Why I ask is because in CT they take up to 2/3rds of your teacher's retirement and subtract it from your social security even if you've paid your 40 quarters. So if you receive $1500/month as a teacher and $1200 a month from SS they will subtract $1000/month (which is 2/3rds of your teacher's retirement) from your SS. Leaving you with your teacher's retirement and $300 in SS.
2007-01-20 07:10:32 · 3 answers · asked by Bill Spry 4 in Business & Finance ➔ Taxes ➔ United States
Yes Teachers in Texas pay into the Teachers Retirement system and the 2/3rds formula is correct. Some exemptions may apply though. Depending if you have a spouse that has paid into Social Security and you are wanting to file under that spouse number..
2007-01-23 15:38:54 · answer #1 · answered by QUICKC 2 · 0⤊ 0⤋
Only if you have two jobs and one is covered by SS. The headache is when you retire, the SSA will take into account any retirement benefit from the TRS--it's called the 'windfall elimination program' and while it's a sound idea, you're going to wish Texas didn't have a TRS....
2016-03-29 06:24:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I think teachers just like firefighters and police officers have a pension plan instead of SS.
2007-01-20 10:29:03 · answer #3 · answered by Gina H 1 · 0⤊ 0⤋