An employee shall be eligible to make a once-per-lifetime irrevocable election of ORP in lieu of the Teachers Retirement System of Texas.
Election to participate in the optional retirement program must be made before the ninety-first day after becoming eligible.
An employee who fails to elect the ORP during the 90-day period shall remain in the Teacher Retirement System for the remainder of employment in Texas higher public education.
The Board has authorized a number of companies to write optional retirement programs for eligible District personnel. The list of carriers authorized by the Board is maintained in the District Human Resources Office.
Employees eligible for optional retirement programs may change carriers no more than one time during each fiscal year and may be requested at any time during the year. An ORP Form 1 (pdf) must be complete to make a carrier change. There are no changes permitted during the initial year of enrollment.
Employees are eligible to roll-over funds according to company procedures (contact your carrier or agent for more information). An ORP Form 2 (pdf) must be completed and submitted to the location Human Resource office.
If hired by 8/31/95--Employee contributes 6.65% of gross pre-taxed earnings; State and District contributes 8.5%.
Effective 9/1/95 (hired on 9/1/95 and after)--Employee contributes 6.58% of gross pre-taxed earnings; State contributes 6%.
ORP deductions are pre-tax.