Not enrolled in the the 403b or 457?
To enroll in the Texa$aver 457 (benefit-eligible employees only), please reach out to Mike McLellan at 469-350-8128.
Texa$aver and 403(b) Contribution Limits
For 2023, the limit has changed to $22,500. The additional “catch-up” amount that participants age 50 and older can contribute each year remains at $7,500, for an annual total of $30,000. More information is available from this IRS publication.
If you are thinking about retirement, there are many sources of information for what you should do. The decision needs to fit your situation at retirement. The Bureau of Consumer Financial Protection has some publications that could assist what to do. Some of the text is geared towards private-sector defined benefit pension plans, however they touch on topics that every retiree thinks about.
Pension Lump-Sum Payouts and Your Retiree Security - Gives near-retirees the information they need to understand the trade-offs of taking their pension in a monthly payment or lump sum. Also provides tips and warnings about how to protect and best manage that money for those considering a lump-sum payout option from a private-sector defined benefit pension plan.
Savings Fitness: A Guide To Your Money and Your Financial Future - Create your personal savings plan and prepare for retirement with this step-by-step guide.
Disponible en Espanol: Su Dinero y Futuro Económico: Una Guía para Ahorrar
COLLIN COLLEGE RETIREMENT PLANS
Collin College provides several ways for employees to save for retirement.
All Employees (Except student employees):
Full-time and part-time employees (except student employees) at Collin College may enroll in the "Collin Invests" Retirement Savings Plan. Collin College has partnered with Corebridge Financial to administer our Voluntary 403(b).
Employees may stop and restart their deductions anytime during the year by logging into the Corebridge Financial website and signing into their account. For example, if you would like to end deductions in May and restart deductions in September, you will need to contact AIG in advance so that the dates can be updated and processed through payroll.
Changes are submitted to Collin College weekly. Any change made Friday - Thursday
will be received by the College on the
Friday. Your Workday profile will then be updated accordingly.
Should have multiple changes in a calendar month, please review your benefits in Workday. Should you identify any discrepancy, please reach out to the Benefits Team at (972) 599 - 3152.
To enroll in the 403(b) plan:
Plan Access Codes:
- Full-time employees: 40521003
- Part-time employees: 40521002
To make a change to your contribution:
Visit Corebridge Financial to log into your 403(b) elective deferral plan or reach out to your financial advisor.
Bentley Craft - email@example.com - (972) 567-8115
Dana Hodges - firstname.lastname@example.org - (903) 747-0887
Benefit-eligible employees may also participate in the states 457 through Empower Retirement. The Retirement Plan Advisor (RPA) for the 457 is Mike McLellan and can be reached using the information below. You are also able to set an appointment with Mr. McLellan.
Telephone: (469) 350-8128
To set an appointment, please use the scheduling tool here. You can schedule a one-on-one appointment with your RPA to help you determine a possible retirement age, help you project your future retirement income from all sources (ERS (if applicable), Social Security, and the 457), and provide suggestions for your retirement (including savings rate, withdrawal strategy, and investment allocation).
During a meeting, you will need to have the following information, if available:
Your current Texa$aver statement (if available), recent statements for outside retirement and investment accounts, current paycheck stub, your most current retirement benefit statement, Texa$aver login information (if known), estimates of any additional income you may have during retirement, and spouses and significant others are welcome to attend your meeting.
Upcoming Group Presentations with your RPA:
Teacher Retirement System of Texas (TRS)
Generally, full time staff employees participate in the Teacher Retirement System of Texas (TRS). This is a defined benefit, state retirement plan.
- Employees contribute 8% to the plan and the state contributes 8%. These rates are set by the State of Texas and are subject to change in the future. The employee, however, is not able to modify these rates.
- After five (5) years of service with the TRS system, you are vested for retirement
- Vesting means that the employee has earned a retirement income benefit when they are eligible to retire. The amount of the retirement income benefit is based on a statutory formula using the number of years of employee service credit with the TRS system, the employee’s age, and average covered earnings while an active participant.
Full time faculty and Administrators at Collin College have the option to choose between TRS and ORP. The ORP is a 403(b) defined contribution plan in which, the employee contributes 6.65% of their salary to the plan and the state contributes 6.6% of the employee’s salary to the plan. With ORP, the college contributes an additional 1.75% of the employee’s salary to the plan.
As an ORP participant, you will vest after a year and a day of ORP participation. ORP retirement benefits are a direct result of the amounts contributed and any net return on the investments selected by each participant. As like most investment plans, the plan does experience a certain amount of risk and fluctuation. It is the responsibility of the employee to monitor this volatility and work with the vendor to minimize the long term ups and downs of this type of plan.
Retiree Insurance Eligibility
- Upon completion of 10 years of service and otherwise having been eligible to retire under TRS Rules (Rule of 80), an ORP participant can submit for retiree insurance.
- ORP Participants need to be eligible for an annuity with their ORP account(s) in
order to maintain eligible for retiree insurance. Moving your funds out of ORP can
impact retiree insurance eligibility.
If you are newly eligible to enroll in the ORP plan:
You will need to complete the TRS-28 provided to you. This form needs to be received by HR/Benefits by the end of your 90-day window. Late forms will not be accepted. Once you have a vendor selected, and an account opened, you will need to submit the Salary Reduction Agreement indicating your vendor of choice.
To change ORP vendors:
Once you have selected a vendor and have opened the account, you will need to submit a new Salary Reduction Agreement to HR/Benefits via fax to (972) 599 - 3156 or email at email@example.com.
Part Time Employees - FICA Alternative Plan
A retirement plan in lieu of Social Security has been created with MetLife. Participants will have 7.5% of their salary deducted pre-tax for the PERC plan. Part time employees at Collin College must participate in the FICA Alternative Plan, unless they are exempt by the following:
- a current TRS or ORP retiree,
- an active TRS member through other full time employment elsewhere, or
- an International employee working in the United States based on F1, J1, M1, or Q1 visa.
The FICA Alternative Plan features tax deferred contributions and interest accumulation,
100% vesting immediately, portability or transfer to an individual IRA upon complete
separation of employment, and no annual service fee for active accounts. For questions
on the FICA replacement, please reach out to Chuck Mulkey at firstname.lastname@example.org or (972) 246 - 1857.
Several local vendors can provide investment vehicles for the TSA or ORP and can provide
guidance and information to employees for selecting the best investment option. As
like most investment plans, the plan does experience a certain amount of risk and
Collin Higher Education Center
Human Resources Office
3452 Spur 399, Room #339
McKinney, TX 75069
Main Line: (972) 599-3152
HR Manager, Benefits
Phone (972) 599-3164
Fax (972) 599-3156