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Plan for retirement: Tuck away a few dollars in Texa$aver

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. 

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.

Here’s how retirement plan services are managed for eligible, enrolled faculty and staff: 

  • 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.)

TRS is a defined benefit plan authorized by the Texas Legislature in 1937. The system manages funds contributed by eligible members (which includes employees of Texas higher education institutions), State of Texas funds and investment income. Payroll deduction percentages and state contribution amounts are determined by legislative action.

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.

Questions?

  • Find Texa$aver information in the pdf attached below.
  • Contact TRS or the appropriate ORP or TexaSaver vendor to create a personal account and ask questions about your retirement goals.

*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)

—Carolyn Bobo, UNT System Human Resources 

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TexasSaver-for-HigherEd.pdf252.28 KB

Posted on: Tue 20 October 2015

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