Your retirement may be near or it may be years away; in either case, saving for retirement is important. So take a moment during National Save for Retirement Week, Oct. 19-23, to review available options for eligible faculty, staff and student employees.*
The Texa$aver 457 plan is available to higher education employees and can be set up at any time. There is no State of Texas matching contribution and contribution limits are regulated by federal law. Texas$aver 457 does not replace the Teacher Retirement System.
?Learn about Texa$aver: https://texasaver.gwrs.com/preLoginContentLink.do?accu=TexasWR&specificBundle=preLogin&contentUrl=prelogin.457.landing
?Find online or download a guide to retirement planning from the Employee Benefits Security Administration: http://www.dol.gov/ebsa/publications/nearretirement.Html
?Learn more about retirement and separation from UNTHSC: https://hr.untsystem.edu/employees/retirement-and-separation
Other Retirement Information
?The Teacher Retirement System (TRS) is the retirement system for higher education employees. Texa$aver accounts do not replace TRS participation.
?An Optional Retirement Plan (ORP) in lieu of TRS is available to certain higher education employees.
?TRS ? administers retirement contributions, matching state funds and retirement distribution.
?ORP ? administers retirement contributions and matching state funds; employee-selected vendors manage retirement distribution.
?ERS ? offers a retirement savings plan (Texa$aver 457) for eligible employees. The participating employee manages investments and distribution. (ERS also manages a retirement program for certain state agency employees – not higher education faculty or staff.)
Some employees are eligible for ORP, a defined contribution plan and a 403(b). Enrolled employees choose an approved vendor (ING/Voya, Fidelity, TIAA-CREF or Valic) and work with the vendor to manage investments. The State of Texas determines the percentage of employee contributions and the percentage of matching contributions. Contribution percentages are determined by legislative action.
*Employees eligible for retirement plan participation are:
Part time employees who work 20-29 hours per week (50 to 74 percent of FTE)
Full time employees who work 30 or more hours per week (75 percent of FTE)