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Full-Time Employees
Full-Time Employees
Full-Time Employees: ACC full-time employees have two retirement programs: TRS or ORP. Information can be found here:
https://www.austincc.edu/offices/benefits/retirement-programs
The differences between the two programs can be found here:
https://drive.google.com/file/d/1H6HZm_2AL_BOfj-_zi-arlJSmb_hrpP4/view
Retirement under TRS
Retirement under TRS
https://www.austincc.edu/offices/benefits/retirement-programs/teacher-retirement-system-of-texas
Retiring from ACC through TRS requires that you communicate with three parties: TRS, ACC Human Resources, and your department chair.
1. TRS schedule
10-12 months prior to retirement
Log on to MyTRS and use the retirement calculator to determine what the benefits will be for any given retirement date.
Use MyTRS to request an estimate of retirement benefits.
Use TRS resources to educate yourself on the options. These include member education and financial awareness videos and benefits presentations. Furthermore, an appointment with a TRS Benefits counselor can be requested.
Purchase service credit or transfer credit if desired
6 months prior to retirement
TRS will send a retirement package after receiving your retirement estimate.
When ready to retire, complete and submit TRS 30, Application for Service Retirement; TRS 228A, Federal Income Tax Withholding Certificate; and TRS 278, Direct Deposit Request.
30-60 days prior to retirement
Notify HR at ACC.
Give HR TRS 7, Notice of Final Deposit before Retirement and School Official Certification of Salaries. HR will submit the form on your behalf.
More information on the TRS process can be found here: https://www.trs.texas.gov/Pages/active_member_planning_retirement.aspx
2. ACC Human Resources
Contact Human Resources at least two months before retirement.
Human Resources will submit TRS 7 for you. Human Resources will also help you set up health insurance through ERS and facilitate the return of ACC property.
Information about health insurance through ERS after retirement can be found here: https://www.austincc.edu/offices/benefits/retiree-benefits/coverage-and-costs
Medicare information can be found here: https://www.austincc.edu/offices/benefits/insurance-programs/health-insurance/medicare
HR Benefits Coordinator:
Kelly Clennan
512-223-7907 fax
3. Department Chair
The college suggests that department chairs be notified three months prior to retirement so that all of the information can be organized.
The department chair helps with the exit checklist, arrangements for the retirees' classes and offices, acknowledgement at the Department level, and the process for rehiring as an adjunct if the retiree desires that. The department chair can also request that the retiree have temporary access to their email and office as they transition.
Retirement under ORP
Retirement under ORP
The Optional Retirement Program is an individualized State of Texas defined contribution retirement plan in which each participant (100% full-time faculty or certain administrators only) selects mutual fund and annuity investments through various ACC-authorized companies. Participants vest their rights to 100% of the employer contributions to the program after one year and one day of participation.
Upon initial employment, a full-time faculty member or administrator is automatically enrolled in TRS unless they elect to enroll in ORP. Eligible ORP employees are given 90 days from their date of eligibility to make a lifetime choice to relinquish membership in the TRS and become a participant in the ORP.
Further information about ORP can be found here: https://www.austincc.edu/offices/benefits/retirement-programs/optional-retirement-program
Rehire
Rehire
Rehire under TRS
Rehire under TRS
General TRS rules for working at ACC after retirement can be found here: https://www.austincc.edu/offices/benefits/retiree-benefits/working-after-retirement
ACC retirees can return to work part-time following retirement but must follow TRS rules. The general rule is that retirees must take the necessary full calendar month break in service and not work beyond the maximum hours allowed by TRS in order to avoid a loss of TRS annuity payments or retirement benefit
However, the Liberal Arts division at ACC requires that retirees take a full semester break in service before returning as an adjunct. Therefore, Spring semester retirees/resignees may return for the following Fall semester, Summer semester retirees/resignees may return for the following Spring, and Fall semester retirees/resignees may return for the following Summer semester. Retirees will need to re-apply in order to be eligible for adjunct positions. Retirees upon rehire will return to the regular adjunct pool. They will not automatically be granted MSTAs or Highest Priority to Hire status, but they are welcome to apply for those positions. Note that the semester break applies only to adjunct faculty positions and not to other positions at the college.
Rehire under ORP
Rehire under ORP
As an ORP retiree, you have no statewide restrictions on the re-employment date or amount of time worked. Local institutional restrictions may apply so check with your Human Resources Office for more information.
However, the Liberal Arts policy of taking a full semester break before returning as an adjunct applies to ORP retirees as well.
ACC Retirement Checklist
Part-time, Adjunct Faculty, & Hourly Employees
Part-time, Adjunct Faculty, & Hourly Employees
ACC Money Purchase Plan
ACC Money Purchase Plan
The ACC Money Purchase Plan is mandatory by Federal Law for ALL part-time or adjunct faculty and hourly employees except qualified full-time ACC students.
Information can be found here: https://www.austincc.edu/offices/benefits/retirement-programs/acc-money-purchase-plan
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