Updating your browser will give you an optimal website experience. Learn more about our supported browsers.
Evaluating Your Plan Benefits
As an employer, you decide the level of your benefits based on your employees’ needs and your local budget. You can also choose to contribute more than your required rate to your plan.
How to evaluate your benefits
We encourage you to review your plan each year to make sure your benefits are adequate and affordable to fund. When you are reviewing your benefits, you may want to consider:
-
How much of your employees’ pre-retirement income would you like to replace when they retire? Your plan assessment will show you what replacement income you are currently providing. To view your plan assessment, sign into your employer account.
-
How much should employees contribute toward their retirement?
-
When should your employees be able to retire?
-
What can you do to help your retirees cope with inflation?
-
What other benefits (such as retiree healthcare) do you provide your employees?
-
Can you afford these benefits?
The Plan Customizer, our online plan modeling tool, can help you see how different combinations of benefits will affect your plan costs and what your employees receive when they retire. To access the Plan Customizer, sign in as an employer on this website.
If you need help defining the best program for your workforce, contact your Employer Services Representative at 800-651-3848.
Making additional contributions
Contributing more than your required rate creates a buffer against future adverse experience (such as investments not performing as expected or your payroll not growing as expected). You may also make additional contributions to prefund a future benefit increase or pay down your liabilities faster than required.
There are two approaches:
-
Paying an elected contribution rate: Paying a higher rate than your required contribution rate. This also increases the likelihood that your required rate will stay the same from year-to-year, which can make budgeting easier.
-
Making an additional contribution directly to your employer account.
Related Content
Get more information on why TCDRS is a model plan when it comes to retirement.
Lump-Sum Payments at Retirement
Some employers give their employees the option of taking a single payment of up to 100% of their TCDRS account balance when they reti...
Read more06.27.2022
Stabilize Your Rate By Paying More Than Required
Elected rates and additional contributions are two rate-stabilization strategies you can use to create a buffer against adverse plan ...
Read more06.27.2022
Summer News for TCDRS Plan Decision-Makers
Summer is here — and so is TCDRS’ final 2021 investment return and Annual Comprehensive Financial Report.
Read more