Presented by Judy Kurtz Employee Benefits Manager OVERVIEW Mandated Retirement Programs Voluntary Retirement Programs Wellness Credit Employee Assistance Program Insurance Benefits Additional Benefit Resources ID: 932488
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Slide1
Benefits & retirement
Presented by Judy Kurtz, Employee Benefits Manager
Slide2OVERVIEW
Mandated Retirement Programs
Voluntary Retirement Programs
Wellness Credit
Employee Assistance Program
Insurance Benefits
Additional Benefit Resources
Retirement Eligibility
Slide3Mandated Retirement Programs
Teacher Retirement System
Automatically enrolled on date of hire/eligibility
Employee contribution rate 7.7%; set to increase to 8% (2021) and 8.25% (2023)
Defined Benefit Plan
Optional Retirement Program
Requires Enrollment to elect ORP in Lieu of TRS
Employee contribution rate remains at 6.65%
Defined Contribution Plan
Slide4Voluntary retirement programs
https://agrilifeas.tamu.edu/hr/benefits-retirement/
Resources
TRS and ORP
Voluntary Savings
TRS Videos
Fidelity On-Demand Videos
_____
Slide5Tax-Deferred Account &
Texa$aver
Pre-Tax and Roth Post-Tax Options
Tax-Deferred Account (TDA) 403(b)
All employees who report personal income for federal tax purposes – anyone on payroll
Employee money only
TDA Fee Summary
http://assets.system.tamus.edu/files/benefits/pdf/retirement/FeeSummary.PDF
Deferred Compensation Plan (DCP) 457 (b) aka
Texa$averAll employees who report personal income for federal tax purposes – anyone on payrollEmployee money only
Slide6Wellness credit
Two-Step Wellness Program
Completing any two steps on your
MyEvive
Personalized checklist* will ensure that you have the lowest rate for your health insurance premiums.
*
The alternate health assessment available on Well
onTarget
through Blue Access for Members (BAM) can also count toward your wellness credit.
Deadline of
June 30 to receive the credit for the upcoming plan year effective September 1. Receive the lowest rate on your health insurance premium
Slide7Employee assistance program
Work/Life Solutions by
GuidanceResources
The Texas A&M University System is proud to offer Work/Life Solutions to eligible employees. These programs usually offer in-person and telephonic counseling services, training, and have resources to help employees deal with all kinds of stressful issues from parenting to death of a loved one to conflicts at work. Contact
GuidanceResources
with the information below.
Website:
http://www.guidanceresources.com
WEBID
:
TAMUS1-866-301-9623
Slide8Insurance benefits
Core Coverages
Optional Coverages
Additional Benefit Resources
Slide9Insurance benefits
https://agrilifeas.tamu.edu/hr/benefits-retirement/
Medical
Prescription Drugs
Dental (PPO & HMO)
Vision
Life and Accidental Death & Dismemberment
Long-Term Disability
Flexible Spending Accounts (Health and Dependent Day Care)
Additional Benefits Resources
Slide10A&M system retirement
https://agrilifeas.tamu.edu/hr/benefits-retirement/
Retirement Guide
Pre-retirement Group Counseling Sessions
TRS Videos
Lump Sum Vacation
Retiree Benefits
Payment Vendor for Retiree Benefits, P&A Group
Who Do I Contact?
Frequently Asked Questions
Slide11Retirement criteria
Under current state law, you are eligible for the employer contribution as a retiree when:
You are at least age 65 and have at least 10 years of TRS or ORP service credit, or your age plus years of service credit equal at least 80 and you have 10 years of service credit, and,
10 of those years of service are with the A&M System, or you have a combined total of 10 or more years of service with the A&M System, UT System and ERS and the A&M System has the most years of service, or the A&M System has the same amount of service as the other highest system and A&M is your last employer, and
you have an intact TRS or ORP account.
Slide12Retirement benefits/process
Eligibility for insurance benefits and the employer contribution
TRS monthly annuity for life upon meeting TRS retirement criteria – reduction for early age retirement
TRS retirement packet – takes up to 60 days to arrive
Distribution from ORP account – participants are responsible for contacting vendor to establish a distribution plan
All forms available online
Slide13Questions/comments
How to save with limited funds?
Transfer of ORP funds to another vendor?
Retirement savings? Enough? Other options?
Slide14Who to contact?
Texas A&M
AgriLife
Research & Extension
Texas A&M Veterinary Diagnostic Lab
Judy Kurtz (979) 845-7207
Judy.kurtz@ag.tamu.edu
Human Resources Fourth Floor Suite – AGSV
578 John Kimbrough Blvd
2147 TAMU College Station, TX 77843 Phone (979) 845-2423 Fax (979) 458-1046 Email: agrilifebenefits@ag.tamu.edu