The Teachers’ Retirement Board declared a credit to the Defined Benefit Supplement and Cash Balance Benefit programs on May 2, 2024, for fiscal year 2022-23 due to the programs showing substantial investment earnings.

Amount of the credit

The credit will be applied to eligible active and inactive members who had a balance of credits (account balance) in the Defined Benefit Supplement or Cash Balance Benefit programs, or both, as of June 30, 2023.

All recipients will receive the credit at the following rates:

• 5.81% credit for funds in a Defined Benefit Supplement account
• 4.91% credit for funds in a Cash Balance Benefit account

How the credit is distributed

If you are an active or inactive member and eligible to receive the credit, the credit appears in your 2024 Retirement Progress Report.

If you were eligible to receive the credit but retired after June 30, 2023, but before May 2, 2024, you will receive a payment equal to the credit.

If you were eligible to receive the credit but began receiving an annuity on or after May 2, 2024, your Defined Benefit Supplement or Cash Balance annuity, or both, may be recalculated to include the credit. You will receive an adjustment letter detailing the recalculation of your benefit.

If you were eligible to receive the credit but have since refunded your account, you will receive a one-time payment.

For additional information, see the 2023 additional earnings credit frequently asked questions.

The Teachers’ Retirement Board declared a credit to the Defined Benefit Supplement and Cash Balance Benefit programs on May 3, 2023, for fiscal year 2021-22 due to the programs showing substantial investment earnings.

Amount of the credit

The credit will be applied to eligible active and inactive members who had a balance of credits (account balance) in the Defined Benefit Supplement or Cash Balance Benefit programs, or both, as of June 30, 2022.

All recipients will receive the credit at the following rates:

• 5.47% credit for funds in a Defined Benefit Supplement account
• 4.19% credit for funds in a Cash Balance Benefit account

How the credit is distributed

If you are an active or inactive member and eligible to receive the credit, the credit appears in your 2023 Retirement Progress Report.

If you were eligible to receive the credit but retired after June 30, 2022, but before May 3, 2023, you will receive a payment equal to the credit.

If you were eligible to receive the credit but began receiving an annuity on or after May 3, 2023, your Defined Benefit Supplement or Cash Balance annuity, or both, may be recalculated to include the credit. You will receive an adjustment letter detailing the recalculation of your benefit.

If you were eligible to receive the credit but have since refunded your account, you will receive a one-time payment.

The Teachers’ Retirement Board declared a credit to the Defined Benefit Supplement and Cash Balance Benefit programs on May 4, 2022, for fiscal year 2020-21 due to the programs showing substantial investment earnings.

Amount of the credit

The credit will be applied to eligible active and inactive members who had a balance of credits (account balance) in the Defined Benefit Supplement or Cash Balance Benefit programs, or both, as of June 30, 2021.

All recipients will receive the credit at the following rates:

• 13.21% credit for funds in a Defined Benefit Supplement account
• 11.65% credit for funds in a Cash Balance Benefit account

How the credit is distributed

If you are an active or inactive member and eligible to receive the credit, the credit appears in your 2022 Retirement Progress Report.

If you were eligible to receive the credit but retired after June 30, 2021, but before May 4, 2022, you will receive a payment equal to the credit.

If you were eligible to receive the credit but began receiving an annuity on or after May 4, 2022, your Defined Benefit Supplement or Cash Balance annuity, or both, may be recalculated to include the credit. You will receive an adjustment letter detailing the recalculation of your benefit.

If you were eligible to receive the credit but have since refunded your account, you will receive a one-time payment.

The Teachers’ Retirement Board declared a credit to the Defined Benefit Supplement and Cash Balance Benefit programs on June 9, 2021, for fiscal year 2019-20 due to the programs showing substantial investment earnings.

Amount of the credit

The credit will be applied to eligible active and inactive members who had a balance of credits (account balance) in the Defined Benefit Supplement or Cash Balance Benefit programs, or both, as of June 30, 2020.

All recipients will receive the credit at the following rates:

• 3.88% credit for funds in a Defined Benefit Supplement account
• 3.38% credit for funds in a Cash Balance Benefit account

How the credit is distributed

If you are an active or inactive member and eligible to receive the credit, the credit appears in your 2021 Retirement Progress Report.

If you were eligible to receive the credit but retired after June 30, 2020, but before June 9, 2021, you will receive a payment equal to the credit.

If you were eligible to receive the credit but began receiving an annuity on or after June 9, 2021, your Defined Benefit Supplement or Cash Balance annuity, or both, may be recalculated to include the credit. You will receive an adjustment letter detailing the recalculation of your benefit.

If you were eligible to receive the credit but have since refunded your account, you will receive a one-time payment.

The Teachers’ Retirement Board declared a credit to the Defined Benefit Supplement and Cash Balance Benefit programs on May 9, 2019, for fiscal year 2017-18 due to the programs showing substantial investment earnings.

Amount of the credit

The credit will be applied to eligible active and inactive members who had a balance of credits (account balance) in the Defined Benefit Supplement or Cash Balance Benefit programs, or both, as of June 30, 2018.

All recipients will receive the credit at the following rates:

• 4.36% credit for funds in a Defined Benefit Supplement account
• 3.86% credit for funds in a Cash Balance Benefit account

How the credit is distributed

If you are an active or inactive member and eligible to receive the credit, the credit appears in your 2019 Retirement Progress Report.

If you were eligible to receive the credit but retired after June 30, 2018, but before May 9, 2019, you will receive a payment equal to the credit.

If you were eligible to receive the credit but began receiving an annuity on or after May 9, 2019, your Defined Benefit Supplement or Cash Balance annuity, or both, may be recalculated to include the credit.

You will receive an adjustment letter detailing the recalculation of your benefit.

If you were eligible to receive the credit but have since refunded your account, you will receive a one-time payment in 2019.

The Teachers’ Retirement Board declared a credit to the Defined Benefit Supplement and Cash Balance Benefit programs on May 10, 2018, for fiscal year 2016-17 due to the programs showing substantial investment earnings.

Amount of the credit

The credit will be applied to eligible active and inactive members who had a balance of credits (account balance) in the Defined Benefit Supplement or Cash Balance Benefit programs, or both, as of June 30, 2017.

All recipients will receive the credit at the following rates:

• 4.12% credit for funds in a Defined Benefit Supplement account
• 3.62% credit for funds in a Cash Balance Benefit account

How the credit is distributed

If you are an active or inactive member and eligible to receive the credit, the credit appears in your 2019 Retirement Progress Report.

If you were eligible to receive the credit but retired after June 30, 2016, but before May 10, 2018, you will receive a payment equal to the credit.

If you were eligible to receive the credit but began receiving an annuity on or after May 10, 2018, your Defined Benefit Supplement or Cash Balance annuity, or both, may be recalculated to include the credit.

You will receive an adjustment letter detailing the recalculation of your benefit.

If you were eligible to receive the credit but have since refunded your account, you will receive a one-time payment in 2019.

The Teachers’ Retirement Board declared a credit to the Defined Benefit Supplement and Cash Balance Benefit programs on April 7, 2016, for fiscal year 2014-15 due to the programs showing substantial investment earnings.

Amount of the credit

The credit will be applied to eligible active and inactive members who had funds in the Defined Benefit Supplement or Cash Balance Benefit programs, or both, as of June 30, 2015, based on their balance of credits (account balance) on that date.

All recipients will receive the credit at the following rates:

• 3.95% credit for funds in a Defined Benefit Supplement account
• 2.64% credit for funds in a Cash Balance Benefit account

How the credit is distributed

If you are an active or inactive member and eligible to receive the credit, the credit appears in your 2016 Retirement Progress Report.

If you were eligible to receive the credit but retired after June 30, 2015, but before April 7, 2016, you will receive a payment equal to the credit.

If you were eligible to receive the credit but began receiving an annuity on or after April 7, 2016, your Defined Benefit Supplement or Cash Balance annuity, or both, may be recalculated to include the credit.

You will receive an adjustment letter detailing the recalculation of your benefit.

If you were eligible to receive the credit but have since refunded your account, you will receive a one-time payment in 2016.

The Teachers’ Retirement Board has the statutory authority to declare a credit when the Defined Benefit Supplement and Cash Balance Benefit programs show substantial investment earnings. The programs met the thresholds for a credit for the fiscal year ending June 30, 2014. The board declared the credit on June 11, 2015, for fiscal year 2013-14.

By policy adopted by the board, members and beneficiaries receiving a Cash Balance or Defined Benefit Supplement annuity, or both, will no longer receive an annuity credit.

Amount of the credit

The credit will be applied to eligible active and inactive members who had funds in the Defined Benefit Supplement or Cash Balance Benefit programs, or both, as of June 30, 2014, based on their account balance on that date.

All recipients will receive the credit at the following rates:

• 4.5% credit for funds in a Defined Benefit Supplement account
• 4.0% credit for funds in a Cash Balance Benefit account

How the credit is distributed

If you are an active or inactive member and eligible to receive the credit, the credit appears in your 2016 Retirement Progress Report.

If you were eligible to receive the credit but retired after June 30, 2014, but before June 11, 2015, you will receive a payment equal to the credit.

If you were eligible to receive the credit but began receiving an annuity on or after June 11, 2015, your Defined Benefit Supplement or Cash Balance annuity, or both, may be recalculated to include the credit. You will receive an adjustment letter detailing the recalculation of your benefit.

If you were eligible to receive the credit but have since refunded your account, you will receive a one-time payment in 2016.

The Defined Benefit Supplement and Cash Balance Benefit programs showed substantial investment earnings and met the thresholds for a credit for the fiscal year ending June 30, 2013. The board declared the credit on April 3, 2014, for the 2012-13 fiscal year.

The credit was applied to eligible active and inactive members who had funds in the Defined Benefit Supplement or Cash Balance Benefit programs as of June 30, 2013, based on their account balance on that date.

Amount of the credit

Eligible members and beneficiaries who received a Cash Balance or Defined Benefit Supplement annuity, or both, as of June 30, 2013, received a credit based on the value of the annuitized benefit as of June 30, 2013.

All recipients received the credit at the following rates:

• 3.61% credit for funds in a Defined Benefit Supplement account
• 3.25% credit for funds in a Cash Balance Benefit Program account

How the credit was distributed

Additional earnings credit

• If you are an active or inactive member and were eligible to receive the credit, the credit was applied in 2015 and reflected in your 2015 Retirement Progress Report.
• If you were eligible to receive the credit but began receiving an annuity after June 30, 2013, your Defined Benefit Supplement or Cash Balance annuity, or both, may have been recalculated to include the credit. If your credit was recalculated, you received an adjustment letter detailing the recalculation of your benefit in May 2015.
• If you were eligible to receive the credit but have since refunded your account, your credit was issued in January 2016.

Additional annuity credit

• If you are a retired member and eligible to receive the credit, your payment was issued in January 2016.
• If the credit was over $200, you had the option to rollover the credit.