Insurance benefits in retirement
A comparison of benefits available to retirees and active employees
|Retiree Benefits||Active Employee Benefits|
|Health, including prescription drug coverage and $2,500 Basic Term Life
NOTE: Currently, you need 10 years of service credit with an agency or institution that participates in the Texas Employees Group Benefits Program (GBP) to be eligible for GBP retiree insurance.
|Health, including prescription drug coverage and $5,000 Basic Term Life and accidental death & dismemberment (AD&D)|
|Optional Term Life - Election 1 or 2, or $10,000
Fixed Optional Life
|Optional Term Life - Election 1, 2, 3 or 4|
|Dependent Term Life - $2,500||Dependent Term Life - $5,000|
|TexFlexSM flexible spending accounts - Health care or limited-purpose account:
||TexFlex - Health care or limited-purpose and/or dependent care flexible spending accounts:
Active employees, including return-to-work retirees with active employee benefits, can fully participate in TexFlex.
|Texa$averSM 401(k) / 457 Program - Retirees can keep their Texa$aver accounts and can roll over funds from other retirement accounts into their Texa$aver accounts.
||Texa$aver – ERS automatically enrolls every active employee in a 401(k) account at 1%. They can stop enrollment, increase their contribution and make other changes to their accounts.
|-||Voluntary AD&D insurance|
|-||Texas Income Protection PlanSM (TIPP) short-term and long-term disability insurance|
|-||Premium conversion and other tax savings – Active employees who participate in certain insurance plans and/or savings/spending accounts have premiums and/or other contributions deducted from their paychecks pre-tax, thereby lowering their taxable income.|
ERS benefits are subject to change without notice and depend on funding by the Texas Legislature, as well as member contributions.
Retiring before age 65? See Health insurance benefits if you're retiring before age 65.