Alabama Equity Compensation Plan
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How to fill out Equity Compensation Plan?
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FAQ
A member can only retire on the first day of any given month. Retirement Benefits are deposited on the last working date on any given month. Example: retirement date January 1, 2023 and receive first benefit deposit on January 30, 2023.
RSA-1 is an Internal Revenue Code Section 457 deferred compensation plan for public employees. This voluntary plan allows you to save and invest extra money for retirement, tax deferred. Not only will you defer taxes immediately, your contributions and any earnings will grow on a tax-deferred basis as well. RSA-1 > Active Members - The Retirement Systems of Alabama rsa-al.gov ? rsa-1 ? active-members rsa-al.gov ? rsa-1 ? active-members
The only way to get money out of an ERS account is to terminate employment and withdraw the entire account.
For example, a teacher who works for 25 years with a final average salary of $70,000 would be eligible for an annual pension benefit worth 41.25 percent of their average final salary. For Tier II teachers in Alabama, their retirement benefits are capped at 80 percent of their final average salary. How Do Teacher Pensions Work in Alabama? - TeacherPensions.org teacherpensions.org ? state ? alabama teacherpensions.org ? state ? alabama
Alabama state law allows active members to purchase service credit for certain types of past employment. Purchasing service credit may increase the amount of your retirement income or allow you to retire sooner. To purchase service credit, the member must submit proper certification of the service. TRS Tier 1 Active Members | The Retirement Systems of Alabama rsa-al.gov ? trs ? tier-1-active-members rsa-al.gov ? trs ? tier-1-active-members
You cannot borrow against your retirement. You can only withdraw your account if you are no longer employed with a member agency. If you do withdraw your account, you forfeit your lifetime retirement benefits and your years and months of service. Active Members | The Retirement Systems of Alabama rsa-al.gov ? ers ? tier-1-state-and-local-activ... rsa-al.gov ? ers ? tier-1-state-and-local-activ...
If you have questions about your retirement, please contact the RSA directly at 877.517.0020. If you are a member of an association, such as the Alabama Education Retirees Association (AERA) or the Alabama Retired State Employees Association (ARSEA), you may be contacted about benefits specific to that association.
Tier 1 members are eligible for retirement benefits at age 60 with at least 10 years of service. If you have 25 years of service, you can retire at any age and apply for full retirement benefits from RSA. Tier 2 members are eligible for retirement benefits at age 62 with at least 10 years of service.