The following is provided by the Human Resources Department:
New Premium Rates Effective 9/1/14
Employees enrolled in the ERS Group Benefits Program are encouraged to visitÂ http://www.austincc.edu/hr/benefits/insuranceprograms.php to view the 2015-rate sheets.
Medical premiums increased 7 – 11 percent and the Dental DHMO plan increased 9.25 percent.Â The new premiums will be reflected on employees’ September paycheck(s).Â If you have any questions, please feel free to contact the HR Benefits Staff at (512) 223.7230 or (512) 223.7537.
Information about the Teacher Retirement System of Texas (TRS)
Employee Contribution Rate Change
EffectiveÂ September 1, 2014, the TRS employee contribution rate will increase from 6.4 percent to 6.7 percent. Â The employer’s contribution will remain unchanged at 6.8 percent. Â No action by the employee is required for this change to occur. Â Employees will see the increased contribution rate on their first paycheck in September.
ServiceÂ RetirementÂ Eligibility Change
Based on Senate Bill 1458, passed by the 2013 Texas Legislature, effectiveÂ September 1, 2014, any person who
-Â Â Â Â Â Â does not have at least five years of service credit in TRS on August 31, 2014,
-Â Â Â Â Â Â becomes a member of TRS on or afterÂ 09/01/2014
will be affected by theÂ changes made to the normal-age serviceÂ retirementÂ eligibility.
EligibilityÂ for a normal-age service retirement annuity, unreduced for early age, aÂ member must meet one of the following criteria:
- age 65 with at least five years of service credit, or
- age 62 with at least five years of service credit and meet the Rule of 80 (age and years of service credit total at least 80).
Members who have at least five years of service credit in TRS onÂ August 31, 2014Â and who do not terminateÂ membershipÂ by withdrawing their contributions; will be able to retire under the retirement eligibility requirements in place immediately before the effective date ofÂ the bill.
Retiring from TRS
When an employee retires from the TRS through any TRSÂ employer, theyÂ must retire from allÂ TRS-covered agencies in which they are employed. Â This is true even if you are not currently contributing to TRS through ACC.
The TRS retiree must observe a break in service ofÂ at least one full calendar month after retirement in order for their retirement to be effective.
For additional information on returning to work as a Retiree, please read theÂ Employment After Retirement brochure on the TRS website at: Â http://www.trs.state.tx.us/benefits/documents/employment_after_retirement.pdf.
Please contact Susan M. Corbett, HR Benefits Manager at (512) 223.7617 should you have any further questions.
Educational Advancement program
In response to employee feedback, HR is adopting a lottery system for tuition reimbursement requests.
Tuition reimbursement requests for fall semester classes will be accepted October 6-10. Names will be entered into a drawing that will be live streamed and recorded. Funding calculations will be done at that time.
Find details and requirements on the Tuition Reimbursement Forms webpage.