You are here:
TWU Human Resources>Benefits
& Welfare >
Retirement Enrollment/Eligibility
Benefits & Welfare
Retirement Enrollment/Eligibility
Retirement
plan eligible employees are employees working in positions that
are at least 50% FTE
(half-time) and expected to last 4.5 months or longer. All employees who fall in this category are
required to participate the Teacher Retirement System (TRS), unless an exception to TRS membership applies, for example:
-
A TRS retiree who returns to work in a retirement eligible position does NOT contribute to a retirement program.
-
An employee of an institution of higher education who is required to be enrolled concurrently as a student in the employing institution (i.e.,
Graduate Assistant) does NOT contribute to a retirement program
unless there is concurrent employment in a TRS-eligible
position.
-
An eligible employee of higher education who elects to participate in the Optional Retirement Program (ORP) in lieu of TRS
does NOT contribute to TRS.
An Optional Retirement Program (ORP) is available for
full-time faculty and certain administrative employees in lieu of the Teacher Retirement System (TRS). Eligible employees
have 90 days from the date of employment to make a one-time choice to relinquish membership in TRS become a participant in the ORP. The decision to participate in TRS or ORP is extremely important because this is a one time irrevocable election. The ORP is a personal retirement plan purchased by the member to which the
State makes contributions. Benefits are based on the accumulated contributions and interest in the member's account. Vesting occurs after one year and one day of participation.
TRS website (TRS info)
Comparison
of TRS and ORP from the Texas Higher Education Coordinating Board
(ORP Info)
|
