Collin County Community College District (Collin College)

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.

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Larry Merrill

Copyright 2003-06 (Collin College)

Last reviewed or revised 09/2006