As a TEEX employee, a percentage of your pay is automatically contributed to this defined benefit plan which enables you to receive a lifetime annuity upon retirement based on a set formula. In addition, Texas A&M System contributes a percentage as set by the Texas Legislature. You have full ownership of your contribution to TRS and can withdraw them when you leave employment. After five years of plan participation, you become vested, which means you have a right to benefits when you retire. If you have an active membership credit in more than one Texas public retirement system, you may be eligible to combine all your service credit to satisfy eligibility requirements for service retirement under TRS.
ORP is an alternate retirement program in which qualified employees, generally faculty and higher-level administrators, may choose to participate as an alternative to TRS. This is a defined contribution plan under Internal Revenue Code 403(b). Upon retirement, you decide how to utilize your account balance. In this retirement plan, you contribute a percentage of your pay on a before-tax basis. The A&M System also contributes a percentage on your behalf.
In addition to TRS, you have the choice to participate in voluntary defined contribution savings plan opportunities through a Tax-Deferred Account (TDA) program and/or the Texas$aver Deferred Compensation Plan (DCP). There is a list of authorized TDA vendors which offer a variety of investments and various funds in which you may choose to invest. You can choose to make pre-tax or after-tax (Roth) contributions. Upon retirement, you decide how to utilize your account balance.
For more information about all programs, premiums and plan designs, please review the New Employee Booklet. For additional questions, please contact TEEX Human Resources Benefits Team at (979) 458-6801 or [email protected].