To enroll in the College's 403b, please reach out to Bentley Craft at 972.567.8115 or Luke Logan at 469.271.0179.
- To schedule an appointment with Bentley Craft click here.
- To schedule an appointment with Luke Logan cick here.
To enroll in the Texa$aver 457 (benefit-eligible employees only), please reach out to Mike McLellan at 469.350.8128.
- To schedule an appointment with Mike McLellan click here.
Contribution Limits
For 2024, the limit has changed to $23,000. The additional “catch-up” amount that participants age 50 and older can contribute each year remains at $7,500, for an annual total of $30,500. More information is available from this IRS publication.
COLLIN COLLEGE RETIREMENT PLANS
Collin College provides several ways for employees to save for retirement.
All Employees (Except student employees):
Full-time and part-time employees (except student employees) at Collin College may enroll in the "Collin Invests" Retirement Savings Plan. Collin College has partnered with Corebridge Financial to administer our Voluntary 403(b).
Employees may stop and restart their deductions anytime during the year by logging into the Corebridge Financial website and signing into their account. For example, if you would like to end deductions in May and restart deductions in September, you will need to contact AIG in advance so that the dates can be updated and processed through payroll.
Changes are submitted to Collin College weekly. Any change made Friday - Thursday will be received by the College on the following Friday. Your Workday profile will then be updated accordingly.
Should you have multiple changes in a calendar month, please review your benefits in Workday. Should you identify any discrepancy, please reach out to the Benefits Team at 972.599.3152.
Employer Contributions: Collin Invests Enhanced Retirement Savings Plan will offer employer matching contributions
to all full-time, benefits-eligible employees. Collin will match your contributions
dollar-for-dollar up to 4% of your base salary. You must contribute to the 403(b)
plan through Corebridge in order to receive the match. No employer match is paid
for any month in which you have not contributed.
To enroll in the 403(b) plan:
- Visit Corebridge Financial to sign up for the 403(b) elective deferral plan.
- Plan Access Code for Full-time employees: 40521003
- Plan Access Code for Part-time employees: 40521002
To make a change to your contribution:
Visit Corebridge Financial to log into your 403(b) elective deferral plan or reach out to your financial advisor.
Texa$aver 457
Benefit-eligible employees may also participate in the 457 through Empower Retirement. Visit Texa$aver 457 or reach out to the Retirement Plan Advisor (RPA), Mike McLellan. To set an appointment, please use the scheduling tool here.
Mike McLellan - michael.mclellan@empower-retirement.com - 469.350.8128
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 8.25% to the plan and the state contributes 8.25%. 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 benefits.
- 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.
Optional Retirement Program (ORP)
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.
TRS - 28
Salary Reduction Agreement
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 benefits@collin.edu.
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.
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 fluctuation.
Retirement Information
Teachers Retirement System of Texas
Overview of TRS/ORP
ORP Vendors
MetLife FICA Replacement Plan
Texa$aver 457 Plan
TSA Consulting Group - ORP Plan Administrator only
Medical Benefits
Dental Benefits
Benefits Homepage
Michelle Benvie
Assistant Director, Benefits and HR Support
(972) 599-3164
mbenvie@collin.edu
Benefits Team
Main Line: (972) 599-3152
benefits@collin.edu
Tara Rice
HR Generalist, Benefits
(972) 758-3849
Fax (972) 599-3156
tcrice@collin.edu
Vacant
HR Coordinator, Benefits
(972) 758-3886
Fax (972) 599-3156
Vinna Cook
HR Generalist, Benefits (Part-time)
(972) 599-3152
Fax (972) 599-3156
vcook@collin.edu