BENEFITS
 

Retirement Information

Click on the link to view the Retirement Presentation from October 30, 2009

Below are helpful hints and facts about saving for retirement, retirement plans, retiree insurance, and related issues in a Q&A format.

• Why save for retirement?
   

  • Among other important reasons to save for retirement, one reason for retirement plan participation at Collin College is that Texas state law requires all full-time state higher education employees to participate in the Teacher Retirement System of Texas or TRS or the Texas Optional Retirement Program or ORP, if full-time and ORP-eligible.

   

• Am I eligible for an optional retirement program?
   

  • Full-time faculty and certain other full-time administrators can choose the Texas Optional Retirement Program or ORP,  in lieu of TRS, if eligible. For a list of authorized vendors, see Authorized ORP Vendors list.

  • To view state-wide ORP employee and vendor enrollment data, see:

    • ORP Participation Annual Report Summary 2002-03

    • ORP Participation Annual Report Summary 2003-04

    • ORP Participation Annual Report Summary 2004-05

    • ORP Participation Annual Report Summary 2005-06

     

• How does my TRS or ORP participation without concurrent Social Security participation affect my potential spousal or widow/widower Social Security benefits?
   

  • For information on the Social Security Government Pension Offset (GPO) and how it may affect you, see the Social Security Administration (SSA) web site at: www.ssa.gov or www.ssa.gov/pubs/10007.html and/or call or visit your local SSA Office. 

   

• As a full-time employee paying into TRS or ORP but not Social Security (--or a part-time employee paying into a MetLife 403(b) account / Social Security alternative plan--), how does my lack of participation in the Social Security system affect my potential worker Social Security benefits?
   

  • For information on the Social Security Windfall Elimination Provision (WEP) and how it may affect you, see the Social Security Administration (SSA) web site at: www.ssa.gov or www.ssa.gov/pubs/10045.html and/or call or visit your local SSA Office. 

   

• Can I contribute more money tax-deferred than the TRS or ORP percentage to save for retirement?
   

  • All full-time employees are eligible to enroll in a voluntary Tax Deferred Annuity/Investment or Deferred Compensation Plan or TDA or DCP in addition to their regular retirement plan through either TRS or ORP.  For a list of authorized vendors, see Authorized TDA Vendors list or the DCP plan website.

   

• How does one qualify for retiree insurance?
   

  • See the ERS website regarding eligibility at: http://www.ers.state.tx.us/Retirement/RetSB01/EligibilityForInsurance.htm

   

• How does one enroll in retiree insurance?
   

  • See Exiting/Retiring Employees - Ending Employment web page.

   

• If I do not qualify for retiree insurance when I retire, what happens after COBRA eligibility ends if I am still not eligible for Medicare coverage?
   

  • See the ERS website regarding available but expensive interim insurance at: http://www.ers.state.tx.us/Insurance/InterimInsurance.htm

   

• What if I need more information about retiring from Collin College?
   

  • For information about planning for retirement, or if you are about to retire, please see the Exiting/Retiring Employees - Ending Employment web page.