2024-2025 Benefits Guide

Once an employee retires, he or she receives a benefit payment for life that is based on his or her final account balance and employer matching. Employer matching is 180% at retirement. VESTING

TCDRS RETIREMENT ELIGIBLITY

Vesting with TCDRS means the employee has the right to a lifetime monthly benefit that will include employer matching at retirement. Vesting with TCDRS is at 8 years of service. Other ways to earn service time If you have previously served in the Military or USERRA; or

Age

Service

60

With 8 Years; or With 20 Years; or

Any Age

Rule of 75

Your age plus your years of service equals 75

contributed to a proportionate retirement program such as: ERS (State of Texas), JRS (Courts), TRS (Schools), TMRS (Select Cities), or COA (City of Austin) – your service time is counted towards retirement eligibility. If you have more than one TCDRS account, please contact TCDRS Member Services by calling 800-823-7782. Retirement MissionSquare 457 & IRA (Traditional & Roth) These plans are voluntary and are contributed 100% by the employee. These voluntary plans allow you to contribute monies with pre-tax dollars and reduce your taxable income for the year. You may also choose to make after-tax contributions to a Roth IRA or 457 plans. Contribution limits may change on an annual bases and the maximum contributions listed below are for the 2024 calendar year.

MissionSquare-RC 2024 CONTRIBUTION LIMITS

Plan 457

Normal Limit

“Age 50” Catch Up Limit

“Pre-Retirement” Catch Up Limit

$23,000 $7,000

$7,500 $1,000

$23,000

IRA

N/A

Retirement Health Savings (RHS) The Retirement Health Savings Account program is administered by MissionSquare. This program allows employees to rollover HRA funds for their use to off-set medical expenses after the employee has separated from employment from the EAA. Participation into this program is mandatory, and employees may not choose to opt out. Vesting for the RHS account is five years. Contributions The RHS is an employer sponsored plan. Employees may not contribute directly into this plan. At the end of each plan year and after the run-off period has passed for the medical HRA, funds over $2,500 are rolled over from the employees HRA into an RHS account. The run-off period for the 2024 calendar year is January 1st – March 31st, 2024. The run-off period gives employees an opportunity to submit outstanding claims from the previous 2024 year. These funds are not available to the employee until the vesting requirement is met and the employee separates from employment. Additionally, the EAA will make a onetime mandatory contribution of accrued sick leave at the employee’s separation of employment for employees meeting eligibility requirements as specified in the EAA’s personnel policies. HRA monies of employees who meet both the vesting requirement of 8 years of consecutive full-time service with the EAA and also meet normal service retirement eligibility as defined by the EAA's Texas County District Retirement Plan (service obtained through other entities does not count) would revert to the RHS Plan.

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