS system has been online the FAS listed is almost two years old. Moreover, it does not include per session activities or 683 money for District 75 summer programs. Finally, it is simply calculated on base salary with no adjustments. I would think the so-called upgraded TRS system would have monthly updates of the member's FAS. Instead they rely on the members to use their online calculator to estimate their pension which requires the member to make an educated guess of what his or her FAS is.
I have found the upgraded TRS online system to be disappointing and they should correct the issues I identified. At this point the new TRS online system is a work in progress.