You may defer limits as shown below. These limits also apply to the Texa$aver 457 plan. You can shelter up to these amounts in both plans.
Age 50-Catch- up Amount*
*These limits may be indexed for inflation in increments of $500 each year
No, you must use one of our approved companies and one of the assigned representatives. You can find a list of the approved companies & representatives on the Human Resources website at http://www.hr.txstate.edu/benefits/orpvendors.html.
Yes, you can change companies each payroll cycle. You have the choice of leaving the money you have contributed with the old company or rolling it to the new one. You can find a list of approved companies on the Human Resources website at http://www.hr.txstate.edu/benefits/orpvendors.html
Yes. In 2013, you can contribute $17,500 to each and if you are age 50 or older by the end of the calendar year, you may contribute another $5,500 to each.
No, the Teacher Retirement System does not allow this. Other considerations may be your 403(b) TDA or your Texa$aver (457) Plan if you are enrolled in either of those plans. Contact your TDA vendor representative for options. Contact information is on the Human Resources website at http://www.hr.txstate.edu/benefits/orpvendors.html. You can contact a representative of the Texa$aver Plan at 800-634-5091.
You can retire with State paid retiree insurance when your age plus years of service equals 80 or when you reach age 65 with 10 years of service. Your years of service must include at least 10 years of service in a benefits eligible position with a GBP participating agency. If you retire before age 65 with 10 years of service, you can elect interim retiree insurance at your own expense until you reach age 65. Then at age 65 you can enroll in the state paid retiree insurance plan. If you retire before age 65 with less than 10 years of service, you will never be able to enroll in the retiree insurance.
Teacher Retirement System staff ask that you contact them 4 - 6 months ahead of time, if possible. If you qualify for retiree insurance, you should come to Human Resources at least one month before your retirement date to enroll in the insurance. A Retiree Checklist is located here.