Retirement Benefits and Employee Accounts

What is the minimum age and years of service required for retirement eligibility?

Which of the following statements accurately describes the interest rate on employee accounts?

If an employee leaves the District before becoming eligible for retirement benefits, what options do they have regarding their contributions?

What types of insurance benefits are provided to the employee at no cost?

Which statement is true regarding the Deferred Compensation Plan offered by the District?

What are the retirement eligibility criteria based on age and years of service?

How is the annual interest for employee accounts calculated?

Which insurance benefits does the District provide at no cost to the employee?

What option does an employee have if they leave the District before retirement eligibility?

What is true regarding TCDRS deductions from employees' paychecks?

Retirement Eligibility

Minimum requirement: 60 years old with 8 years of service.
Alternative requirement: Any age with 20 years of service.
Rule of 75: Age plus years of service must equal 75 for eligibility.

Employee Accounts

Accounts earn 7% interest annually, compounded based on the starting balance.
Upon opting for retirement benefits, TCDRS combines personal account balance with District's contributions and credits.
This total is transformed into a life-long monthly annuity.

Leaving the District

Employees leaving before retirement eligibility can withdraw their contributions.
Alternatively, they may leave funds in TCDRS for future use.

Deductions

TCDRS contributions are pre-tax, deducted from bi-weekly paychecks.
Employees are exempt from Social Security contributions.
Medicare contributions are still required.

Deferred Compensation

The District offers a voluntary Deferred Compensation Plan for additional contributions.
The District does not provide matching for this plan.
Contributions are pre-tax, allowing for potential tax benefits.

Employee Insurance

Health benefits commence the month after completing 30 days of employment.
Employee costs for these benefits are covered entirely by the District.
Insurance offerings include:
- Medical Insurance
- Dental Insurance
- Vision Insurance
- Life Insurance

Dependent Insurance

Similar to employee insurance, dependent benefits begin after 30 days of employment.
Costs for these benefits are deducted bi-weekly from employee paychecks, pre-tax.
Available dependent insurance includes:
- Health Insurance for spouse and children
- Dental Insurance for spouse and children
- Vision Insurance for employee, spouse, and children

Policy Updates

Revised and adopted policy date: August 2023.

This quiz covers the essential aspects of retirement eligibility, employee accounts, and the contribution process. It highlights the minimum age and service requirements for retirement, as well as options for employees leaving the district. Test your knowledge on TCDRS, deductions, and deferred compensation plans.