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RETIREMENT PROGRAM
AND
BENEFITS
Teacher
Retirement System
Membership in the Teacher Retirement System is
a prerequisite of employment. The State of Texas maintains a
4retirment system for employees of Texas school districts.
Deductions of 6.90% (6.4% for teacher retirement and 0.5% for Teacher
Retirement Health) are made from employees' monthly salaries. The
6.90% for Teacher Retirement is not subject to Federal Withholding Tax
effective January 1, 1989. The deductions for Teacher Retirement
Health help fund a health insurance program for Texas school retirees at
minimal cost.
When am employee's service is terminated with
the District, and he/she has completed an exit interview, he/she may
withdraw from the retirement fund only the amount he/she has paid into
the fund, plus interest. Forms required for withdrawal of TRS
funds are available in the District's Business Office.
Employees who plan to retire under TRS should
contact TRS by calling 1-800-223-8778 or 1-512-397-6400 to receive
information on application procedures. Teacher Retirement System
of Texas, 100 Red River Street, Austin, TX 78701-2698.
TRS information is also available on the web at
http://www.trs.state.tx.us.
Those employees in their last year prior to
retirement are encouraged to contact TRS early in the year to begin
completing the required paperwork. The district recommends potential
retires visit with a retirement counselor at the TRS offices in Austin.
Assistance is also available through the Benefits Office by contacting
the Benefits Coordinator at 972-215-5209.
Optional Term Life Insurance
Retirees
may convert to an individual policy and pay the premium direct to the
company. Individual premiums for life insurance at retirement age are
very high.
Cancer / Specified Disease Supplemental
Health Plan
Retirees
may continue this coverage. Premium rate change is minimal and payment
will be direct to the company through bank draft or individual payment.
Aetna Long Term Care Insurance
Retirees may continue this coverage.
Retirees should contact Aetna Long Term Care at 1-800-367-3636.
Those planning to retire should call before final payroll check is issued
by the district.
Retirement Information
If a
member plans a MAY retirement but is obligated to the local school
district to work a few days in June, a May 31 retirement is possible if
the following conditions are met:
-
ALL
service required by the member's contract for the full school year is
COMPLETED on or before June 15, and
-
ALL OTHER requirements for
retirement have been met by May 31.
A
declaration of a May 31 retirement allows the member to begin receiving
his/her retirement annuity July 1 of the retirement year.
Employment After Retirement
Individuals receiving retirement
benefits from the Teacher Retirement System (TRS) may be employed in
certain positions or on a part-time basis without restricting their
benefits. The amount of time a retiree may be employed without losing
benefits is governed by TRS rules and state law. Contact TRS
directly at 1-800-223-8778 or 1-512-397-6400 (web
http://www.trs.state.tx.us).
Retirees may work without any loss of
benefits in the following capacities after a 12 month break in service:
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As a principal or assistant principal
on a full time basis, if certified as a principal
-
As a classroom teacher in an acute
shortage area, if certified in that area. Acute shortage areas in
Irving ISD are math, special ed, bilingual, & ESL
Retirees may work full time in any
capacity following a thirty day break in service, but will suffer loss of
some benefits.
Retirees may work without any loss of
benefits in the following capacities:
-
Full time as a bus driver
-
Full time as a substitute at the
published daily rate
-
Half time or less in any month in any
capacity, provided they did not substitute during that month
-
Full time in capacity for a maximum
of six months
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