Planning for the Future
Whether youβre just getting started or are revising your savings strategies, Ογ½ΆΦ±²₯ is proud to offer a range of retirement options to help our team members build a secure financial future.
HELPFUL RESOURCES
Mandatory Retirement Programs
All benefits-eligible employees must participate in a mandatory retirement plan. Teacher Retirement System (TRS) and Optional Retirement Plan (ORP) are the mandatory retirement plans offered by Ογ½ΆΦ±²₯, meaning that if you are in a benefits-eligible position, you must contribute to one of these plans. The percentage for contribution to either plan is defined, and you may not make additional contributions in either of these plans. If you would like to contribute more towards retirement, Ογ½ΆΦ±²₯ offers additional voluntary supplemental plans.
The majority of Ογ½ΆΦ±²₯ benefits-eligible team members participate in TRS. ORP is available only to certain titles/positions, and employees who are ORP-eligible are notified at the start of employment or upon becoming eligible.
Teacher Retirement System of Texas (TRS)
All benefits-eligible employees are automatically enrolled as members of the Teacher Retirement System of Texas (TRS) on their first day of employment.
Optional Retirement Program (ORP)
Select faculty and administrative positions may elect to enroll in the Optional Retirement Program (ORP) as an alternative to the Teacher Retirement System of Texas (TRS).
Voluntary (Supplemental) Retirement Programs
We often hear from individuals who would like to maximize their retirement contributions, as the mandatory retirement plans alone fall short of their goals. So, in addition to the mandatory retirement plans offered by Ογ½ΆΦ±²₯, our team members have the option to participate in the voluntary 457 plan, or the 403(b) plan, or both.
Both plans are fully employee-funded. Contributions are conveniently taken through payroll deduction, and may be made on a pre-tax βtraditionalβ or post-tax βRothβ basis, as decided by the employee. Pre-tax contributions allow you to defer income taxes now, which may help lower your current income tax bill. Later, when you withdraw funds from the plan, you pay taxes on the amount of the withdrawal at your marginal tax rate.
Thinking about Retiring?
When youβre ready to start planning for life's next stages, weβre here to help provide direction.
Ογ½ΆΦ±²₯ Human Resources is committed to supporting faculty and staff members' success through every level of their career β including preparing for retirement. Contact your campus HR team to get started.
Enjoying Your Retirement
Your relationship with Ογ½ΆΦ±²₯ doesn't end with retirement β it begins an exciting new chapter. Enjoy the benefits, perks and special privileges you've earned and rest assured that your HR team is ready to support you whenever you need help.
If you are a Ογ½ΆΦ±²₯ retiree with questions, please feel free to reach out to your local HR office or the campus HR team that is most relevant to your career history.
Explore more Ογ½ΆΦ±²₯ Team Member Benefits
Consistently recognized as a "Great College to Work For," Ογ½ΆΦ±²₯ provides so much more than just a job! Learn more about what Ογ½ΆΦ±²₯ has to offer.