When am I eligible to Retire?
TCU has the rule of 75. Retirement is possible beginning at age 55, with a minimum of ten years of continuous service (5 years if employed prior to January 1, 2005), provided that years of service plus age equal 75. Faculty and staff who retire on this basis are eligible for all university benefits provided to retirees.
Is there a retirement program?
Yes-you must work at least 48 percent of full time to be eligible. After completion of two years of employment, the university contributes an additional 11.5 percent of salary per pay check for exempt and non-exempt employees into your retirement account. HR will send you a packet to help you set up an account with either TIAA, VOYA or the Pension Fund of the Christian Church. Only TCU may contribute money into this account. You may contribute money into a separate Supplemental Retirement Account.
Will my basic retirement money go with me should I not retire from TCU?
Yes, it’s your money and you can leave it with the vendor or roll it over into another vehicle or withdraw the money and pay penalty and taxes.
Do I need to make my spouse the beneficiary on my retirement accounts?
Yes, at least 50% of the retirement account needs to go to your spouse. If your spouse is willing to sign a waiver then you may name anyone your beneficiary.
Which SRA vendor is best?
You may select from 3 different approved vendors: TIAA, VOYA, and the Pension Fund of the Christian Church. Vendor selection varies per individual and will depend on how you want your money allocated.
What should I do when I have decided to retire?
Please make an appointment 2 months prior to your retirement date. Call TCU Human Resources at 817-257-7790 or email email@example.com to set up an appointment.
I’m turning 65 next month, what Medicare coverage should I sign up for?
As long as you are employed with benefits you should not sign up for Medicare Part B or Part D. Sign up for Medicare Part A. There are no premiums. When you are ready to retire, social security has a form your employer signs stating you were working and had medical coverage, this will keep you from being penalized.