The three legged stool is a metaphor used to show the need for additional retirement savings. Created decades ago, it is a great illustration to show savings for retirement, beyond Social Security or a pension, are needed.
Your TRS pension provides one leg, Social Security a second, and the third leg is another retirement savings. This can be done with programs such as the Montana Public Retirement Administration's 457(b) Deferred Compensation plan, which may be offered by your employer. It can also include an after tax retirement or investment account.
It's recommended to speak with your own financial advisor with any questions, concerns, and to ensure you are prepared when it's time to retire.
Creditable service are whole and partial years which represent aggregate time for which a member is entitled to receive a retirement benefit. This time will also affect the member's retirement benefit calculation.
TRS members may purchase additional service. Some examples include:
The cost and type of purchase vary and can be provided by TRS and our Active Benefits team.
