ORP Retirement Plan
ORP is a defined contribution plan that is similar to a 401(k) plan with employer "matching" contributions. ORP retirement benefits are based on the accumulated amount of funds in the participant's ORP account (no age/service formulas). ORP participants become eligible to take funds out of the plan upon termination of all employment with all Texas public institutions of higher education. Participants who are still employed become eligible to take funds out of the plan at age 72.
Retirement Checklist
Financial Component
- Contact your ORP provider or personal financial advisor 3 months before retirement to review distribution options and beneficiary designations.
- Request and obtain Vesting Letter from LSC Benefits Department (via SNOW ticket).
- Review the ORP Retirement Guide.
- Complete the Things to Do sections in the ORP Retirement Guide.
- Check with SSA (Social Security Administration) - how/if the Windfall Elimination Provision applies to you.
- Save, Invest, and Plan for retirement! Additional savings plans - Annual Retirement Savings Guide.
Benefits Component
- Review ERS Retiree Insurance Eligibility to determine retiree insurance eligibility.
- Complete the ERS Retiree Insurance Enrollment Form 2 months from retirement date by contacting your local HR.
- Visit the ERS website for additional information.
- Review Medicare and State Health Insurance information.
- Ensure that you enroll in Medicare Part A + B at age 65.
Retirement Information Resources
- Attend a Planning Ahead for Retirement workshop offered at various LSC campuses.
- Attend a Preparing for Retirement workshop (facilitated by LSC).
- Confirm/update your personal info (address, email, and emergency contact) in MyLoneStar.
Contact Information
ERS Medical Benefits
Employee Retirement System of Texas
www.ers.texas.gov
877.275.4377
TRS Financial Benefits
Teachers Retirement System of Texas
www.trs.texas.gov
800.223.8778
ORP Financial Benefits
Optional Retirement Program
If you have ORP, contact your ORP agent.
Lone Star College
Benefits Department
LSC-Benefits@Lonestar.edu
832.813.6767
Fax#: 832.813.6740
5000 Research Forest Dr
The Woodlands, TX 77381
Medicare
www.medicare.gov
800.633.4227
Social Security Administration
www.ssa.gov
800.772.1213
Disclaimer: Lone Star College staff do not represent the retirement plans, health care systems, nor are they licensed financial advisors. The participant is responsible for researching and speaking directly with the entity for information as related to the participant's concerns. The contents herein are for informational purposes only.