MetLife PERC Plan and Other Part-Time Employee Benefits
- Effective September 1, 2011, all part-time Collin College employees will participate
in the Program for Extra Retirement Compensation (PERC) in lieu of Social Security (FICA).
- Mandatory program through a 403(b) tax-sheltered annuity account with MetLife in lieu of Social Security contributions
- Employee contributes 7.5% of salary pre-tax
- Insurance for Certain Associate Faculty
What is Texa$aver?
Texa$aver is a voluntary retirement savings program offered through ERS. Texa$aver can help you save for your future today.
Many financial experts agree that you will need at least 70% of your income to maintain your current way of life in retirement. And while you may receive money in the form of a pension and Social Security benefits when you retire, that may not be enough. That’s where the Texa$aver 457 Program comes into play.
The recordkeeper for Texa$aver is Great-West Retirement Services® (Great-West).
Full time and part time employees (except student employees) at Collin College may enroll in the voluntary Tax Deferred Account (TDA) plan. The TDA is a 403(b) defined contribution plan in IRS. The employee is 100% vested at all times. Collin College has retained JEM Resource Partners (JEM) to administer our Optional Retirement Plan (ORP) and Voluntary 403(b) Tax Deferred Annuity (TDA) plans. JEM Resource Partners (JEM) is the third party administrator contracted through Region 10 Retirement Asset Management Services (RAMS) www.region10rams.org to provide this service. All enrollments, contribution changes, transfers, loans, and withdrawals must be done online through the JEM website. You can also view your account balance with the vendors at the website.
To enroll in the TDA plan, go to www.region10rams.org, click on Login, select C from the navigation bar and click on Collin County CCD. The Summary Plan Description will be under Plan Description. Click on Register, enter your SS# (without dashes), provide the password colli403 and click Begin. To make a change to your current TDA election, click on Login, enter your SS# (without dashes) as user name, enter the last 4 digits of your SS# for the password and click on Submit.
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit.
Here are six things you need to know about the Retirement Savings Contributions Credit:
- Income Limits The Savers Credit, formally known as the Retirement Savings Contributions
Credit, applies to individuals with a filing status and income of:
- Single, married filing separately, or qualifying widow(er), with income up to $29,500 (2013)
- Head of Household, with income up to $44,250 (2013)
- Married Filing Jointly, with income up to $59,000 (2013)
- Eligibility requirements To be eligible for the credit you are not under age 18, you cannot have been a full-time student during the calendar year and cannot be claimed as a dependent on another person’s return.
- Credit amount If you make eligible contributions to a qualified IRA, 401(k) and certain other retirement plans, you may be able to take a credit of up to $2,000 or up to $4,000 if filing jointly. The credit is a percentage of the qualifying contribution amount, with the highest rate for taxpayers with the least income.
- Distributions When figuring this credit, you generally must subtract the amount of distributions you have received from your retirement plans from the contributions you have made. This rule applies to distributions received in the two years before the year the credit is claimed, the year the credit is claimed, and the period after the end of the credit year but before the due date - including extensions - for filing the return for the credit year.
- Other tax benefits The Retirement Savings Contributions Credit is in addition to other tax benefits which may result from the retirement contributions. For example, most workers at these income levels may deduct all or part of their contributions to a traditional IRA. Contributions to a regular 401(k) plan are not subject to income tax until withdrawn from the plan.
- Forms to use To claim the credit use Form 8880, Credit for Qualified Retirement Savings Contributions.
For more information, review IRS Publication 590, Individual Retirement Arrangements (IRAs), Publication 4703, Retirement Savings Contributions Credit, and Form 8880. Publications and forms can be downloaded at www.IRS.gov or ordered by calling 800-TAX-FORM (800-829-3676).
Part-time Faculty Insurance InformationCollin County Community College District (Collin College) Associate Faculty Benefits
Collin County Community College District Associate Faculty members, who meet the following specific criteria (as authorized in SB 1370), may elect to participate in the Texas Employees Group Benefits Program (GBP).
An associate faculty member teaching credit classes at Collin College is eligible to participate in the group benefits program if the faculty member:
- receives compensation from Collin College as an Associate Faculty member; and
- has been employed as an Associate Faculty member by Collin College and has taught at least one course in each regular fall and spring semester in each of the preceding three academic years; and
- is under contract or scheduled* to teach at least 12 semester credit hours in the academic year of coverage.
NOTE: Associate faculty members, who are eligible and elect to participate in the GBP will have a 60-day waiting period for health insurance coverage. Any enrollment changes after initial eligibility must be in accordance with ERS rules and may require evidence of insurability application and approval. All other insurance plans must be elected within thirty (30) days of initial eligibility.
- Eligibility is determined as of the 1st day of classes for each long academic semester.
- Eligibility for these benefits does not constitute an employment contract or a promise of future employment.
- “Scheduled to teach” shall mean an associate faculty member as scheduled on Banner form SIAASGN as of the first class day of a fall and/or spring semester.
Collin College Human Resources department will notify associate faculty members who are identified as eligible to participate in the benefit plans through an initial e-mail to his/her campus GroupWise e-mail address. Other correspondence regarding the group benefit plan will be distributed by e-mail through the college’s GroupWise e-mail system. Faculty members are responsible for obtaining and monitoring their GroupWise e-mail for information throughout the year.
Discount Purchase Program
Visit the new State of Texas discount purchase program web site link is listed on the right hand side of this page.
Employees, retirees, and their immediate families can use the site to get discounts on many products and services, from computers to theme park passes. There's no sign-up fee, registration, or cost to you. Visit today to start saving.
Have questions? Review the discount purchase program frequently asked questions.
Sign up for e-mail updates about the discount purchase program .
Additional Benefits for Part-time, Non-Student Employees
- Wellness Program and Wellness Program Guidelines
- Free Parking
- On-Site Blood Donation Drives
- Professional Development Opportunities
- Training Programs and Workshops of General Interest
- Unemployment Compensation Insurance**
- Workers’ Compensation Insurance
**Applies to ALL non-student employees only, including associate faculty