Are you getting ready to retire?
We are so glad that you chose to do your life’s best work at Texas Health. We appreciate your contributions to our mission of improving the health of the people in the communities that we serve. We wish you a fond farewell and want to provide you with these resources to help you on your way to your next chapter.
Some common questions that people have in this stage of life are: What am I going to do with my time? How much income will I have? What will my expenses be? These questions and more have probably gone through your mind. To help you prepare for retirement, check out this planning workbook and the retirement checklist from Fidelity.
Want to scale back but not ready to retire yet? Texas Health offers a medical subsidy for part-time employees who are 55 or older and work 24-29 hours per week. Medical premiums are normally higher for part-time employees, but part-time employees who are 55 or older receive a subsidy for medical coverage. The medical subsidy is extra money on your paycheck equal to the difference between the cost of coverage for a full-time employee earning between $50,000 and $74,999 a year and a part-time employee’s cost. The subsidy is automatically applied to eligible employee’s paychecks.
Your normal retirement date under the Texas Health 401(k) Retirement Plan is your 65th birthday. You may continue to participate in the plan after age 65 if you are still employed by Texas Health. If you terminate employment due to retirement after age 65, you will be required to take your money out of the plan. If you don’t take action by contacting Fidelity to either rollover or cash out your account, a distribution of your total account balance (less any outstanding loan balance) will automatically be paid the quarter following the quarter you retire from Texas Health.
You will be notified by Fidelity by mail before an automated distribution is done, and given the opportunity to rollover your account as you wish. If your address changes after you terminate, please contact Fidelity directly to update it.
For more information, visit netbenefits.com/thr or contact Fidelity at 1-877-MyTHRLink, prompt 5.
Texas Health cannot advise on Medicare enrollment. However, we have resources that will help you understand Medicare and how to get started.
- This booklet from the Social Security Administration provides a more detailed description of Medicare, the options available, and how to get signed up.
Social Security Benefits
You’ve been paying into Social Security benefits, now it’s time to learn how the system works and how much you’ll receive when you retire. For a detailed description of how you qualify, your earnings and age, and factors to consider, click here. To learn more about how to apply, when you can submit your application, and more, click here.
Volunteer at Texas Health
We would be honored to have you stay within the Texas Health family by donating some of your retirement time by volunteering. You would be doing purposeful work by continuing to share your talents that you have built over your career with a Texas Health location near you. To find out more and to apply as a volunteer, click here.
Find out more information about leaving Texas Health, the end date of your benefits and how you can take some of your benefits with you here.