Texas Pension Formulas
Texas pension formulas fall into two fundamentally different categories:
Traditional Defined Benefit (TRS and ERS Groups 1–3):
Service Credit × Benefit Multiplier × Final Average Salary = Annual Pension
Cash Balance (ERS Group 4, TMRS, TCDRS):
Accumulated Account Balance (contributions + interest + gain share) + Employer Match → Converted to Lifetime Annuity
This distinction is the single most important thing to understand about Texas pensions. If you're coming from California, you're used to traditional DB exclusively — CalPERS and CalSTRS both use the years × factor × salary formula. In Texas, the majority of city and county employees (TMRS and TCDRS) are in cash balance plans, and as of September 2022, new state employees (ERS Group 4) are too. Only TRS teachers remain in a purely traditional formula.
- see also: Texas Pension Systems Overview — background on all 93+ systems, the Dallas crisis, and how Texas compares to California
- see also: TRS — Benefit Calculations
- see also: ERS — Cash Balance FAQ
TRS Formulas (Teacher Retirement System)
TRS uses a traditional defined benefit formula with a flat 2.3% multiplier — unlike CalPERS or CalSTRS, there is no age-based scaling of the benefit factor. The formula is the same regardless of retirement age (though you must meet eligibility requirements).
TRS Benefit Formula
Years of Service Credit × 2.3% × Final Average Salary = Annual Pension
TRS Eligibility Rules
| Hire Date | Rule of Eligibility | Minimum Age | Normal Retirement |
|---|---|---|---|
| Before 9/1/2007 | Rule of 80 (age + service ≥ 80) | Any age if Rule of 80 met; or age 65 with 5 years | Age 65 with 5 years |
| On or after 9/1/2007 | Rule of 80 (age + service ≥ 80) | Age 62 if Rule of 80 not met; or age 65 with 5 years | Age 65 with 5 years |
Early retirement: Members who do not meet the Rule of 80 can retire as early as age 55 with 5 years of service, but with actuarial reduction — a 5% penalty per year before the age at which Rule of 80 would be met (or before age 62 for post-9/1/2007 hires).
Final Average Salary (FAS): The average of the highest 5 consecutive years (60 months) of salary credit. TRS does not use a 3-year average like CalPERS or CalSTRS.
Vesting: 5 years of service credit.
- see also: TRS — Benefit Calculations
- see also: TRS — Eligibility for Retirement
Example Calculations — TRS
Example: TRS, Rule of 80, Age 55, 25 Years of Service, FAS $65,000
| Component | Value |
|---|---|
| Service credit | 25 years |
| Age + service | 55 + 25 = 80 (Rule of 80 met) |
| Benefit multiplier | 2.3% |
| Final average salary | $65,000/year |
| Calculation | 25 × 2.3% × $65,000 = $37,375/year ($3,114/month) |
This member retires at 55 with no penalty because the Rule of 80 is satisfied. The pension replaces 57.5% of final average salary.
Example: TRS, Age 62, 30 Years of Service, FAS $72,000
| Component | Value |
|---|---|
| Service credit | 30 years |
| Rule of 80 | 62 + 30 = 92 (exceeds 80) |
| Benefit multiplier | 2.3% |
| Final average salary | $72,000/year |
| Calculation | 30 × 2.3% × $72,000 = $49,680/year ($4,140/month) |
This career teacher receives 69% of final average salary — a strong replacement rate comparable to CalSTRS at similar tenure.
Example: TRS, Early Retirement with Penalty, Age 58, 18 Years of Service, FAS $55,000
| Component | Value |
|---|---|
| Service credit | 18 years |
| Rule of 80 | 58 + 18 = 76 (not met; needs 80) |
| Unreduced benefit age (post-9/1/2007) | Age 62 |
| Years before 62 | 4 years |
| Early retirement penalty | 5% × 4 = 20% reduction |
| Base annual pension | 18 × 2.3% × $55,000 = $22,770 |
| Reduced pension | $22,770 × 0.80 = $18,216/year ($1,518/month) |
California Comparison
CalSTRS uses an age-based factor that scales from 1.16% at age 55 to 2.4% at age 63 — your benefit factor adjusts automatically based on when you retire. TRS uses a flat 2.3% regardless of age, but applies a hard 5%-per-year penalty for early retirement. The CalSTRS approach is more gradual; the TRS approach is more binary (you either meet Rule of 80 or you take a steep cut).
TRS vs CalSTRS — Side by Side
| Feature | Texas TRS | California CalSTRS (2% @ 60) |
|---|---|---|
| Multiplier | Flat 2.3% at any age | 2.0% at 60, scales to 2.4% at 63 |
| Career factor bonus | None | +0.2% with 30+ years (up to 2.4% cap) |
| Final salary calculation | Highest 5 consecutive years | Highest 36 months (12 months with 25+ years) |
| Full benefit age | Rule of 80 (age + service) or 65 | 60 (for 2% @ 60) |
| Early retirement penalty | 5% per year before full eligibility | Reduced age factor (gradual, not a penalty percentage) |
| COLA | Ad hoc (requires legislative appropriation) | Automatic 2% of original benefit (simple, non-compounding) |
| Social Security | Mostly excluded | Excluded |
| 30 years at full eligibility | 30 × 2.3% = 69% replacement | 30 × 2.0% = 60% replacement (or 66% with career factor) |
At 30 years and full retirement eligibility, TRS produces a higher replacement rate (69%) than CalSTRS 2% @ 60 (60%). However, CalSTRS has an automatic COLA, while TRS COLAs require the Legislature to appropriate funds — and they have been infrequent.
ERS Formulas (Employees Retirement System)
ERS has four membership groups, each with different formulas and contribution rates. Groups 1–3 are traditional DB; Group 4 is cash balance.
ERS Groups 1–3 (Traditional Defined Benefit)
Years of Service Credit × Benefit Multiplier × Final Average Salary = Annual Pension
| Group | Hire Date | Multiplier (Standard) | FAS Period | Employee Contribution | Retirement Eligibility |
|---|---|---|---|---|---|
| Group 1 | Before 9/1/2009 | 2.3% | Highest 36 months | 9.5% | Rule of 80, or age 60 with 5 years, or age 65 with 5 years |
| Group 2 | 9/1/2009 – 8/31/2013 | 2.3% | Highest 48 months | 9.5% | Rule of 80, or age 60 with 5 years, or age 65 with 5 years |
| Group 3 | 9/1/2013 – 8/31/2022 | 2.3% | Highest 48 months | 9.5% | Rule of 80, or age 60 with 5 years, or age 65 with 5 years |
Key differences between groups:
- Group 1 uses 36-month FAS averaging; Groups 2 and 3 use 48-month averaging (reducing pension spiking opportunity)
- Groups 2 and 3 have a 5% per year early retirement reduction for retiring before the full eligibility age with less than Rule of 80
Law enforcement and custodial officers (all groups): Enhanced multiplier of 2.3% plus supplemental benefits through LECOS. Officers can retire with 20 years of service at any age (groups may vary).
ERS Group 4 (Cash Balance — Post 9/1/2022)
Group 4 is not a traditional formula plan. There is no "years × factor × salary" calculation. Instead:
Account Balance = Employee Contributions + Guaranteed Interest (4%/year) + Gain Share (0–3% additional/year)
At Retirement: Account Balance + State Match (150%) → Converted to Lifetime Annuity
How It Works Step by Step
- You contribute 6% of each paycheck to your cash balance account
- Your account earns guaranteed 4% interest every year — even in years the fund loses money
- Gain-sharing: When ERS's 5-year average investment return exceeds 4%, you receive half the excess as additional interest — up to 3% extra per year. Your account can grow by 4–7% annually, but never less than 4%.
- If you leave before retirement, your account balance keeps earning the guaranteed 4% interest (but no gain share). You can also roll it to an IRA or another qualified plan.
- At retirement, the state matches 150% of your total account balance (contributions + all interest earned). Law enforcement and custodial officers with 20+ years receive a 300% match.
- ERS converts the total (your balance + state match) into a lifetime monthly annuity based on actuarial factors (your age, annuity option chosen, and interest rate assumptions).
Vesting and Eligibility
- Vesting: 5 years of contributing to the cash balance account
- Retirement eligibility: Same as Groups 1–3 — Rule of 80, age 60 with 5 years, or age 65 with 5 years
- Service credit purchases: Group 4 members generally cannot buy back service credit (unlike Groups 1–3)
ERS Group 4 — Key Numbers
| Feature | Value |
|---|---|
| Employee contribution | 6.0% of salary |
| Employer contribution | 9.0% of salary |
| Guaranteed annual interest | 4.0% |
| Maximum annual interest (with gain share) | 7.0% |
| State match at retirement (standard) | 150% of account balance |
| State match (LEO/custodial, 20+ years) | 300% of account balance |
| Vesting | 5 years |
- see also: ERS Group 4 Recruitment Handout (PDF)
- see also: ERS — Still Confused About the New Benefit?
Example Calculations — ERS
Example: ERS Group 1 (Traditional DB), Rule of 80, Age 57, 23 Years, FAS $68,000
| Component | Value |
|---|---|
| Service credit | 23 years |
| Age + service | 57 + 23 = 80 (Rule of 80 met) |
| Benefit multiplier | 2.3% |
| Final average salary (highest 36 months) | $68,000/year |
| Calculation | 23 × 2.3% × $68,000 = $35,972/year ($2,998/month) |
This Group 1 member retires with no penalty — 52.9% replacement rate.
Example: ERS Group 3 (Traditional DB), Age 62, 20 Years, FAS $75,000
| Component | Value |
|---|---|
| Service credit | 20 years |
| Rule of 80 | 62 + 20 = 82 (exceeds 80) |
| Benefit multiplier | 2.3% |
| Final average salary (highest 48 months) | $75,000/year |
| Calculation | 20 × 2.3% × $75,000 = $34,500/year ($2,875/month) |
46% replacement rate — and no automatic COLA to keep up with inflation.
Example: ERS Group 4 (Cash Balance), 25 Years of Service, Age 57
This example illustrates the cash balance accumulation and annuity conversion. Assume the member started at $50,000 salary, received 3% annual raises, and earned 5.5% average interest (4% guaranteed + 1.5% average gain share):
| Component | Approximate Value |
|---|---|
| Total employee contributions over 25 years (6% of salary) | ~$55,000 |
| Accumulated interest and gain-sharing | ~$45,000 |
| Account balance at retirement | ~$100,000 |
| State match (150%) | +$150,000 |
| Total for annuity conversion | ~$250,000 |
| Estimated monthly annuity (single life, age 57) | ~$1,450–$1,650/month |
Important Caveat
Cash balance annuity amounts depend heavily on interest rate environment, gain-sharing outcomes, salary trajectory, and annuity conversion factors at the time of retirement. The example above uses rough approximations. Actual benefits could be higher or lower. ERS will provide personalized projections as Group 4 members approach retirement.
California Comparison
Under CalPERS PEPRA 2% @ 62 with the same career profile (25 years, final salary ~$100,000), the pension would be approximately 25 × 2.0% × $100,000 = $50,000/year ($4,167/month) — roughly 2.5–3× the estimated ERS Group 4 benefit. This illustrates why employee unions called the cash balance shift a weakening of retirement security. However, Group 4 members also participate in Social Security and can contribute to a 401(k)/457(b), which DB members cannot easily replicate.
TMRS Formulas (Texas Municipal Retirement System)
TMRS is a cash balance plan — but with a twist: each participating city selects its own contribution rates and matching ratios from a menu. There is no single TMRS formula.
How TMRS Works
- Employee contributes a fixed percentage of each paycheck (5%, 6%, or 7% — chosen by the city)
- The account earns interest credits set annually by the TMRS Board
- At retirement, the city provides a matching ratio (1:1, 1.5:1, or 2:1) applied to the employee's accumulated deposits
- The total (employee deposits + interest + city match) is converted into a lifetime annuity
TMRS City-Selected Options
| Option | Choices Available |
|---|---|
| Employee contribution rate | 5%, 6%, or 7% of compensation |
| City matching ratio | 1:1, 1.5:1, or 2:1 |
| Vesting period | 5, 8, or 10 years |
| Updated Service Credits (USC) | City may elect to periodically update member accounts to reflect salary increases (similar to a retroactive benefit enhancement) |
| Annuity Increases (COLA) | City may elect to provide ad hoc or automatic annuity increases (CPI-based, up to a cap) |
| Supplemental Death Benefits | City may elect additional death benefits |
Example Calculations — TMRS
Example: TMRS, City with 7%/2:1, 25 Years, Average Salary $60,000
| Component | Approximate Value |
|---|---|
| Total employee deposits (7% × $60K average × 25 years) | ~$105,000 |
| Accumulated interest credits | ~$55,000 |
| Employee account at retirement | ~$160,000 |
| City match at 2:1 ratio | +$320,000 |
| Total for annuity conversion | ~$480,000 |
| Estimated monthly annuity (age 60, single life) | ~$2,800–$3,200/month |
Example: TMRS, City with 5%/1:1, 20 Years, Average Salary $50,000
| Component | Approximate Value |
|---|---|
| Total employee deposits (5% × $50K average × 20 years) | ~$50,000 |
| Accumulated interest credits | ~$20,000 |
| Employee account at retirement | ~$70,000 |
| City match at 1:1 ratio | +$70,000 |
| Total for annuity conversion | ~$140,000 |
| Estimated monthly annuity (age 62, single life) | ~$850–$1,000/month |
The City You Choose Matters Enormously
The difference between a 2:1 match and a 1:1 match at the same contribution rate is roughly double the pension. If you're comparing two Texas city jobs, the TMRS matching ratio is one of the most important benefits to evaluate — far more impactful than small salary differences.
- see also: TMRS — Benefits Overview
- see also: TMRS — Participating Cities and Their Benefit Structures
TCDRS Formulas (Texas County & District Retirement System)
TCDRS operates almost identically to TMRS but serves counties and special districts instead of cities. Each participating employer selects its own contribution rates and matching structure.
How TCDRS Works
- Employee contributes 4%, 5%, 6%, or 7% of compensation (employer-selected)
- The account earns interest credits — a guaranteed rate determined annually by the TCDRS Board
- At retirement, the employer provides a matching ratio (ranging from 100% to 250% or more, depending on employer election)
- The total is converted into a lifetime annuity
TCDRS Employer-Selected Options
| Option | Choices |
|---|---|
| Employee contribution rate | 4%, 5%, 6%, or 7% |
| Employer matching | 100% to 250%+ (set per employer) |
| Vesting | 5, 8, or 10 years |
| Partial Lump-Sum Distribution (PLSD) | Employer may elect to allow a partial lump-sum at retirement (12, 24, or 36 months of annuity taken upfront) |
| Updated Service Credits | Employer may periodically update accounts |
| COLA | Ad hoc, at employer discretion |
Example: TCDRS, Harris County Employee, 7%/200%, 28 Years
| Component | Approximate Value |
|---|---|
| Total employee deposits (7% of average $55K × 28 years) | ~$107,800 |
| Accumulated interest | ~$65,000 |
| Employee account at retirement | ~$172,800 |
| Employer match at 200% | +$345,600 |
| Total for annuity conversion | ~$518,400 |
| Estimated monthly annuity (age 60, single life) | ~$3,000–$3,500/month |
- see also: TCDRS — Your Benefit
- see also: TCDRS — Benefit Calculators
Contribution Rates
TRS Contributions
| Contributor | Rate | Set By |
|---|---|---|
| Active members | 8.25% of creditable compensation | Texas Government Code §825.402 |
| Employers (school districts) | Varies — state contribution rate set by Legislature | Legislature (biennial appropriation) |
| State of Texas | Additional direct contribution to TRS trust fund | Legislature |
TRS uses a three-party funding model similar to CalSTRS: members, employers (school districts), and the state all contribute. Total employer + state contribution rates have been increasing — employers contribute approximately 10.3% of payroll, and the state makes additional direct payments.
ERS Contributions
| Group | Employee Rate | Employer Rate | Total |
|---|---|---|---|
| Groups 1–3 | 9.5% | Set by actuarial valuation | ~19.5%+ |
| Group 4 | 6.0% | 9.0% | 15.0% |
Group 4's lower employee contribution rate (6% vs 9.5%) was touted as a benefit for younger workers. However, the total combined rate is also lower (15% vs ~19.5%), which means less money flowing into the system per worker.
TMRS and TCDRS Contributions
Employee contribution rates vary by employer (4–7%). Employer contribution rates are actuarially determined each year based on the benefits the employer has elected.
| System | Employee Rate | Employer Rate |
|---|---|---|
| TMRS | 5%, 6%, or 7% (city-selected) | Actuarially determined (varies widely by city) |
| TCDRS | 4%, 5%, 6%, or 7% (employer-selected) | Actuarially determined (varies by employer) |
Anti-Spiking Provisions
"Pension spiking" — inflating final-year compensation through overtime, unused leave cashouts, or special pay to boost a lifetime pension — has been a national concern. Texas's systems have built-in protections, though they vary by system.
TRS — 5-Year Averaging
TRS uses the highest 5 consecutive years (60 months) of salary credit to calculate Final Average Salary. This is inherently more spiking-resistant than CalPERS Classic's 12-month averaging (which allowed a single inflated year to set the pension for life). It's comparable to CalSTRS's 36-month averaging for members with less than 25 years.
TRS also caps the annual salary increase that counts toward FAS. If a member's salary increases by more than a specified percentage in a single year, only the capped amount is included in the FAS calculation.
ERS — 36 or 48-Month Averaging
| Group | FAS Period | Anti-Spiking Effect |
|---|---|---|
| Group 1 (before 9/1/2009) | Highest 36 months | Moderate — 3-year window limits spiking |
| Groups 2–3 (9/1/2009 – 8/31/2022) | Highest 48 months | Stronger — 4-year window further limits spiking |
| Group 4 (on/after 9/1/2022) | N/A — cash balance | Spiking is structurally impossible — benefit based on accumulated contributions, not final salary |
The shift from 36-month to 48-month averaging for Groups 2–3 was a deliberate anti-spiking reform. Group 4's cash balance structure eliminates the spiking problem entirely — since the pension is based on the account balance, not a final salary calculation, there's no "final compensation" to inflate.
TMRS and TCDRS
Cash balance plans are inherently spiking-proof. Since benefits are based on accumulated deposits plus interest plus employer match — not on a final salary formula — there is no mechanism to spike. A last-minute salary increase produces only slightly higher contributions in the final year, with negligible impact on the total account balance accumulated over a career.
California Comparison
California's anti-spiking evolution mirrors Texas's in many ways. CalPERS Classic allowed 12-month final compensation averaging — the weakest anti-spiking protection — which enabled some of the most egregious spiking cases (including the Bell scandal). PEPRA (2013) mandated 36-month averaging and excluded overtime, bonuses, and terminal pay from pensionable compensation. CalSTRS uses 36-month averaging for members with less than 25 years of service. Texas's TRS is actually more spiking-resistant than CalPERS Classic with its 5-year averaging, though less generous to members as a result.
Cost-of-Living Adjustments (COLA)
Texas pension COLAs are dramatically weaker than California's. This is one of the most significant differences between the two states.
TRS — Ad Hoc Only (No Automatic COLA)
TRS has no automatic cost-of-living adjustment. Any COLA-like increase for TRS retirees requires the Texas Legislature to appropriate funds — and they have done so only a handful of times in the system's history. The Legislature has occasionally authorized one-time supplemental payments (often called a "13th check") rather than permanent benefit increases.
This means a TRS retiree's pension is effectively frozen at the dollar amount received at retirement unless the Legislature acts. A teacher who retired in 2005 at $3,000/month is still receiving approximately $3,000/month in 2026 — while cumulative inflation has eroded that purchasing power by roughly 45%.
California Comparison
CalSTRS provides an automatic 2% simple annual increase — no legislative action required. A CalSTRS retiree who retired at $3,000/month in 2005 receives approximately $4,260/month in 2026 from the automatic COLA alone (plus any SBMA supplemental payments). The difference in real income after 20 years of retirement is enormous.
ERS Groups 1–3 — Ad Hoc Only
Like TRS, ERS has no automatic COLA for Groups 1–3. Retirees depend on the Legislature for any benefit increases. The Legislature authorized a one-time supplemental payment of up to $2,000 for eligible retirees in January 2026 (HB 886), but this is not a permanent adjustment.
ERS Group 4 — Built-In Gain Share (Partial Inflation Protection)
Group 4 has a modest built-in mechanism: if ERS investment returns exceed the 4% guarantee, gain-sharing can increase the account balance (and therefore the eventual annuity). Additionally, after retirement, Group 4 annuities can receive annual increases if fund performance supports it. This is better than nothing, but it's not a guaranteed COLA.
TMRS — City-Elected (Optional)
Individual TMRS cities may elect to provide annuity increases to their retirees, either ad hoc or based on CPI changes. Not all cities do. Whether you receive a COLA depends on which city employed you and whether that city's governing body chooses to fund it.
TCDRS — Employer-Elected (Optional)
Same as TMRS — each TCDRS employer decides whether to grant ad hoc benefit increases to its retirees.
COLA Comparison — Texas vs California
| System | COLA Type | Rate | Automatic? | Purchasing Power After 20 Years (on $50K base) |
|---|---|---|---|---|
| CalPERS | Compounding | 2%/year | Yes | $74,297 |
| CalSTRS | Simple | 2%/year of original | Yes | $70,000 |
| Texas TRS | Ad hoc | Requires legislative appropriation | No | ~$50,000 (frozen unless Legislature acts) |
| Texas ERS (Groups 1–3) | Ad hoc | Requires legislative appropriation | No | ~$50,000 |
| Texas ERS Group 4 | Gain share (partial) | 0–3% additional interest during accumulation | Semi-automatic | Varies |
| TMRS/TCDRS | City/employer-elected | Varies | Depends on employer | Varies |
This is the single biggest advantage of California pensions over Texas pensions. Even if the base formula produces a similar or slightly higher replacement rate (TRS's 2.3% vs CalSTRS's 2.0%), the lack of automatic COLA means Texas pensions lose purchasing power steadily over a multi-decade retirement.
The Cash Balance vs Traditional DB Tradeoff — Summary
| Feature | Traditional DB (TRS, ERS Groups 1–3) | Cash Balance (ERS Group 4, TMRS, TCDRS) |
|---|---|---|
| Formula | Years × 2.3% × FAS | Account accumulation → annuity |
| Predictability | Very high — you can calculate your pension decades out | Moderate — depends on interest credits, gain share |
| Investment risk | Entirely on the fund/employer | Partially shared with employee (gain share can be 0%) |
| Portability | Low — you get a deferred pension or refund of contributions | Higher — account balance can roll to IRA |
| Employee contribution | 8.25% (TRS) or 9.5% (ERS 1–3) | 4–7% (lower) |
| Employer cost predictability | Lower — actuarial swings can spike employer rates | Higher — employer contribution is more stable |
| Best for | Career employees (20–30+ years with same system) | Shorter-tenure or mobile employees |
| COLA | Ad hoc (legislative) | Gain share (partial, not guaranteed) |
| Still a pension? | Yes — lifetime annuity | Yes — lifetime annuity |
The Career Employee Disadvantage
Cash balance plans are generally less generous for career employees (30+ year tenure) than traditional DB plans, because the exponential effect of compound interest on a relatively small account balance doesn't match the linear scaling of years × factor × salary. Texas's shift to cash balance for new ERS hires transfers longevity risk partially from the state to the employee — which is exactly why employee unions opposed SB 321.
Key Formula Terms
| Term | Definition |
|---|---|
| Rule of 80 | Retirement eligibility threshold where age + years of service ≥ 80 (TRS and ERS Groups 1–3) |
| Benefit Multiplier | The fixed percentage per year of service — 2.3% for both TRS and ERS Groups 1–3 |
| Final Average Salary (FAS) | TRS: highest 5 consecutive years; ERS Group 1: highest 36 months; ERS Groups 2–3: highest 48 months |
| Cash Balance Account | A notional account tracking your contributions + interest credits + gain share |
| Guaranteed Interest | The minimum annual interest credit on a cash balance account (4% for ERS Group 4) |
| Gain Share | Additional interest credit when fund returns exceed the guarantee — up to 3% extra for ERS Group 4 |
| State/Employer Match | The multiplier applied to your account balance at retirement — 150% for ERS Group 4 standard; 300% for LEO/custodial 20+ years |
| Annuity Conversion | The actuarial process of converting a lump-sum account balance into a monthly lifetime payment |
| Updated Service Credits (USC) | TMRS/TCDRS feature where an employer can retroactively increase member accounts to reflect salary growth |
| Ad Hoc COLA | A benefit increase that requires specific legislative or employer action — not automatic |
| LECOS | Law Enforcement and Custodial Officer Supplemental Retirement Fund — additional employer-funded benefit on top of ERS |
| PRP | Proportionate Retirement Program — combines service across TRS, ERS, TMRS, TCDRS, and JRS for vesting eligibility |
Last updated: April 2026. This guide is for informational purposes only. Pension laws are complex and subject to change — especially the cash balance interest rates, gain-sharing provisions, and TMRS/TCDRS employer-elected options, which vary by employer and can be modified by the participating employer's governing body. For individual benefit questions, contact your retirement system directly.