Retirement Programs

Can't find what you need?

Email: benefitsu@smu.edu
Call: 214-768-3311

Our Commitment to You

èßäÊÓƵapp is committed to providing an array of programs that benefit and protect you and your family throughout your working years at èßäÊÓƵapp, and, if you meet èßäÊÓƵapp's retirement eligibility criteria, during your retirement years after you leave èßäÊÓƵapp.

The èßäÊÓƵapp retirement plans are an important part of your future financial security and the University has done much to provide the resources, tools, and services that can help you determine how much income you will need for your retirement years, and develop a plan to achieve your goals and retire on your own terms.

The Retirement Plans Advisory Council (RPAC) is a group of dedicated faculty and staff helping the University administration with all things related to the èßäÊÓƵapp Retirement Plan.

 

403(b) Retirement Plan

Transamerica: Record Keeper & Investment Manager

Customer Service:  800-755-5801

The èßäÊÓƵapp 403(b) Retirement Plan is a valuable benefit and one of the most powerful ways to build your retirement savings. It is important to understand how the plan works so that you can reach your retirement income goals.

Eligibility

If you are a full-time or part-time (20+ hours/week) benefits-eligible employee, you may enroll in the èßäÊÓƵapp Retirement Plan as early as age 21.
If you contribute 5% of your base salary on a pretax basis, you will receive èßäÊÓƵapp matching contributions. If you contribute less than 5%, you will not be eligible for matching contributions.

 

Participation (5% pretax contribution) is required as a condition of employment for full-time employees age 36 or older.
Post Doctoral Fellows, Temporary employees working at least 20 hours per week, and Adjunct faculty are eligible to contribute on a voluntary basis, but are not eligible for èßäÊÓƵapp matching contributions.
Contributions to the Plan
If you contribute 5% of your base salary on a pretax basis, èßäÊÓƵapp will contribute 8% of your base salary until you reach age 41. èßäÊÓƵapp begins contributing 10% of your base salary the month following your 41st birthday. You may make additional pretax and/or after tax (ROTH) unmatched contributions up to IRS limits.
èßäÊÓƵapp matching contributions vest after three years of employment.
Beneficiary Designations
It is important that you sign into your Transamerica account and designate your beneficiaries and update your designations as needed.

Processing Fees

Transaction Processing Fees (deducted from the participant’s account)
Qualified Domestic Relations Order (QDRO) $250 per QDRO (deducted from the participant account when it is divided)
Loan Maintenance $6.25 per quarter (not charged in the quarter the loan is issued/refinanced or paid-off). This is not charged on loans in place prior to the effective date of this fee. The Loan Maintenance Fee is in addition to the Loan Set-up Fee.

Withdrawal Transactions

  • Full Distribution
  • Hardship Withdrawal
  • In-service Distribution
  • Contract Exchange
    (if applicable)
 $25 per transaction
Note: These fees are waived when distributions are made due to the participant’s death or disability; from a beneficiary’s account; as a direct rollover to a Transamerica IRA; to purchase an annuity through Transamerica; or as a Required Minimum Distribution. The fee is also waived on unscheduled withdrawals by a former participant until the final distribution from their account.

Retirement Planning Consultant: Todd Hutson

èßäÊÓƵapp's Transamerica Retirement Planning Consultant is Todd Hutson. Todd is available on èßäÊÓƵapp Monday - Friday to discuss your retirement planning needs, investment allocation, and any questions you have regarding your account.

Click  to access his calendar and schedule an appointment. 
Email Us todd.hutson@transamerica.com


Call Us 214-768-7504

Resources

For more information about the Retirement Plan and to sign in to your account, visit the 

The Transamerica Customer Care Center (800-755-5801) provides assistance with transactions such as loans and distributions.

    Emeriti Health Account

    Record Keeper & Investment Manager: OneBridge

    Customer Service: 866-363-7484

    To help you save for your future health care needs, èßäÊÓƵapp provides the Emeriti Health Account, a tax-advantaged way to invest and accumulate assets to pay for your insurance premiums and other eligible health expenses during your retirement years.

    Following is a brief summary of the eligibility and participation requirements:

    • Full-time benefits-eligible faculty and staff are automatically enrolled in an Emeriti Health Account at age 40. You will contribute $93.64 per month (prorated depending on your pay schedule) on a pre-tax basis during the 2024 calendar year. èßäÊÓƵapp will make equal matching contributions on your behalf as long as you remain an eligible employee - until you retire or for up to 25 years, whichever occurs first. Once enrolled, you choose how to invest contributions made by you and èßäÊÓƵapp, among several investment options.

    • Age 40+ mandatory contributions (including èßäÊÓƵapp matching contributions) will increase 4% each year.

    • You can also enroll in and make voluntary, after-tax contributions to an Emeriti Health Account. Voluntary contributions are not matched by èßäÊÓƵapp. Please email benefitsu@smu.edu if you wish to make voluntary after-tax contributions.

    • Your contributions to your Emeriti Health Account vest immediately. Ã¨ßäÊÓƵapp's matching contributions to your account vest after you complete seven years of employment.

    Resources

    You can review your account activity by visiting the . If you have never logged into your account, click on "New User? Register Online" and follow the New User Registration instructions.

    Retiree Health Plans

    As long as you have met the èßäÊÓƵapp eligibility requirements at retirement, you and your spouse, if eligible, will have access to retiree medical insurance - either through BCBSTX or Emeriti, depending on your age and age of your spouse.

    • Retirement Eligibility Requirements: You must be at least ago 60, employed by èßäÊÓƵapp for at least 10 years, AND enrolled in the èßäÊÓƵapp Medical Plan for at least 5 consecutive years immediately prior to retirement. 
       
    • Spouse Eligibility Requirements: Married to spouse for the five-year period immediately preceding your retirement.
       
    • If you and your spouse are age 65 or older when you retire, you may both enroll in the Emeriti Health Plan.
       
    • If you are age 65 or older when you retire, but your spouse is under 65, you will enroll in the Emeriti Health Plan and your spouse will remain in the BCBSTX plan until they reach age 65.
       
    • If your spouse is age 65 or older at the time you retire, but you have not yet reached age 65, you and your spouse will remain in the BCBSTX plan.  When you reach 65, you will both have an opportunity to enroll in the Emeriti Health Plan.

    èßäÊÓƵapp Premium Subsidy

    As long as you have met the retirement criteria addressed above, and you were hired prior to January 1, 2008 and at least age 40 on that date, èßäÊÓƵapp will pay a portion of your medical premiums.  This applies to your spouse as well, as long as he/she has met the criteria addressed above, even if he/she was not enrolled in an èßäÊÓƵapp Medical plan for the 5-year period preceding your retirement.

    The amount paid by èßäÊÓƵapp is based on whether you and/or your spouse are enrolled in the Emeriti Health Insurance Plan or the BCBSTX plan.

    • While enrolled in the BCBSTX Plan, Ã¨ßäÊÓƵapp will continue to contribute an Employer Portion of the monthly BCBSTX medical premium for you and an eligible spouse.
       
    • While enrolled in the Emeriti Health Plan, the èßäÊÓƵapp monthly premium subsidy will be:
      • Age 65 - 69: $142
      • Age 70 - 74: $166
      • Age 75+ $198
      • As of January 1, 2024, èßäÊÓƵapp's premium subsidy will be frozen at the subsidy amount in effect in 2024.

    What If I Meet the Age And Years Of Employment Criteria But Was Not Enrolled In èßäÊÓƵapp Medical Coverage During The 5-Year Period Preceding Retirement?

    • As long as you meet the age 60 and 10 years of employment criteria, you and your spouse will have access to èßäÊÓƵapp retiree health insurance, although you will not be eligible for the èßäÊÓƵapp premium subsidy.  You will, however, have access to the contributions you made and the vested contributions èßäÊÓƵapp made to your Emeriti Health Account during your active years - to pay for premiums and other eligible expenses after retirement.

    What If I Decide Not To Enroll In èßäÊÓƵapp Retiree Health Insurance When I Retire?

    • Generally, if you decide not to enroll in èßäÊÓƵapp Retiree Health Insurance, you cannot enroll at a later time.  However, if you decide not to enroll because you have coverage under your spouse's insurance, and he/she later loses coverage, you will have an opportunity to enroll in èßäÊÓƵapp Health Insurance, although èßäÊÓƵapp will not pay the premium subsidy.

    Emeriti Dental Coverage

    Emeriti Dental coverage is also administered by Aetna. If you are age 60 at retirement and have at least 10 years of èßäÊÓƵapp employment, you and your spouse may enroll in the Emeriti Dental Plan. If you are interested in Dental coverage you must enroll in Emeriti Medical and Rx coverage.  èßäÊÓƵapp does not contribute to the cost of Dental coverage.  

    • Important:  If you are not enrolled in a Dental Plan when you retire, there will be a six month waiting period before Major dental expenses are covered under the Emeriti Dental Plan.  However, the waiting period will be waived if there is no more than a three month break in coverage and proof of prior coverage is provided.

    Resources

     

    Retirement Resources

    Once you've made the decision to retire, there are many things to consider.  Below you will find links to several helpful documents containing important information about the èßäÊÓƵapp retirement process.

    Retiring from èßäÊÓƵapp
    How èßäÊÓƵapp's Medical Plans Work With Medicare


    ABCD's of Medicare