Contributions by active members of the Teacher Retirement System increased from 6.7 to 7.2 percent of employee salary effective Sept. 1.
This increase appears in paychecks as of Oct. 1. There are no contribution changes for Optional Retirement Plan participants.
This increase (and an increase to 7.7 percent in FY17) was approved by the 2013 Texas Legislature:
http://www.trs.state.tx.us/about/archive_newsletter/trs_news_aug13.pdf
The state (UNT) contribution to active TRS members will remain the same at 6.8 percent of the employee?s monthly salary.
Employees who are enrolled in the Optional Retirement Program (ORP) will not have a change to their contribution percentages. They will remain at 6.65 percent for employees and 6.6 percent for the state (UNT) contribution for non-grandfathered employees. Grandfathered employees will receive the same 8.5 percent they have been receiving for the state contribution.
To stay up-to-date with news, legislative-mandated changes and activities of these entities, please establish a personal account with each:
TRS (Teacher Retirement System of Texas)
http://www.trs.state.tx.us/global.jsp?page_id=/onac/mytrs
Call TRS at 1-800-367-3636.
ORP ? Contact your vendor.
Information sent by ERS during July?s annual enrollment referenced a pay increase for ERS retirement plan members. This does not apply to any UNT System institutions. This applies to certain state agencies that have the ERS state retirement plan. ERS manages only insurance benefits for UNT institutions. All UNT institutions are public higher education institutions and the Teacher Retirement System of Texas is the state retirement plan.