This two-hour class provides an overview of UT Select retiree insurance, Medicare and coordination with UT Select, returning to work after retirement, and getting started with TRS or ORP. Sessions are offered the 2nd Wednesday of every month on the main UT campus.
For more information and to register, please see UTLearn (EID and password required).
2) CONTACT YOUR RETIREMENT PROGRAM
Teacher Retirement System (TRS)
Review the Planning for Retirement page on the TRS website. This page provides information that will help you decide when it is the right time for you to retire, and what retirement option is best for you.
Optional Retirement Program (ORP)
Contact your ORP retirement provider or financial advisor three months before retirement to review distribution options and beneficiary designations.
Once HR – Benefits receives this form, they will enter your expected retirement date into Workday. Your department will not be able to process your termination with a reason code of retirement until this step has been completed.
4) NOTIFY YOUR DEPARTMENT
Notify your department of your intent to retire in accordance with departmental policy. Once your department has been notified, they will process your termination with a reason code of retirement in Workday. As previously noted, your department will not be able to process your termination unless you have submitted your TRS-30 or ORP Declaration of Retirement to Human Resources – Benefits.
Conversion allows Employees and their covered dependents to convert some of their Basic Life and/or Voluntary Life insurance to an individual whole life policy if any portion of their Life insurance terminates by remitting premium directly to Dearborn National.
Medicare is generally available at age 65. To avoid significant financial penalties, you should contact your Social Security Office at least 3 months prior to your retirement date to discuss your enrollment options. For additional information about UT Select and Medicare, please visit our UT Select and Medicare webpage.
10) KEEP YOUR CONTACT INFORMATION UP TO DATE
To ensure that you receive important plan and enrollment updates, please keep your address, phone number, and email address up to date.
The Retired Faculty-Staff Association (RFSA) of The University of Texas at Austin provides a point of connection, continuity and communication for the mutual benefit of its members and the university. Enjoy many activities including travel, discussion groups, new restaurants, service to UT, and being part of the scholarship fund for students. For more information, please visit the RFSA website.
13) COME ON BACK
ORP retirees may return to work immediately after retirement without restrictions.
TRS retirees should review the Employment After Retirement brochure provided by TRS. To avoid losing your retirement benefits, please review the brochure thoroughly, and contact TRS for questions or to discuss your particular return to work scenario. Please note that you are responsible for complying with TRS’ return to work requirements.
For additional information about how your return to work may impact your benefits, please visit the Employment After Retirement webpage on the HR website.