2015 additional earnings credit
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.
For additional information, see the Additional Earnings Credit Frequently Asked Questions.