Retirement may seem far off, but it is never too early to start planning. Birdville ISD provides multiple retirement savings options, including Teachers Retirement System (TRS) pension. It is important to understand how TRS, Social Security, and other savings plans interact. Need information on this? For very helpful seminars presented by TCG, please see below under the heading Voluntary 457 and 403(b) Retirement Savings Plans. The videos go in depth on all of these programs and take approximately 45 minutes, but are always available and can be started and stopped at your convenience.
TRS Pension Benefits
All District employees employed on a regular basis for at least four and one-half months are members of the Teacher Retirement System of Texas (TRS).Members contribute 8% of eligible compensation to the pension system and .65% to the TRS-Care fund (retiree health insurance). Your retirement formula is determined by your start date in the TRS pension system. The easiest, most accurate, personalized information about your pension can be found by creating your account in MyTRS, where you can view your contributions, estimate your retirement income, and much more.
TRS provides many informational videos that discuss TRS retirement benefits and the simple methods of scheduling a secure and private virtual appointment with a TRS benefit counselor.
You may view the statewide presentation and scheduling information by clicking here, by following TRS on YouTube at TRSofTexas, or by visiting the TRS.TV page of the TRS website.
For the TRS Watch and Learn series about member pension benefits, go to www.trs.texas.gov and click on Member Education Videos; or go to YouTube.com/TRSofTexas.
Full the full retirement benefit guide, click here or go to the TRS website at https://www.trs.texas.gov/Pages/Homepage.aspx
Most importantly, make sure you create your log in at MyTRS. The information on MyTRS is personalized to you. You can see your contributions, retirement tier, estimate your retirement pension, and much more!
Voluntary 457 and 403(b) Retirement Savings Plans
Birdville ISD offers two supplemental retirement plans: a 457 and 403(b). These plans allow employees to contribute additional retirement money, pre or post-tax, to provide supplemental income at retirement. These plans are strictly voluntary and the District does not make a contribution. You may enroll in the 457 and 403(b) plans at any time, but each has a different process. Click here for a quick reference on these retirement plan options or go to the Region 10 RAMS website at https://www.region10rams.org. Also check out our recorded seminars for early career and mid-late career employees.
PRESENTATION: Retire with Confidence - For those looking to retire in the next 15 years.
PRESENTATION: Young Eucators - Useful for those early to mid-way through their career.
*Please Note: You may receive solicitations from financial providers to your Birdville email. Here is what you need to know about the legitimacy of these solicitations:
TCG is the only investment vendor the district contracts with. They provide administration for the District’s 457 and 403(b) plans. Therefore, TCG has a fiduciary responsibility to recommend what is in your best interest.
- Though other vendors may be legitimate, they are not vetted by the district, and they are not authorized to meet you at your work location.
- Please visit the Region 10 RAMS site at https://www.region10rams.org for a list of approved 403(b) vendors. Enter your district, click on 403(b) Admin tab, and then Admin Approved Vendor List.
- The District will only send announcements about financial readiness and seminars through Mark Thomas with the Communications Department.
- TCG may send communication to your email if you have provided that information to them.
457 Retirement Savings
You will have the opportunity to enroll in the 457 during your new hire enrollment process on THEbenefitsHUB, or any time after. You will also be able to manage your accounts easily using the TCG Mobile Retirement App. Click here for more information.
Please call TCG at (800) 943-9179, or the local representative, Kevin Hull, via teleconference by going to https://go.tcgservices.com/meetings/khull2. Click here for information on how Kevin can help!
Further information about these plans can be found on the District's benefits portal by clicking here.
403(b) Retirement Savings
A 403(b) is a voluntary retirement plan that allows you to save money in a pre-tax (Traditional) or after-tax (Roth) account. Contributions to the plan are salary-deducted from your paycheck and automatically deposited into your 403(b) retirement savings account. Early withdrawals from a 403(b) account are subject to a 10% early withdrawal penalty. TCG is the 403(b) plan administrator—managing your contributions, distributions, and personal updates. Money and investments are held with the vendor of your choice.
You may enroll in the 403(b) at any time. To begin enrollment, visit www.tcgservices.com/documents and find your employer’s 403(b) Approved Vendor List. Open an account by contacting one of the approved 403(b) providers directly. For assistance, schedule an appointment with the District's local representative, Kevin Hull, by going to https://go.tcgservices.com/meetings/khull2 ; or you may call TCG at (800) 943-9179.
403(b) Annual Notice – English
403(b) Annual Notice – Spanish
Further information about these plans can be found on the District's benefits portal by clicking here or by visiting the Region 10 RAMS site at https://www.region10rams.org and clicking Access My Plan.
The District and district employees do not contribute to the Social Security program. Therefore, years of Birdville ISD service and earnings will not be included on your Social Security statement. However, employees are required to contribute 1.45% of eligible compensation to Medicare.
If you plan to receive Social Security benefits and a TRS pension, be aware your Social Security benefit may be reduced. This is called the Social Security Windfall Elimination Provision. For information on how the reduction is calculated, please CLICK HERE.
Getting Ready to Retire - Whoo-hoo!
You are finally ready for retirement! There are number of considerations through the retirement process. It is recommended you begin this process 6 months prior to your expected retirement date. Provided below are steps and resources for the retirement process.
1) Review the HR website by CLICKING HERE . The HR site provides district retirement procedures, checklist, information about unused leave days, and links to the employee handbook.
2) Determine what other retirement payment options you have. Are you eligible for social security and when will you apply? Do you want to take money from your 403(b), 457, or other retirement plan? For a very helpful video on how these programs interact please CLICK HERE. The video goes in depth on all of these programs and takes approximately 45 minutes, but is always available and can be started and stopped at your convenience. You may also schedule an appointment with the District's TCG representative, Kevin Hull, who can help you identify how to best use your resources during retirement. To schedule a virtual visit, go to https://go.tcgservices.com/meetings/khull2 . Consulting services are provided at no cost. You may also want to discover your roll-over options. Click here for more information.
3) Decide what to do about medical coverage when you retire. Consider if you will be/are eligible for Medicare, and if you would like to keep TRS coverage under TRSCare or look at other private options. Two options are available under TRSCare: without Medicare and with Medicare (this is a supplement plan). For information on these plans, please visit the TRS website at https://www.trs.texas.gov/Pages/retirees_beneficiaries.aspx
4) Decide what to do about other benefits when you retire. Do you need to keep your dental, vision, or life insurance in place? If so, you have 30 days from your retirement date to apply under COBRA or to apply for private policies. For information on how to apply, please CLICK HERE.
5) Do you plan on working after retirement? Review the TRS Employment After Retirement guidelines to make sure you don't put your pension in danger.
Below is a list of important resources:
TRS Pension Customer Service Phone Number - 800-223-8778
TRS account log in (MyTRS) - https://oapi.trs.state.tx.us/ONAC/do/login
TRS Retirees and Beneficiaries page - https://www.trs.texas.gov/Pages/retirees_beneficiaries.aspx
Social Security Customer Service numbers, in order of recommended to try first by the SSA:
Ft. Worth Field Office - 866-704-4858
National Automated number - 800-772-1213
Speak with a SS representative - 800-772-1213 Mon-Fri 8:00am - 7:00 pm
Social Security account log in (MySSA) - https://www.ssa.gov/myaccount/
TCG Retirement Plans general number- (800) 943-9179
WISHING YOU A HAPPY RETIREMENT!
CARES ACT (related to TRS, 403(b), and 457 plans)
You may be aware that Congress has passed the Coronavirus, Aid, Relief and Economic Security (CARES) Act with provisions to positively impact retirement plan participants, including your ability to make plan withdrawals.
Some provisions of the CARES ACT pertain to TRS. For information about these provisions, please visit the TRS CARES Act page HERE .
In addition, TCG, the 403(b) and 457 Plan Administrator for Birdville ISD, created a reference document related to the main provisions that impact your 43(b) and 457 retirement plans. Click here for the reference document. TCG would like to offer assistance with questions about the CARES Act. They have created a special email address inbox for this purpose monitored by a team of senior staff members with a thorough understanding of the CARES Act. Please send an email to firstname.lastname@example.org with your concerns and they will address them.
TCG has also created a COVID19 Resource Hub with important information for plan participants.
Finally, TCG is continuing to expand their TeleWealth Virtual Consultation program to accommodate more appointments as your financial questions arise. Clicking on the link will allow you to schedule a virtual visit with the district's local representative, or you may contact our Kevin Hull, the District's representative, at https://go.tcgservices.com/meetings/khull2 . All services are provided at no cost.