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Retirement

 

1. What Benefits are available to me if I retire from UTMB?
If you meet UT System Retirement Benefits Eligibility you are eligible to continue Health (includes $3,000 Retiree Life Insurance), Dental, Vision and up to $50,000 Term Life coverage. The Long Term Care plan is portable; this means you are able to retain the LTC coverage at the same rate after you terminate coverage or retire by contacting C.N.A. at 1.888.825.0353. You may also refer to UT System Retirement Guide for eligibility information at http://www.utsystem.edu/benefits/retirees/.

2. If I resign from UTMB, will I be eligible to receive retiree health benefits at a later date?
Yes if you retire under the jurisdiction of TRS, ERS or ORP and UTMB was your last state employer you may be eligible to receive benefits as a retiree. If you are working for another State Institution at the time of retirement you may be eligible for benefits with that Institution on your retirement date.

 

3. I have enrolled in Retiree Benefits, do I need to enroll in Medicare Part A or Part B?
If you have Retiree Benefits and you or your covered dependent(s) become eligible for Medicare, you and your Medicare-eligible dependents should enroll in Part A (in-patient coverage) and Part B (office visits and doctor fees). You must have Medicare Parts A and B to receive the maximum benefits available from the UT Select plan. Medicare becomes your primary payer (pays first) and UT Select becomes your secondary payer (pays second).

4. Do I need to enroll in Medicare Part D? What is it anyway?
Medicare Part D is prescription drug coverage available to people who qualify for Medicare Part A or Medicare Part B.

 

Most Medicare-eligible participants in the UT drug plan should NOT enroll in a Medicare prescription drug plan; since for most people, the UT prescription drug coverage will provide better benefits at a lower cost. You cannot use both plans for the same prescription.

 

6. What is TRS-Care?
TRS-Care is the group retiree health benefits program administered by TRS. TRS retirees who are not eligible for ERS, UT, or Texas A&M system health benefit coverage may be eligible for TRS-Care. UT provides

7. How many years of service do I have with Teacher Retirement System?
You must contact TRS to request your years of service at 1-800-223-8778 or on their website at http://www.trs.state.tx.us. Your TRS service time and UT System service time may not be the same.

 

8. Can I purchase additional TRS Service Credit?
Eligible TRS members may purchase service credit. Please call TRS for information at 1-800-223-8778 or visit their web site at http://www.trs.state.tx.us to review Types of Service Credit Eligible for Purchase in the TRS Benefits Handbook. If the service credit must be purchased in order to establish eligibility to retire, the purchase must be completed by the effective date of retirement.

9. Does Teacher Retirement System (TRS) calculate my salary based on a calendar year from January 1 to December 31 or a fiscal year from September 1 to August 31?
Teacher Retirement System bases your salary for retirement purposes on the fiscal year from September 1 through August 31 of the year.

 

10. How will I know if I am eligible for a Retirement Annuity through Teacher Retirement System or Optional Retirement Program?
You should contact Teacher Retirement System at 1-800-223-8778 or you can refer to the website at http://www.trs.state.tx.us. To speak with your Optional Retirement Vendor go to the website at http://www.utretirement.utsystem.edu/pubs/UTProviders.xls for Annuity options and eligibility.

 

11. How many points are needed to receive a full TRS annuity?
Please review the TRS Eligibility Requirements at “Retirement Eligibility Requirements: describing TRS retirement eligibility requirements for normal age, early age, and disability retirements. This information is available at: http://www.trs.state.tx.us/active.jsp?submenu=retirement&page_id=/benefits/retirement_eligibility_checklist

 

12. Am I required to meet with a Teacher Retirement Representative in Austin to receive my Retirement packet?
No, you may complete an online request for your Estimate of My Retirement Benefits form (TRS 18) or download a PDF form and mail with instructions to complete for Retirement.

13. If I am no longer employed with UTMB what happens to my Retirement contributions to Teacher Retirement System (TRS) or the Optional Retirement Program (ORP)?
TRS participants are vested after five years of creditable service and may receive a monthly annuity if they meet TRS rules for Retirement. ORP participants are vested after one year and one day of creditable service and must contact their vendor representative for available annuity options.

14. How much money do I have in my Retirement account?
You must contact your Retirement vendor for information concerning your retirement account.

 

a. TRS (Teacher Retirement System of Texas) participants can find their account balances on their TRS annual statement or by calling TRS using your TRS telephone pin authorization at 1-800-223-8778 or you can go to http://www.trs.state.tx.us using your TRS website password.

 

b. ORP (Optional Retirement Plan) participants receive quarterly statements from their providers. Please contact your ORP vendor. Provider information is available at http://www.utorp.utsystem.edu/providers.htm

15. If I elect to take a lump sum withdrawal or roll over my TRS or ORP Retirement account will I still be eligible to receive Retirement Benefits from UT System?
TRS participants must receive a monthly annuity from TRS to be eligible for Retirement insurance. Any member who has withdrawn contributions from TRS will no longer be eligible for TRS Service credit and forfeit all rights as a member of TRS. ORP participants are not required to receive distribution from their ORP retirement funds to be eligible for Retirement Insurance.

 

16. Who is my beneficiary on my TRS account?
ORP account? TSA account or DCP account? You must contact your retirement vendor directly to determine who you have named as a beneficiary for your retirement accounts.

17. If I retire from UTMB will I be eligible to return to work at a later date as a Retiree?
Yes, but you may be subject to TRS or ORP limitations. Please review return to work information at the following websites TRS and ORP.

 

18. I am an ORP participant. Am I required to take distribution of my ORP account to be eligible for Retiree Benefits?
No, declaration of retirement does not require the ORP participant to receive a distribution from their ORP retirement funds.