3 Ways to Support Exiting Employees

Follow these three steps to set up your exiting employees for success in their new career or retirement journeys.

By Rebecca L. Bennett

 

If you have received notification that an employee is retiring or leaving employment, here are three ways to support their exit as it relates to their TCDRS benefits:

Help Them Understand Their Account Options

Retiring employees will have much to decide and accomplish in the weeks leading up to their departure from the workforce. One of the best ways to support them is by providing resources to help them determine the best retirement timing and benefit payment option for their unique situation.  It’s also a good idea to encourage them to visit our Eligible Members webpage.

If your exiting employee is not retiring, make sure they understand their account portability options. Employees who leave don’t have to withdraw their TCDRS accounts. Instead, as our video explains, they can leave their account open to continue growing with interest, earn proportionate service or roll over their funds into another qualifying retirement account.

Submit Their Last Date of Employment as Part of Your Offboarding Processes

Whether your employee is retiring or switching jobs, it’s important to provide TCDRS with their last date of employment (the last day they work) after they leave. (Here’s how to do it.)

We recommend incorporating this step into your preexisting offboarding processes to make it as easy and convenient as possible. We will reach out to you if we notice that an employee with a pending benefit application does not have a last date of employment on file.

Encourage Them to Register Online

There are so many reasons that exiting and retiring employees should register online at TCDRS.org before they leave employment. 

If you have received notification that an employee is retiring or leaving employment, here are three ways to support their exit as it relates to their TCDRS benefits:

Registering online will empower retiring employees to run benefit estimates and, when they’re ready, easily and securely apply for benefits online. After retirement, they will be able to manage their banking and contact information, access important tax documents, monitor their account security and more. See everything retirees can do online here.

Even if your employee isn’t retiring, employees who register online are more likely to remember their accounts and take active steps to keep their savings secure, so it’s a good idea to get them registered before they walk out the door.

You can look up employees who are not registered online in the Non-Registered Online Accounts Report, which is available in your employer portal at TCDRS.org.

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