October > Retirement Corner
Take Advantage of National Save for Retirement Week
When it comes to saving for retirement, there is never a better time than today to assess your prospects toward meeting your goals. And with our nation’s leaders declaring Oct. 16 through Oct. 22 as National Save for Retirement Week, you have a great opportunity.
Many experts predict that you will need from 80 to 100 percent of your pre-retirement income to maintain your lifestyle after retirement. As an employee of the University of Texas System, you already participate in either the Teacher Retirement System or Optional Retirement Program, which when combined with Social Security benefits will provide you with a foundation once you enter retirement. However, you will need to add your own retirement savings in order fill the gap between that retirement foundation and your actual needs.
As part of the UT System’s commitment to help you fill that gap and achieve your retirement savings goals, the Office of Employee Benefits in partnership with the UTRetirement Program Providers are pleased to announce a new series of streamlined investment options available to you through the UT Optional Retirement Program (ORP), UTSaver Tax Sheltered Annuity (TSA) and the UTSaver Deferred Compensation Plan (DCP). These new fund line-ups will be available to you beginning November 15, 2011.
What does this mean for you?
If you are currently invested in any of the funds that will no longer be available, your current assets will remain in the those funds, but your future contributions will be directed to the remaining funds most closely aligned to the investment objectives of the discontinued fund. If you wish to transfer your existing account balance to another fund that will be available through the UT Retirement Program or select a different fund for future contributions, you may do so.
Information regarding specific fund offerings was mailed to you last month. If you have any questions regarding your investment options, please do not hesitate to contact your provider.